The market likes to find reasons for declines◆Bitcoin might just be the market's way of drawing lines at the end of the month,◆The decline in US stocks could be due to the Federal Reserve being more hawkish than expected in the future, which is related to Wat.◆Gold's decline is because inflation expectations have weakened, which is related to Wat. Additionally, another direct reason is that exchanges have increased the margin requirements for gold and silver. Another common factor is that the US government has shut down again. The disagreements and conflicts between the two parties are quite significant. In fact, these are all surface reasons, the root cause is different:◆The fundamental reason for Bitcoin's decline is insufficient liquidity + the four-year cycle expectation, with 2026 being a bear market expectation. The acceleration from 2018 to 2022 and then to 2026 is a natural trend.◆The fundamental reason for the decline in US stocks is also liquidity. The US M2 growth rate has been declining, and money is needed to buy assets; without enough money, prices can't rise and will fall.◆The fundamental reason for gold's decline is its overly speculative nature, which causes it to deviate from its function of preservation and appreciation in the short term. Of course, liquidity factors may also have an influence.