The Nasdaq futures plummeted 1.6% in one minute, which is one thing, but the mainstream tokens took a 6% dive directly. The community is buzzing, more lively than a market, with "It's over, it's over" flooding the screen. Don't rush to call it a black swan; I've dug up a few obscure data tables, and there's more to this story.

Today, let's not talk about those virtual K-lines, but directly discuss two hard factors that could cause the market to crash.

**The Ministry of Finance's "Vampire Operation": 163 billion Instant Drain of Liquidity**

Remember the last government shutdown that lasted 35 days? Now the Treasury Department's TGA account is almost empty, and last week they dumped 163 billion in short-term government bonds all at once. This move essentially means "the market, hand over the cash"—liquidity was already tight, and overnight pulling 163 billion out, can the stock market and the crypto market, both major consumers, not feel the drought?

Many people curse at the fall, but the drop is just a surface phenomenon. It's like when a fish tank suddenly has its drain pulled out; the fish will certainly jump around happily, but the problem lies with the water level! This big dump is essentially a liquidity crisis forced out by the treasury's lack of funds, and has nothing to do with any bear market signals.

**The Federal Reserve's "Verbal Kill": A Single Sentence Shatters 70% of Rate Cut Fantasies**

The worst is yet to come——the Federal Reserve