When all assets fall together, it indicates not a market issue but a liquidity problem.

This morning's "collective plunge" is not fundamentally due to a market malfunction but a contraction in liquidity expectations. BTC holding above 60K, US stock futures weakening, gold and silver falling in tandem—this scene usually only appears under one circumstance—rapid decline in risk appetite.

① Bottom-fishing signals
True bottom-fishing is never about low prices but about "panic being fully released." I see three signals:
* Volatility spikes then declines
* Price drops with increased volume then consolidates sideways on lower volume
* Social media shifts from bottom-fishing to discouragement
Currently, it's mostly the early stage of sentiment retreat, not the bottom yet.

② Cause analysis
Many can't understand why gold and silver drop so much; it's actually simple: when the market lacks USD liquidity, even safe-haven assets are sold off for cash. It’s not about avoiding risk, but about survival first.

③ Trading review
Recently, I reduced my position to 40%, focusing more on range-bound short-term trades. I haven't participated in chasing shorts but used small positions for hedging. The most important thing in a bear market isn't making money but minimizing losses.

In summary: The bottom is endured, not guessed. #当前行情抄底还是观望？