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Comparison of the two liquidity crises in the US financial markets:
1. This time it is not as severe as in 2019, and the degree of easing is far less than in 2019.
2. This liquidity crisis, compounded by the government shutdown, has increased uncertainty.
3. Currently, the depth of the BTC drop is similar to that of 2019.
4. This market has hit bottom, and it may take further easing from the Federal Reserve—such as overnight repos and the purchase of short-term government bonds!