#比特币波动性 $BTC $ETH On November 21, global asset markets experienced a rare collective crash.

Many traders later referred to this day as "Black Friday"—no market was spared, from stocks to cryptocurrencies to commodities. Even more bizarre, even gold, the traditional safe-haven asset, failed to hold its ground.

Let’s look at the numbers.

The US Nasdaq 100 Index plunged nearly 5% in a single day, wiping out over $2 trillion in market value, and has pulled back almost 8% from its October high. Nvidia's earnings beat expectations, with its stock surging 5% intraday, but then mysteriously turned negative and closed down, shattering confidence in the tech sector.

Asia-Pacific markets were just as brutal: the Hang Seng Index dropped 2.3%, and the Shanghai Composite broke through the key 3,900-point level.

The crypto market was even bloodier. Bitcoin plummeted over 30% from the $126,000 all-time high touched in October, falling below $86,000—not only erasing all gains for 2025, but even dropping 9% compared to the beginning of the year. Within 24 hours, more than 245,000 accounts were forcibly liquidated, with losses reaching as high as $930 million.

The most unsettling detail: gold prices approached the $4,000/oz support line, falling 0.5% in a single day. When even safe-haven assets start to decline, you can sense the extent of market panic.

The trigger for this crash was the Fed’s sudden shift in stance.

A month ago, CME data showed a 93.7% probability of a rate cut in December, and the market broadly bet on easing policies coming soon. But recently, Fed officials have made frequent statements emphasizing that inflation is coming down slowly, the labor market remains strong, and even hinting at possible further tightening. The latest data shows rate cut expectations have plunged to 42.9%.

This sharp reversal in expectations directly burst the bubble of overvalued assets.

Nvidia's "all good news priced in" felt like the final straw. Famous short seller Burry publicly questioned Nvidia, claiming there was a "circular financing" game between Nvidia and AI companies, and that real demand was being seriously overestimated. His comments quickly gained traction, becoming a catalyst for the tech stock sell-off.

What the market is experiencing is essentially a collective reckoning with the "liquidity illusion." When expectations for easing are shattered, the pricing logic for high-valuation assets collapses, and investors start indiscriminately dumping everything—including assets that, in theory, should "preserve value."

Can your positions hold up? Is this pullback a buying opportunity, or just the prelude to a deeper correction? Feel free to share your thoughts.