U.S. stocks are falling, gold is falling, and Bitcoin is also falling. In the U.S. stock market, the major indices are declining simultaneously, with overvalued sectors and previously strong stocks experiencing more significant drops. Gold is weakening, but funds are not noticeably flowing into traditional safe-haven assets, and the demand for safe-haven assets itself is cooling down. $btc is also declining, risk assets are under pressure, and the crypto market has not broken out into an independent trend. The simultaneous weakness in stocks, precious metals, and crypto assets reflects the same phenomenon: the current market is in a risk-off phase, with overall capital contraction.