The crypto market has experienced a week of ups and downs. Bitcoin fell below $86,000, Ether slid to around $2,930, and various coins showed mixed fluctuations. Market sentiment is tense, but a closer analysis reveals that this decline is not a random fluctuation, but rather an inevitable result of a reorganization of three deep capital flows.

Behind the seemingly chaotic price fluctuations is actually the process of global liquidity repricing. Although these three forces operate independently, they create complex interlinked effects with each other.

The first to bear the brunt is the "siphon effect" of U.S. Treasury bonds. The U.S. Treasury has recently issued a large volume of bonds, with a weekly issuance scale reaching 165 billion USD. This is equivalent to installing a powerful pump in the financial market, attracting funds that might have flowed into high-risk assets (including cryptocurrencies) into the Treasury bond market. As Treasury yields rise accordingly, traditional investment institutions and risk-averse investors will make a rational choice: since they can obtain substantial returns from low-risk assets, why endure the fluctuation risks of the crypto market? This decision-making bias directly weakens buy support.

The second undercurrent comes from changes in expectations regarding Federal Reserve policy. The market's reassessment of interest rate trends has affected the allocation logic of all risk assets. The third current is the risk adjustment cycle of institutional investors, with some funds facing the need for quarterly or semi-annual position re-evaluations.

Three forces combined have created a situation of tightening liquidity. However, this situation is often a window of opportunity for those looking to position themselves—historically, every time there has been a similar panic, it has been accompanied by structural opportunities.