The recent sharp decline in the crypto market was directly triggered by the "爆雷" in the Japanese bond market. Japanese government bond yields soared to multi-decade highs, sparking global fears over the fiscal stability of highly indebted countries, leading to a mass withdrawal from risk assets. Meanwhile, geopolitical tensions such as the escalation of US-EU tariff conflicts (with Trump threatening to impose tariffs on Europe) further heightened market risk aversion. Under this dual macroeconomic shock, Bitcoin and Ethereum, as highly volatile assets, were heavily sold off, along with margin calls on high-leverage positions, exacerbating the decline.