"I saw this trick when I was a kid, but I'm not a kid anymore." This line from the TV drama "The Story of Minglan" is really apt for the current market situation. During the last bull-to-bear market transition, everyone was talking about a liquidity crisis, with the cryptocurrency market being the first to suffer. The same thing is happening now, but last time it was the US stock market that was struggling, leading to interest rate hikes. This time it's DAT companies that are struggling, prompting them to sell off their holdings first.