What's wrong with Bitcoin, even Trump can't save it? Last night: Bitcoin fell below its price during the trade war last April. At least during the trade war, we knew why it fell; this time, we can't even find the reason. Looking at the market, I noticed a few chilling details: US stock futures were fine pre-market, even opening higher, then suddenly plummeted. Asian and European investors didn't sell much; the problem lies within the US. What does this mean? Even Americans themselves are starting to have doubts. Even more critical is the liquidity. I looked at the turnover data; the amount of tokens sold wasn't actually that much. It was mainly short-term investors running away, while veteran investors were still stubbornly holding on. But even this small amount of selling was enough to drive the price down like this. What does this mean? No one is buying. If you shout in an empty room, you won't even hear an echo. That's what the Bitcoin market is like now—the liquidity is suffocatingly poor. The slightest disturbance sends the price on a rollercoaster ride. Some say the US government shutdown is to blame; the House just passed funding and it's immediately being sent to Trump for signature. If that's the reason, it's relatively simple. But my concern is, what if it's not? If even Trump's Bitcoin strategic reserves can't save this market, what can we expect? The Nasdaq has already fallen 2.5%, and the entire market is questioning everything. This is the reality: no matter how compelling the story, no matter how much positive news, it's all a paper tiger in the face of a liquidity crunch. The market doesn't lie; the chip distribution structure is still relatively normal, but there's too little buying pressure. It's like a theater without an audience; no matter how hard the actors try, it's useless. Tomorrow's data will reveal the truth. But one thing is certain: this market is far more fragile than we imagine. $BTC {future}(BTCUSDT)