The tragedy at the moment of awakening: last night, U.S. stocks, gold, and Bitcoin all plummeted.

In simple terms: the 'rate cut feast' that everyone expected may be gone, as the Federal Reserve doused cold water on our hopes.

The market was betting that the Federal Reserve would cut rates generously while not tightening, causing asset prices (gold at 4300, Bitcoin at 90000) to be driven to historic highs. However, last night several Federal Reserve officials suddenly came out with strong statements, indicating that inflation remains stubborn and opposing rate cuts or calling for a tight stance.

This triggered two fatal consequences:

1. Expectations collapsed (mental state broke): It's like you thought your year-end bonus was secured, but the boss suddenly says, 'We need to evaluate again,' leading to a huge psychological gap. The market suddenly realized that borrowing money in the future might not be as easy, and interest rates will remain high for a long time.

2. Coward's game (better to leave early): Because prices are at a high level, once the wind changes (U.S. Treasury yields soar), funds will sell off without hesitation for safety, leading to a complete rout.

Ultimately, it's not that the news is too bad, but that the previous market was overly optimistic, and now it is paying the price for excessive optimism.