Last night's wave of sell-off was mainly due to:

1. The probability of the Federal Reserve maintaining interest rates unchanged at the meeting in January next year is 75.6%,

2. The market expects the Bank of Japan to raise rates by 25 basis points on Friday

3. The next Chair of the Federal Reserve successor brings new variables

The yen carry trade was unwound, withdrawing liquidity from global risk assets. Historical data shows that similar policy shifts have previously triggered sharp declines in cryptocurrencies, and the current market is preemptively reacting to this risk, leading to a breach in Bitcoin.