Late at night, the sound of a crash was heard.

- The US stock market fell across the board, with the Nasdaq index dropping 2% at one point;

- Gold prices plunged nearly $100 from the session high, giving back most of the day's losses, falling below $4,300;

- US Treasury bonds fell, with the 10-year Treasury yield approaching 4.2%;

- Bitcoin once again fell below $90,000 during the session.

First, Friday's close is very important, it is the market's second pricing for 'interest rate cuts', it is a confirmation of belief, and once it closes down, the market will associate it with anything unfavorable. Just like a well-known figure collapsing, once the filter is shattered, all subsequent information is negatively interpreted.

Secondly, it was not some major news that triggered the market crash, but rather the kind of news that has been common in the past — Fed officials speaking. These comments, made two weeks ago, would not have made a splash, yet last night they triggered a significant drop.

Cleveland Fed President Harmach (who will have voting rights next year) indicated a preference for a slightly more restrictive stance to help apply pressure on the central bank's inflation target.

Chicago Fed Chairman Goolsbee stated that his opposition to the Fed's interest rate cut this week is due to a desire to see more data confirming that the impact of tariffs on inflation is temporary.

Kansas City Fed President Schmidt expressed opposition to the Fed's interest rate cut decision this week, as inflation remains too high and the economy still shows momentum.

There were no extreme words, yet it triggered a severe market reaction, highlighting the current fragility of the market. This is not a 'headline-level' crash, but rather an emotional stampede under a 'very low tolerance' scenario, where the market used their words to complete a necessary but unhealthy emotional release.

The real risk will begin next week, as more Fed officials will speak, along with more important data. In the coming days, it is not about watching the news, but rather about seeing whether the market can still bear 'imperfect good news'.#美联储降息 #ETH走势分析 $BTC