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Brothers, I am Ricky. Today's underlying logic of the market can be summed up in one sentence: when the macro storm hits, leverage gets cleared first, and the cryptocurrency sector takes a hit.

✅ 3 main newslines

1) Macro Storm: Precious metals experience a 'crash-like' retreat, and risk assets are collectively punished.
Foreign media reports that the 'metals meltdown' is impacting global markets, triggering a synchronized deleveraging of risk assets; one of the catalysts is Trump's nomination of Kevin Warsh as the next Federal Reserve Chair, leading to a strengthening of the dollar and a position squeeze.

2) Liquidation Wave: After the weekend, a 'chain reaction of liquidations' occurs, with approximately $2 billion liquidated across the network.
Reports indicate that the cryptocurrency market has seen around $2B in liquidations, suggesting that this wave is more about 'leveraged funds being forced to cut positions', rather than purely emotional reactions.

3) DeFi Explodes Again: CrossCurve contracts/cross-chain components are exploited, resulting in losses of about $3 million.
The project team is tracking the attack addresses and has issued an ultimatum (demanding the return of funds, or legal action will be taken).

🧠 An additional piece of 'constructive news'

The Solana ecosystem is bottom-fishing: Jupiter announces it has received approximately $35 million JUP investment from ParaFi Capital.
This type of investment resembles 'betting against the wind': when the market is in panic, smart money tends to target core assets.