#数字资产市场观察 In the past 24 hours, the crypto market has experienced a sharp pullback. The overall market capitalization has evaporated by 4.1%, now standing at $3.04 trillion. Bitcoin has pulled back by 4%, currently hovering around $87,200; Ethereum fared even worse, falling by 5%, dropping to around $2,850. The hardest hit are the DePIN and Layer2 zones, both experiencing big dumps of over 7%.

The sell-off started during the Asian session. What was the trigger? The yield on Japan's 2-year government bonds surged to 1.02%, the highest level since the 2008 financial crisis. As interest rates rise, risk aversion increases, and money naturally flows to safer places.

Even more explosive is the sudden news that Federal Reserve Chairman Powell may be stepping down in an emergency. Although the official has not confirmed this, it has already put everyone on edge—after all, monetary policy is too sensitive. On the other hand, President Trump has stated that he will soon announce a new chairman candidate, with Kevin Hassett being the most favored. With such policy uncertainty stirring things up, market fluctuations have become even more intense.

Big moves are happening over in Europe as well. The crypto giant CoinShares has directly withdrawn multiple spot ETF applications in the United States and halted its leveraged Bitcoin futures ETF business, shifting towards innovative products and blockchain-themed investments. It is evident that the competition among top players has become intense.

The DeFi space is also turbulent. The yETH product under Yearn Finance suffered a major attack, with approximately 1000 ETH stolen. The decentralized exchange Terminal Finance, incubated by Ethena, even canceled its launch directly— the reason being that the cooperating underlying blockchain Converge did not deliver on time. This incident once again highlights that the risks of inter-project dependencies should not be underestimated.

Overall, the news from the global capital markets and monetary policies intertwines, bringing considerable pressure to the crypto market in the short term. It is recommended that everyone closely monitor changes in liquidity, macro-level dynamics, and technical signals; proper risk control is the priority.