Analysis of the reasons for the overnight plunge:

News: The core reasons for the simultaneous fluctuations and declines of US stocks, gold and bitcoin:

1. The "thunderstorm" of technology giants' earnings reports and valuation pressures have raised doubts about whether their huge AI capital expenditures can be translated into profits.

2. Fed policy and interest rate expectations: The Fed's decision to maintain the benchmark interest rate at 3.5%–3.75% directly hit the market's liquidity expectations.

3. Extreme geopolitical pressure, escalation of the US-Iran situation: President Trump's stern warning to Iran (including the threat of military strikes) This uncertainty has led to a typical "risk-off flash";

4. The "digital gold" attribute of cryptocurrency has failed, and market analysis pointed out that in this crisis, Bitcoin did not show the attributes of a "safe-haven asset", but more like a high-leverage risk asset.
With continuous outflows of ETF funds (over $160 million), Bitcoin was the first to sell off when macro liquidity tightened.