November's crash, the trigger behind it is actually quite clear — the macro environment has completely changed.

The harshest blow came from the Federal Reserve. People originally expected to start a rate cut cycle in Q4 2025, but in October, the US core PCE inflation rate suddenly jumped to 2.8%, far exceeding the Fed's 2% target. Now, the dream of rate cuts is shattered.

What's more serious is that during the November FOMC meeting, Powell clearly stated: "High interest rates will persist for a longer period." The market was instantly stunned, and the cost of capital had to be recalculated. Liquidity was already tight, and with this, risk assets became even more unappealing.

Then there's the bold move by the new president. On November 15, he directly announced plans to impose a 20% tariff on EU cars. The shadow of a global trade war has returned, and panic sentiment spread instantly.

Where did all the money go? Old safe-haven assets like the US dollar and gold were snapped up. Bitcoin? It was treated as a high-risk speculative asset and was hammered down. On November 16 alone, there was a net outflow of 1.2 billion US dollars. This wave of decline, to put it plainly, is the result of liquidity exhaustion coupled with a sharp drop in risk appetite.