The tragedy of waking up from a dream: last night, US stocks, gold, and Bitcoin all plummeted.

Simply put: everyone thought the "rate cut feast" was coming, but the Fed poured a cold water on that hope and woke everyone up.

Initially, the market was betting that the Federal Reserve would happily cut rates while not tightening, pushing asset prices (gold at 4300, Bitcoin at 90,000) to record highs. But last night, several Fed officials suddenly issued stern warnings, indicating that inflation remains stubborn and opposing rate cuts or insisting on continued tightening.

This triggered two deadly consequences:

1. Collapse of expectations (psychological breakdown): It's like expecting a year-end bonus, then your boss suddenly says "we'll reassess," causing a huge psychological gap. The market suddenly realizes: future borrowing might not be so easy, and interest rates will stay high for a long time.

2. The coward's game (exit first, act later): Since prices are already high, once the market's sentiment shifts (U.S. Treasury yields soar), funds will panic and sell off first to hedge risks, regardless of the consequences, leading to a full-scale collapse.

Ultimately, it's not that the news was too bad, but that the market's previous optimism was overly idealized, and now it is paying the price for excessive optimism.