Last night, the global financial markets staged a bloodbath.

Gold plummeted, silver collapsed, cryptocurrencies were halved, and even tech giants like Microsoft dropped 11%. Overnight, trillions of dollars in paper wealth vanished into thin air.

Everyone is asking: What exactly happened?

The standard market explanation is simple: high leverage margin calls, profit-taking, and Microsoft’s earnings falling short of expectations. It sounds reasonable, but I think these are just surface phenomena.

The real reason might be more terrifying than you imagine.

First, let’s talk about the disastrous scene last night. In the futures market, traders using 50x, 100x leverage watched helplessly as their accounts went to zero. A small dip triggered chain margin calls, collapsing like dominoes.

Gold rose 160% over two years, and silver surged 380%, clearly time to take profits. Microsoft’s cloud services and AI growth fell short of expectations, Morgan Stanley directly removed it from their recommended list, and tech stocks all declined.

These explanations seem plausible, but there’s a strange detail.

On the same day gold crashed, trading volume hit a record high of $25 billion. Silver was also at $20 billion. What does this mean? While everyone was selling off, huge amounts of capital were still疯狂ly buying.

It’s like a fire scene—some people are running out, but more are rushing in.

Why is this happening? Because panic and FOMO coexist. Retail investors are panic-selling, but institutions and smart money are疯狂ly bottom-fishing. They know that such indiscriminate crashes are often the best entry points.

Even more frightening, this decline occurred without any major negative news. No wars, no policy changes—just a pure technical correction. What does this indicate? That the market has become extremely fragile; any slight disturbance could trigger a collapse.

We are in an extremely dangerous moment. On the surface, the market seems prosperous, but in reality, it’s already at the end of its strength. High leverage, high valuations, high sentiment—these three highs coexist, like a ticking time bomb.

Last night was just a rehearsal. The real show might still be ahead.

While everyone is debating whether to buy the dip, smart investors are already thinking: where will the next爆炸 happen?#GateLive直播挖矿公测开启 $BTC