Recently, a financial signal has refreshed many people's perceptions: JPMorgan Chase withdrew $350 billion in one go from the Fed and invested it all in U.S. Treasuries. What does this number mean? The scale of one bank's operation has already surpassed the total of over 4,000 banks in the United States.

The days when banks made easy profits from interest rate spreads are coming to an end. Giants are frantically locking in high-yield assets on the eve of the Fed's interest rate cuts, and this buying spree is quickly draining liquidity from the entire financial system. The scale of market volatility may exceed expectations.

But the real crisis is hidden even deeper. A $63 trillion shadow banking system is spiraling out of control—its scale has surpassed the total GDP of China, the U.S., Japan, and Germany combined. Private credit has ballooned to $1.8 trillion, and much of the capital is trapped in a "short money long investment" dilemma: investors can redeem their funds at any time, yet the capital is tied up in ten-year projects.

The risk fuse has been ignited: over $300 billion of high-risk private credit has flowed into retail accounts, and high-yield bonds have begun to plummet in price, with bankrupt projects being sold at a discount. Once the redemption wave starts, the run-on-the-bank effect will trigger a chain reaction like dominoes.

Shadow banking and traditional finance have long been intertwined. Although the Fed has initiated reserve management purchases in an attempt to stabilize the situation, facing this $63 trillion risk source, conventional measures may be far from sufficient.

History always loves to repeat itself. When everyone still feels that the risks are far away, the calm before the storm has actually arrived. At the moment of liquidity withdrawal, it will be very clear who is swimming naked. The crypto market cannot be an exception. Buckle up — the underlying logic of global capital is being rewritten.