LAB plummeted over 82% in one day, and I watched my account just puke... Today LAB gave me a complete zeroing crash, dropping straight from the high point down to around $1.13, with a single-day drop as high as 82%.\u2028I stared at the almost vertical big bearish candle on the K-line, really wanting to puke. A few days ago, when it was still high, everyone was shouting "new narrative is here" and "it's about to take off."\u2028But in the blink of an eye, it left countless people who rushed in stranded on the mountaintop.\u2028As an ordinary person, watching my account go to zero day by day, the feeling from excitement to despair is really damn painful. The most infuriating thing is that this kind of extreme market is often driven up by emotions and also smashed down by emotions.\u2028Trading competitions, leverage, FOMO... a bunch of people rush in thinking they've caught the wealth code, but when the big players or large funds start selling, they leave everyone completely wiped out. What I want to say now is:\u2028stop holding on stubbornly, brothers.\u2028Sometimes admitting defeat takes more courage than holding on.\u2028Watching your account turn green day by day, that sense of powerlessness and regret really can't be explained in a few words. $LAB is the best lesson this time:\u2028no matter how famous the name, how good the narrative, or how many events there are, once the chips are all sold and the emotions subside, what's left are just trapped retail investors.\u2028Those shouting "faith" and "long-termism" often just want you to buy at the top. I'm not gloating.\u2028I just feel heartbroken.\u2028Many people put their hopes, emotions, and fantasies about wealth all on a string of code.\u2028But reality gave the harshest lesson. Finally, I want to say:\u2028the biggest risk in crypto

Big coin $BTC only recognizes two things: the pile of goods at the door, and the door at dawn on Thursday. This afternoon, light shone through the crack in the door. CME Fed watch shows a 92.7% probability of a 25 basis point rate hike at the September meeting; after the hike, the target range will be 3.75%-4.00%. There are nine and a half hours left before the door closes. Tickets are basically sold out. The remaining 7.3% contains two unexpected scenarios: "no change" and "a 50 basis point hike"—one is a surprise, the other a thunderclap, all depending on how the door opens. Let's first look at the historical ledger: Since 1988, in seven rounds of initial rate hikes, the S&P 500 fell five times six weeks later, with an average decline of -2.83%. Five out of seven times, a 70% probability. How to interpret this? Two points: First, don't treat "bad news fully priced in" as a mantra. The market has basically digested the expectation of this rate hike, digesting the hike itself but not the few lines that come after. The real warning is the latter sentence—an increase in the frequency of hikes or a longer duration of high rates. The first sentence means "there are more cuts ahead," the second means "this cut will grind slowly." Second, the historical script is a slow decline over six weeks, not a sudden collapse overnight. An average of 2.83% spread over six weeks is a dull knife. A dull knife is more tormenting than a thunderclap—you can run from a thunderclap, but a dull knife makes you think every day "it's almost over." Let's review the inventory these days: - Goods at the door: Binance warehouse holds 693,000 coins, a two-year high, with 83,000-85,000 stacked supply—internal troubles, counted on Sunday, no repetition. - Backyard drama: $LAB

Last night, we were still waiting on the Federal Reserve, but the crypto world got hit first by Congress. The U.S. Senate failed to advance the CLARITY Act, as the procedural vote did not reach the 60-vote threshold. This bill originally aimed to clarify the long-standing issues of whether digital assets fall under the SEC or CFTC jurisdiction and how trading platforms should comply. Now that it's stalled, at least in the short term, the most needed thing in the U.S. crypto market—"regulatory certainty"—will be delayed again. The market reaction was very direct. $BTC once dropped below $75,000 and now hovers around $75,900, down nearly 2% in 24 hours; $ETH is even worse, near $2,400, and SOL has fallen to about $97. Coinbase, Circle, and other crypto concept stocks closely tied to U.S. regulation were also heavily sold off last night. But I think we shouldn't put all the blame on CLARITY here. Because this feels more like two negative factors collided. On one side, the bill failed, so the regulatory benefits the market expected didn't materialize; on the other side, there's the Fed decision tonight, with the market's bet on a 25 basis point rate hike already near 90%, the U.S. 10-year Treasury yield has surged past 5%, and Brent crude oil remains around $107. Money is getting more expensive, and no one dares to push their risk positions too far. So the failure of CLARITY feels more like the straw that broke the camel's back emotionally. Especially altcoins and exchange-related assets are suffering the most. Because they need a clear U.S. regulatory framework even more. BTC is somewhat special—even if CLARITY continues

I don't think there's any mysticism in this morning's move; the crypto market is just being pressured by macro and policy factors together. $BTC has now dropped to around $75,800, down about 2.5% in 24 hours; $ETH is weaker, around $2,400, down nearly 4%; SOL even fell below $100. Coincidentally, the Fed decision is tonight, and the market has priced in about a 92% chance of a 25BP rate hike. The 10-year US Treasury yield briefly broke 5% last night and is still hovering around 4.99%, Brent crude is around $107, and the dollar remains strong. In this environment, basically money is expensive and risk appetite is low, so it's really tough for the crypto market to rally hard. The toughest spot for BTC is that $76,000 level is also about to break. Previously, I considered $76,000–$77,000 as the lower boundary of this consolidation, but now it's being pressed near that area. If it continues down from here, the $75,000 level that the market has been watching will really be tested. US stocks also weakened for the second consecutive day last night, with the S&P down 0.45% and the Nasdaq down 0.78%, indicating it's not just crypto acting up; the entire risk asset space is shrinking and waiting for a washout. ETH is even worse off. A few days ago, after the CPI release, it managed to rally to 2,667, but now it has dropped back to 2,400, a swing of over $200. Recently, ETH has been a typical high Beta asset: it outperforms BTC on the way up, but is the first to get hit when risk contracts. I'll be watching the 2,400 level closely; if it breaks down further, the previous breakout will basically have to be reconsidered. Among altcoins, $ZEC is surprisingly resilient. It's currently around 112

#US Strategic Bitcoin Reserve Bill Enters Committee Review When this news came out, many people's first reaction was probably: Is the US going to start buying $BTC? Hold on. The truly exciting part this time is not that the US government will go out tomorrow and buy with dollars, but that Bitcoin is gradually moving from being "crypto-friendly in Trump's words" to being incorporated into an official national asset framework. The core bill confirmed so far is H.R.8957, the "American Reserve Modernization Act of 2026." It has been submitted to the US House Financial Services Committee, and was included in the discussion scope during the committee's digital assets hearing in July. The committee also scheduled a full "bill markup meeting" on September 16. However, it should be clarified: the publicly available agenda for September 16 only states "review of multiple measures" and does not list H.R.8957 item by item, so the online claims that "the strategic BTC reserve bill will definitely be voted on tomorrow" cannot be confirmed at this time. But the bill itself contains quite a lot. The harshest provision: BTC in the national reserve cannot be sold for 20 years. H.R.8957 is preparing to have the US Treasury officially establish a Strategic Bitcoin Reserve. The initial BTC placed in it will mainly be those obtained by the US government through criminal and civil forfeiture. Here's the key point.

I don't think there's any need to look for some mysterious negative news tonight; everyone is just waiting for Wash's showdown tomorrow, and the funds are a bit timid in advance. Now $BTC has already returned to around $76,400, down about 2.5% in 24 hours; ETH is even worse, dropping to around $2,428, down over 3%; ZEC is still relatively strong, around $1,125, down less than 1%. The external environment is indeed uncomfortable. The US 10-year Treasury yield has surged above 5%, crude oil is above $106, and the Middle East situation is still unsettled. Meanwhile, the Fed's September meeting has already started today, and the market generally expects a 25BP hike tomorrow. Money is getting more expensive, so who dares to blindly chase risky assets now? For BTC, I'm still watching $76,000. In previous macro negative events, funds have stepped in at this level. If tonight is just a low-volume grind down, I won't immediately call a crash; but if $76,000 is really broken down with volume, then be cautious that the market is trading ahead expecting "Wash to be more hawkish than expected." The old problem remains: if $80,000 can't be reclaimed, the bulls always lack that breath. $ETH is clearly weaker than BTC. After the CPI a few days ago, it even surged to 2,667, but now it has fallen back to the low 2,400s, which is quite painful. High-beta assets like ETH behave this way: they surge fastest when risk appetite is good, and are the first to give back when macro tightens. Now that 2,500 is lost, I want to see if around 2,400 can hold, rather than rushing to think about 3,000. $ZEC is somewhat interesting. While BTC and ETH have dropped by two or three points, it can still hold at 1