According to Woofun AI, the cryptocurrency market experienced violent turbulence on Thursday, with Bitcoin (BTC) losing the critical support level of $81,000. This price breakthrough was not an isolated event, but rather the result of multiple macroeconomic headwinds and on-chain anomalies resonating together, directly causing market liquidity to evaporate instantly. As panic sentiment spread, a large number of leveraged positions were forcibly liquidated, and the market structure underwent a fundamental reversal in an extremely short period, dealing a severe blow to investor confidence. Abnormal changes in on-chain fund flows intensified market panic. Woofun AI on-chain data shows that wallet addresses associated with the US government executed large-scale asset transfers in an extremely short time frame, involving approximately 12,267 bitcoins worth about $1.01 billion. These assets were transferred from wallets frozen in the Bitfinex hack incident to new untagged addresses without accompanying exchange deposits, indicating this was address reallocation rather than direct selling. However, the previous day had already seen approximately 3,200 bitcoins (worth about $264 million) and $119 million in USDT transferred to Coinbase (COIN.US) Prime, with funds also originating from FTX/Alameda and Bitfinex frozen wallets. This high-frequency large-scale fund movement triggered market concerns about potential selling pressure. Meanwhile, prediction market Kalshi Crypto published data on the X platform showing traders expect Bitcoin to fall to $78,000 this month. In just one hour, total forced liquidations reached $489 million, and Arkham data confirmed the severity of this liquidity crisis. Geopolitical tensions and monetary policy uncertainty at the macroeconomic level further compressed the survival space for risk assets. The White House has asked the Pentagon to formulate plans for strikes on Iran before the November 3 midterm elections. US Central Command is drafting relevant plans, but officials noted that limited strikes cannot ensure navigation safety in the Strait of Hormuz, nor can they lower gas prices before election day. US Energy Information Administration data shows that historical patterns indicate oil prices typically rise when the US resumes action after pausing strikes, bringing additional uncertainty to risk assets ahead of the elections. Although Trump denied on Truth Social any plan to strike Iran "at any time before the midterm elections," the market did not stabilize as a result. CNBC reported that Federal Reserve meeting minutes show members expect another rate hike before the end of this year, given that inflation has remained above target for five consecutive years. The Fed's next meeting is scheduled for October 28, followed by December 9, but the minutes did not specify the timing of rate hikes. The August core PCE rate was 3%, still above the 2% target. Additionally, US Treasury bond yields rose to their highest level since 2002, with officials attributing this to rate expectations, AI-driven economic growth, and uncertainty surrounding buyback programs. Technical breakdowns and synchronized declines across major coins marked the deterioration of the short-term trend. Bitcoin fell below its 20-day simple moving average at $83,263. Although it remains above its 50-day, 100-day, and 200-day simple moving averages, the uptrend has become fragile. Ripple (XRP) dropped 6% after falling below its August 20 simple moving average and uptrend line, with its RSI declining to 38.07, approaching oversold territory. Ethereum (ETH) also fell 6%, and Dogecoin (DOGE) dropped 7%, both moving lower in tandem during this sell-off. The overall market exhibited clear risk-aversion characteristics, with capital rapidly withdrawing from high-risk assets. This round of adjustment is not merely a technical correction, but a direct reflection of deteriorating macroeconomic fundamentals in prices. As the Fed's policy path becomes clearer and the geopolitical situation evolves, the market may face a longer period of volatile consolidation, and investors need to be alert to the risk of further liquidity depletion ahead.