#美国政府部分停摆结束
The government shutdown has ended, but the market's dilemmas remain.
Although the partial government shutdown in the United States has come to an end, the shadow over the stock market and crypto market has not dissipated.
The 43-day shutdown has concluded, but the market has not experienced the long-awaited rebound. This turmoil has left deep economic scars that are difficult to heal and created a vacuum in key economic data, making it feel like the Federal Reserve is driving in the fog when making policy decisions, intensifying market hesitation and uncertainty.
The more core issue lies in liquidity. During the shutdown, approximately $1 trillion in funds were trapped in the Treasury General Account (TGA) and were unable to enter the market cycle. Although funds will begin to be released, the pressure of rising financing costs has already formed, putting high-volatility risk assets (including cryptocurrencies) at the forefront.
Market sentiment has also reversed. Investors have quickly shifted from extreme optimism two months ago to caution and even pessimism. The most concerning signal is that long-term investors who were once steadfast in holding Bitcoin are now showing clear signs of selling.
Because the primary cause of the decline has been persistent selling pressure in the spot market rather than high-leverage cascading liquidations, the market has not exhibited panic-driven “bottoming” signals. Coupled with unresolved core conflicts between the two parties and the policy risk of another potential shutdown next year, the current market does not exhibit clear bottom characteristics. Investors should remain cautious; cash and defensive strategies may be more important than rushing to buy the dip. $BTC
