最新报道：According to Bijie.com, on October 13th, Chloe (@ChloeTalk1), a columnist for HTX DeepThink and a researcher at HTX Research, stated that this round of market volatility was driven by global risk aversion triggered by Trump's re-imposed tariff policy. Bitcoin began its precipitous decline at 5:00 AM, with a 24-hour market-wide liquidation of $19.1 billion, setting a record for the largest single-day liquidation in crypto history. The VIX panic index surged 22% intraday, while the US 10-year Treasury yield broke through 4.8%. Both on-chain and macro liquidity contracted, becoming the trigger for the collapse of the highly leveraged system. Deribit data shows that the bearish skew for BTC and ETH has risen to an 18-month high, with implied volatility soaring to 82%, indicating extreme risk aversion. While there remains a risk of a short-term decline, long-term funds are gradually returning. Chloe pointed out that this liquidation is not only a liquidity event but also marks a demarcation point in the industry cycle. The combination of "illegal stablecoins + high LTV collateral" has become the core of risk penetration, amplifying the vulnerability of USDe-like assets. She believes that extreme panic may be the beginning of a bottom, and similar historical events (such as the March 12, 2020, and the FTX crash in 2022) have both become the starting point of the next bull market.