Recent negative news summary from the crypto world: 1. AI bubble suppresses US stocks The market questions the authenticity of Nvidia's accounts receivable and revenue, leading to intensified institutional sell-offs and concerns over the AI bubble, which dampens sentiment in US stocks and risk assets. After clarifications from a Federal Reserve official and Nvidia's CEO last night, US stocks briefly rebounded. 2. Record outflows from ETFs BlackRock's IBIT saw outflows of $523 million in a single day, with net outflows exceeding $2.5 billion this month; retail investors are heavily selling BTC and ETH ETFs, becoming a major source of selling pressure in the crypto market. 3. DAT flywheel stalls Mainstream DAT companies' mNAV has fallen below 1, rendering the model ineffective; some smaller DATs have begun selling crypto reserves to buy back shares, exacerbating market panic. 4. December rate cut expectations fluctuate The US government shutdown has led to data gaps and increased macro uncertainty; strong inflation and employment figures suppress rate cut expectations, with the probability dropping from 70% to 30%, and the latest dovish comments from the Federal Reserve have pushed it back up to about 71%. 5. Veteran traders in the crypto space are bullish on BTC, leading to a market crash.