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$SNDK directly down -12.9%, the semiconductor cut is much harsher than in the crypto circle. Defensive positions are choking, today we’re just waiting to see who breaks first. Looking at the numbers $BTC 64,228 +0.30% $ETH 1,900 +2.03% $QQQ -0.90% $SPY -0.20% $IBIT +0.96% $DXY +0.08% $GLD +4.14% Crude oil and the Hormuz Strait line are still pumping inflation drugs, US Treasuries and Fed expectations continue to suppress the valuation ceiling. Meanwhile, $SNDK $MU $SKHYNIX are collectively crashing, directly sucking the oxygen out of the risk appetite. On the crypto side, $IBIT is still quietly accumulating, but once the market flips, all the money shrinks back into defense. Breaking it down: $ETH stubbornly has two points more elasticity than $BTC, the spark of risk appetite hasn’t completely died out yet. $QQQ is bleeding and can’t hold, tech stocks still can’t catch their breath. $IBIT didn’t panic and run, there are buyers for the spot ETF, but don’t sound the charge yet. $DXY stiffens slightly and presses down the heads of risk assets. $GLD’s more than 4-point rise is right there, safe-haven funds haven’t let go at all. Don’t rush to enter the market, whoever shows weakness first will set the direction, let’s wait and see. #内存卖方市场延续，韩股能否迎来反转？#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck