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🚨 US stocks, Nikkei, Korea, and crypto all moved lower together. Blaming the move only on the Changxin IPO misses the bigger picture. $BTC also pulled back from $66K toward $63K, showing this is not just a semiconductor sector issue. The broader driver appears to be liquidity tightening—capital is moving away from risk assets across both equities and crypto. With the Fed's first rate decision of H2 approaching, markets are already positioning ahead of the outcome. The uncertainty around rates is pushing investors to reduce exposure before the announcement. The bigger focus is on the Fed's leadership and communication style. A data-driven approach could bring more volatility if the message differs from market expectations. The next 48 hours could be crucial for risk assets. #FedRateDecision #BigTechEarningsNight #SKHynixRecordMiss