Core Viewpoint - The U.S. stock market experienced a brief rebound due to the end of the government shutdown, but quickly fell back as traders questioned the Federal Reserve's justification for short-term interest rate cuts, putting pressure on risk assets [1] Market Performance - The recent sell-off in the market is synchronized with other risk assets, but cryptocurrencies have seen a larger decline due to higher volatility [1] - The "market depth" indicator, which measures the ability to handle large trades, has dropped approximately 30% from this year's peak, indicating a sharp decline in liquidity [1] Cryptocurrency Sensitivity - The cryptocurrency market's sensitivity to macro risks remains high, particularly as institutional investment has not yet significantly expanded beyond Bitcoin and Ethereum [1]