Grayscale has published an analysis article on its official website stating that this week's decline in the cryptocurrency market seems to be related to macro factors. In the two trading days prior to this week, despite the general weakness of global asset markets, Bitcoin has been maintaining a narrow range of about $29,000-$30,000. We believe that this month's sell-off in the stock and bond markets is due to concerns about the Chinese economy, as well as the widespread budget deficits and the pressure on the bond market caused by the Federal Reserve's quantitative tightening policy. We believe that as cross-investors reduce portfolio risk, the simultaneous sell-off in the stock and fixed income markets eventually spread to the cryptocurrency market. Although we see various positive factors in the digital asset industry in the coming months, the macro market background is still full of challenges and may continue to be the source of price fluctuations.