Recently, the cryptocurrency and traditional stock markets have shown a trend of simultaneous fall, and investors seem to be waiting quietly for the release of the Federal Reserve's meeting minutes. This yet-to-be-released document has already triggered a chain reaction in the market, causing various risk assets to begin to retreat.

Bitcoin has first fallen below the key support level of the 50-day moving average, indicating that the short-term trend may have turned downward. More noteworthy is the significant increase in trading volume, which suggests that this is not merely a simple profit-taking, but rather substantial selling pressure is accumulating.

Ethereum's performance is more sluggish, showing a more pronounced weakness compared to Bitcoin. This is often seen as a reliable indicator that market risk appetite has plummeted, as if an economic winter has arrived.

It is noteworthy that not only is the cryptocurrency market affected, but technology stocks in the traditional stock market have also experienced a simultaneous fall. This phenomenon reflects investors' generally cautious attitude towards the upcoming policy announcement from the Federal Reserve.

Investors' concerns are primarily focused on the information that the meeting minutes may reveal. Although there is a general expectation that interest rates will not increase in the near term, the market is still closely watching the discussions among committee members regarding inflation and whether there will be any hints that high interest rate policies will be maintained for a longer period. Even subtle policy inclinations can have a significant impact on risk assets.

The flow of funds has clearly reflected market sentiment: investors are withdrawing on a large scale from high-risk assets such as encryption and tech stocks, and are flocking to traditional safe-haven tools like U.S. Treasury bonds and gold. The continued rise in U.S. Treasury yields not only reflects the market's demand for safe assets, but also inadvertently squeezes the valuation space of risk assets, creating a potential negative cycle.

In this uncertain market environment, investors need to remain vigilant, closely monitor policy trends, and timely adjust their investment strategies to respond to potential market fluctuations.