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Bitcoin dropped from 83,000 to 80,393 USD. Within 24 hours, forced liquidations across the entire network exceeded 1 billion USD, with about 930 million USD coming from long positions, and 166,769 investors were wiped out. Ethereum fell even harder, dropping below 2,500 USD, with liquidation amounts of 324 million USD, surpassing Bitcoin's 240 million USD. Adding insult to injury, AI also crashed. OpenAI disclosed to investors an annualized revenue of about 50 billion USD, which is 20 billion less than the widely reported 70 billion USD. Nvidia fell nearly 3%, Oracle dropped over 5%, and the Nasdaq closed down 1.25%. Three US aircraft carriers are gathering in the Middle East. US Treasury yields are at 5.3%, Brent crude oil at 105 USD. Only two days remain until the "10·10" crash anniversary. At this moment, any rational person would ask the same question: Should we run? But Hayes chooses to speak at such a time. He says: At the start of every super bull market, the market must cross a high wall made up of various worries. In 2017, that wall was the block size debate. Everyone thought BTC would split. What happened? New highs. In 2020, that wall was the COVID-19 pandemic. Everyone thought the world was ending. What happened? New highs. In 2023, that wall was the FTX collapse plus central bank rate hikes. Everyone thought crypto was dead. What happened? New highs. Every wall seemed unsolvable at the time. Behind every wall, there were new highs. So what will the wall be in 2026? Hayes says: AI crypto panic. Listen carefully — it’s "AI panic," not "crypto panic." The peculiarity of this wall is that its epicenter is not in the crypto market, but in the US stock market. AI is the core narrative of this US stock bull market. OpenAI’s revenue data challenges the question: After spending hundreds of billions building AI infrastructure, can we actually recoup it? If the answer is no, tech stocks will crash, and all risk assets will suffer. But thinking the other way — a tech stock crash precisely means the Fed must pivot. With rate hikes facing 5.3% US Treasury yields and 105 USD oil prices, they are already on shaky ground. If the AI narrative is further disproven and economic data weakens, the Fed has no choice but to ease. And crypto is the "ultimate expression" of risk assets. Once liquidity expectations turn, it will always be the first to rebound. Hayes says "the money printing wave will eventually come," which you may not believe. But his "wall" framework is worth serious consideration. Every time the market is most panicked, looking back, those things that kept you up at night — block splits, pandemics, FTX, AI horror stories — were all crushed by time. But what was crushed was not only fear, but also the positions of those who cut losses out of fear. On-chain data shows: short-term holders have transferred over 50,000 BTC to exchanges, with 59% of those transfers in loss positions. Panic selling is already happening. 77,000 USD — the 50-week moving average. If Hayes is right, if this AI panic wall will eventually be climbed over, what does around 77,000 USD mean? It means a market cleaned out by leverage, a range where panic selling has been exhausted, a position you might regret not taking a closer look at. $BTC $ETH $NVDA