The risk of a U.S. government shutdown triggered a sell-off, with Bitcoin falling below the $70,000 mark, and the crypto market experiencing further shocks. On February 10, the cryptocurrency market came under pressure again, with the total market capitalization dropping by approximately 2% in a single day, mainly due to growing investor concerns over a potential U.S. government shutdown. The risk-averse sentiment intensified, leading to an accelerated outflow of funds from risk assets. As a bellwether, Bitcoin declined about 2.4% on the day, fluctuating between $68,400 and $71,000, currently stabilizing around $69,400. Ethereum fell nearly 3%, barely holding above the $2,000 level, with its weekly decline expanding to 12%. XRP, BNB, Solana, and Dogecoin also weakened, dragging the overall crypto market cap back to approximately $2.44 trillion. The rapid price correction triggered leveraged liquidations. CoinGlass data shows that nearly $300 million was liquidated in the past 24 hours, mostly from long positions, further amplifying short-term selling pressure. The core cause of this volatility is the deadlock in U.S. federal budget negotiations. If Congress fails to reach an agreement by February 13, the government could enter a partial shutdown. The prediction market Polymarket shows the probability of a shutdown once spiked to 76% and remains high. This uncertainty could not only impact macroeconomic expectations but also slow down the legislative process related to cryptocurrencies, with the review of the "Clear" bill already postponed, further increasing regulatory uncertainty. Meanwhile, market sentiment has also been affected by the new nomination of Kevin Warsh, who holds a hawkish stance, adding to the tension. Recently, U.S. stocks weakened while safe-haven assets like gold, silver, and U.S. Treasuries strengthened, indicating funds are shifting from high-risk assets to defensive assets. Historical experience shows that cryptocurrencies tend to be among the first to come under pressure in such environments. Institutional movements are also cautious. Data from SoSoValue indicates that the U.S. spot Bitcoin ETF saw only $145 million in inflows today, a significant decline from the previous trading day. Overall, there has been a net outflow this month, reflecting large investors' cautious outlook on the short-term market prospects. Multiple factors combined have kept market sentiment in a bearish zone.