JPMorgan's recent move is worth following - this financial giant withdrew $350 billion from the Fed in a single day and poured it all into the U.S. Treasury market. How significant is this scale? It's roughly equivalent to the total operating volume of over 4,000 commercial banks in the U.S. The actions of one institution surpassed the entire traditional banking system.

What signal is being conveyed behind this? The liquidity of traditional finance is being rapidly withdrawn. But that's not the most frightening part – the real hidden dangers lie even deeper.

There is a massive entity with a scale reaching $63 trillion called the "shadow banking" system. This name may sound unfamiliar, but it has long permeated every corner of global finance. What is shadow banking? In simple terms, it refers to financial institutions that operate outside the boundaries of formal regulation—private equity funds, hedge funds, and various structured products. How do they make money? They promise investors the dream of "high returns and anytime redemption," but in reality, they invest that money into projects that take five, ten, or even longer to break even. It's like playing a long-term game with short-term money; once market sentiment reverses and a wave of redemptions occurs, the whole illusion will be exposed in an instant.

Now, signals of risk have begun to emerge. High-risk bonds are crashing, and those failed projects are being liquidated at a discount, with over $300 billion of dangerous assets quietly flowing into ordinary investors' accounts. These are all signs of instability in the shadow banking system.

When a 63 trillion scale financial system begins to shake, no market can be spared. The US stock market will fluctuate, the bond market will be volatile, and the cryptocurrency market will inevitably feel the shockwave. All those assets that rely on liquidity to sustain themselves cannot escape the impact of this financial tsunami.

However, behind every crisis, there are actually new opportunities hidden. As the vulnerabilities and opacities of the traditional financial system gradually become exposed, more and more market participants begin to think about a fundamental question: Is it possible to build a value exchange system that is more transparent, more stable, and truly does not rely on "shadow games"? This line of thinking is the core driving force behind the development of crypto assets and decentralized finance.