Garrett Jin explains his bearish outlook before the October 11 crash

Garrett Jin, the whale who previously publicly sold over $4.23 billion worth of BTC in exchange for ETH, tweeted to explain his bearish stance before the October 11th flash crash. He stated that technical analysis showed overbought signals in US tech stocks, A-share tech stocks, and major cryptocurrencies, such as MACD divergences. Historical data shows a high positive correlation between cryptocurrencies and US tech stocks, suggesting a potential shift in risk. Over the past week, the US stock market has shifted from a risk-on to a risk-off outlook, and the crypto market has exhibited a similar pattern. Furthermore, trade tensions between the US and China have intensified since September 26th, but bullish market sentiment has kept investors relatively inactive. Last Friday, before the market crash, China announced it would impose "special port fees" on US ships docking at Chinese ports, effective October 14th, with plans to increase them annually. China also launched an antitrust investigation into Qualcomm and other companies. In response, President Trump called for a ban on Chinese aircraft flying over Russian airspace. It pointed out: "These events indicate that trade tensions are escalating, and A-shares and US stocks have therefore turned to risk-averse mode before the 1011 plunge. Although it is impossible to predict when Trump will retaliate against China, our internal quantitative system has raised the risk alarm."