财经少华
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When Bitcoin suddenly fell below $85,000, Ethereum shrank, and $1 billion in the entire network was wiped out, I dare say that your heart may have skipped a beat in front of the screen.
Should this plunge be interpreted as a technical correction in the bull market, or a warning signal for the restart of the bear market? More than 300,000 investors in the entire network were liquidated. This is not only the worst single-day sell-off since 2025, but also caused the total market value of the entire crypto market to shrink by 8.2% in a single day. But the most disturbing thing is not the price fluctuation itself, but the extreme change in the market sentiment index from 49 to 25, which means that the degree of investor panic has exceeded all moments in the past 12 months. This plunge is by no means accidental.
When the cloud of Bybit's $1.5 billion theft has not yet dissipated, the news that several states in the United States have simultaneously rejected the digital asset bill has dealt another heavy blow to the market. Last week alone, $508 million of funds withdrew from digital asset products. Worse, institutional funds are withdrawing at an accelerated pace. In the past two weeks, $560 million of the $924 million net outflow from crypto funds came from the US market. BlackRock's silence has completely extinguished investors' expectations for incremental funds. After the giant, which manages $10 trillion in assets, successfully promoted the Bitcoin ETF last year, the current wait-and-see attitude may be brewing a bigger move. The intersection of these negative factors perfectly explains why even digital gold such as Bitcoin cannot escape the selling trend.
While American investors are rushing to leave, the German and Swiss markets have recorded a net inflow of $46 million against the trend. This situation of ice and fire is like a magic mirror, reflecting the fundamental differences in the understanding of crypto assets by global capital. Standing at this crossroads, what ordinary investors need to be most vigilant about is actually their own emotional pendulum. When the market consensus switches to extreme panic, it is often the window period for smart money to quietly deploy. Of course, this does not mean that we should rush in to buy the bottom now, but at least it reminds us that there is never a single-dimensional narrative in the crypto world.
When the speculative bubble in the currency circle is punctured and the security myth of the exchange is shattered, the market is using the most cruel way to screen projects that truly have long-term value.
Should this plunge be interpreted as a technical correction in the bull market, or a warning signal for the restart of the bear market? More than 300,000 investors in the entire network were liquidated. This is not only the worst single-day sell-off since 2025, but also caused the total market value of the entire crypto market to shrink by 8.2% in a single day. But the most disturbing thing is not the price fluctuation itself, but the extreme change in the market sentiment index from 49 to 25, which means that the degree of investor panic has exceeded all moments in the past 12 months. This plunge is by no means accidental.
When the cloud of Bybit's $1.5 billion theft has not yet dissipated, the news that several states in the United States have simultaneously rejected the digital asset bill has dealt another heavy blow to the market. Last week alone, $508 million of funds withdrew from digital asset products. Worse, institutional funds are withdrawing at an accelerated pace. In the past two weeks, $560 million of the $924 million net outflow from crypto funds came from the US market. BlackRock's silence has completely extinguished investors' expectations for incremental funds. After the giant, which manages $10 trillion in assets, successfully promoted the Bitcoin ETF last year, the current wait-and-see attitude may be brewing a bigger move. The intersection of these negative factors perfectly explains why even digital gold such as Bitcoin cannot escape the selling trend.
While American investors are rushing to leave, the German and Swiss markets have recorded a net inflow of $46 million against the trend. This situation of ice and fire is like a magic mirror, reflecting the fundamental differences in the understanding of crypto assets by global capital. Standing at this crossroads, what ordinary investors need to be most vigilant about is actually their own emotional pendulum. When the market consensus switches to extreme panic, it is often the window period for smart money to quietly deploy. Of course, this does not mean that we should rush in to buy the bottom now, but at least it reminds us that there is never a single-dimensional narrative in the crypto world.
When the speculative bubble in the currency circle is punctured and the security myth of the exchange is shattered, the market is using the most cruel way to screen projects that truly have long-term value.
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