Deep dive into BTC's intraday plunge of $3000! The market maker's violent washout, are retail investors cutting losses with bloody chips? #美国众议院市场结构讨论草案

1. Market Shock: The market opened at $97861 and immediately crashed, the market maker targeted the long positions.

Today's market is making people feel a headache! BTC plunged directly after hitting $97861 at 7 AM this morning, dropping to a low of $94400, a crazy drop of 4.6% in 3 hours, exploding $1.35 billion in long positions across the network.

But strangely, it has now bounced back to around $95000 and is fluctuating, a typical market maker's play—crashing in the morning to force retail investors to cut losses, then pulling up in the afternoon to explode short positions, making profits from both sides!

Key details: This wave of decline was accompanied by the filling of the CME Bitcoin futures gap, the market maker accurately timed the explosive point.

On-chain monitoring detected that a certain whale address (starting with 0x873) dumped 2800 BTC around $97800, directly collapsing market sentiment.

2. The culprit of the crash: CPI's good news turned bad? Wall Street institutions playing hedging tricks.

On the surface, today's decline is due to the US September CPI data cooling more than expected, but this is actually good news!

The real reason is that Grayscale's GBTC saw a net outflow of $480 million yesterday, and BlackRock's IBIT experienced a stagnation of funds for the first time, with institutions playing “buying spot and dumping futures” for hedging, the behavior is too ugly!

What’s more disgusting is that Binance's perpetual funding rate spiked to 0.18% (annualized 65%) before the crash, the market maker clearly aimed to kill high-leverage longs.

Now the rate has dropped back to 0.05%, indicating that most retail investors have already been liquidated and the market maker is starting to support the market in preparation for a second rally.

In the crypto world, sideways movement after a crash is not a bottom; low volume is the signal for reversal!

Feeling confused? Can't find a way out? Real-time trading assistance at #美联储FOMC会议