【Is the crypto market crashing today? Understand today's 'bloodbath' with 3 key points】

BTC once dropped below $118 K, mainstream altcoins (Floki, HBAR, Jasmy, etc.) started the day down -10%, with over $680 million liquidated across the network in 24 hours. Who is selling off? I've broken down today's market into 3 main lines for your reference:

1️⃣ Options & Perpetual 'Double Kill'

This Friday (7/25), multiple exchanges including CME and Binance will have weekly/monthly options expiring, with open interest highly concentrated in the $115 K–$120 K BTC range; shorts pushed down to Max Pain, forcing market makers to sell spot in reverse, creating a cascading downward pressure on prices. Bitcoin News

In addition to the high leverage of perpetual contracts, both longs and shorts are being liquidated together: approximately $630 M in long liquidations in 24 hours, with XRP and ETH losing more than BTC in a single day. CoinDeskAInvest

2️⃣ Technical Analysis Three Peaks Not Broken → Longs Take Profit

BTC's three attempts to break $120 K failed, leading short-term funds to take profits, pushing the 1h-MACD into the green, suppressing rebound momentum. Coin Edition

Altcoins followed suit with increasing sell-offs, and the market cap fell from $4 T to $3.8 T within a week. BanklessTimes

3️⃣ Macroeconomic Sentiment FOMC + Rising US Treasury Yields → Risk-Off

Long-term US Treasury rates have been rising for several consecutive days, suppressing risk appetite; the market is actively reducing leverage ahead of next week's FOMC, opting for a brief 'cash is king' safe haven. The Economic Times

My 3 points of operational thought (for reference only ⚠️)

Short-term wait and see: If BTC cannot regain $120 K, beware of continued 'grinding Max Pain' before Friday; better to miss out than to catch a falling knife.

Watch for the inertia of 'OI clearing → price rebound' between 20:00-24:00 (UTC+8) on Friday; if liquidation waves slow down + trading volume shrinks, a technical rebound window may appear.

Buy spot in batches > add long-dated Calls: For those still bullish in the medium to long term, use a split position to reduce the average cost to the $110 K-$115 K range, and roll high-leverage near-month positions into low-leverage contracts for September/December, giving yourself more 'time value'.

📝 The market will always have the next wave of volatility; surviving in the position gives you the chance to double your investment.

Do you think there are other incentives? Feel free to supplement in the comments to help more partners reduce tuition fees!