According to today's market information, the fluctuations in the encryption currency market are mainly related to the following events:

🏛️ Macroeconomic Policy Uncertainty
The United States has ended a 43-day government shutdown, and key economic data that was delayed (such as non-farm employment and CPI) will be released in a concentrated manner. This has led to divergent expectations in the market regarding the future interest rate policy of the Federal Reserve, with fluctuations in the probability of interest rate cuts affecting the performance of overall risk assets.

📊 Long-term holders sell off
Data shows that long-term holders of Bitcoin have sold approximately 815,000 BTC in the past 30 days, setting a new high since January 2024. This has created significant selling pressure in the market.

⚡ Derivatives Market Clearing
The market downturn triggered a massive liquidation of high-leverage positions. In the past 24 hours, the total amount of liquidations across the network reached 748 million USD, involving over 190,000 traders. This forced liquidation behavior intensified the one-sided price fluctuations.

😨 Market sentiment shifts
Analysis indicates that the cryptocurrency market may have entered a confirmed bear market pattern, with institutional investor interest seemingly waning, while the inflow of funds into Bitcoin spot ETFs has also slowed.