According to today's market information, the fluctuation of crypto assets is mainly related to the following events:

🏛️ Change in Macroeconomic Liquidity Expectations
Market expectations for a Federal Reserve rate cut in December have significantly cooled, with the probability dropping below 50%. At the same time, the U.S. interbank rate (SOFR) has risen in the short term, raising concerns about U.S. dollar liquidity, leading institutions to sell off risk assets such as Bitcoin.

⚡ High leverage triggers chain liquidation
The market downturn triggered a massive liquidation of high-leverage positions. In the past 24 hours, over 97,000 investors across the network have been liquidated, with a total liquidation amount reaching 251 million USD. This forced liquidation behavior has exacerbated the price decline.

😨 Market confidence undermined and capital outflow
On one hand, the U.S. Department of Justice's previous seizure of a large amount of Bitcoin has shaken the market's trust in the "absolute safety" of Crypto Assets. On the other hand, there are clear signs of institutional fund withdrawals, with the U.S. Bitcoin ETF experiencing several days of net outflows, leading to the market losing important support.