#美国人工智能行动方案 Bitcoin is undergoing a brutal downside test. On Monday, the price broke through the $91,500 mark, and traders' defensive stance is clear—deeper falls may be on the way.

The options market reveals the true level of panic. The demand for put protection at psychological levels of 90,000, 85,000, and 80,000 has skyrocketed, with over 740 million dollars in related contracts set to expire in November. Ergonia's research director, Chris Newhouse, has a straightforward observation: buyers who entered the market over the past six months are now trapped at high levels, and those once steadfast bulls are beginning to waver.

The CoinMarketCap sentiment index has turned red - the market has entered the "extreme fear" zone. Many investors are caught in the most agonizing state: unwilling to cut losses after losing too much, but their account balances are not enough to buy the dip. The situation for digital asset treasury companies is particularly difficult; although Strategy recently went against the trend and spent $835 million to buy Bitcoin, more peers have already begun to be forced to sell assets to repair their balance sheets.

Greg Magadini, the Director of Derivatives at Amberdata, pointed out that the psychological shockwave caused by the sell-off from these institutions is most evident in Ethereum. As the second-largest cryptocurrency by market cap, the price of ETH has fallen to $2975, representing a decline of 24% since the beginning of October.

The macro environment has not left much breathing space for the bulls. The expected monetary policy of the Federal Reserve, combined with the debate over the AI sector's bubble, is weighing heavily on risk assets as the year-end approaches. Since the $19 billion liquidation storm at the beginning of October, the market has not really calmed down. Coinglass data shows that futures open interest has continued to shrink, and the positions of small market cap coins like Solana have been cut in half.

Kraken economist Thomas Perfumo has given his assessment: the current risk-aversion sentiment stems from macro-level anxieties, not from issues with the market structure. But regardless of the reasons, the nerves of the cryptocurrency market are now very tense.

$BTC $ETH