Crypto News

Today, the overall cryptocurrency market experienced a significant pullback, with the market trend remaining weak and mainstream coins collectively declining. Bitcoin fell below the 78,000 USD mark, dropping to around 77,000 USD, while Ethereum followed suit, moving downward. Various small and mid-cap coins saw more pronounced declines, and market short-selling sentiment increased.

The market decline triggered a large-scale liquidation of futures contracts, with many long positions being forcibly closed. The total liquidation amount across the network remained high, and signs of short-term capital fleeing the market were evident. This decline was mainly influenced by economic data, with market expectations of interest rate cuts weakening, coupled with outflows of funds from Bitcoin spot ETF investments, further dragging down the market.

However, from on-chain data, Bitcoin's long-term holdings remain relatively stable, with most holdings in dormant states, indicating limited selling pressure. Currently, the market is in a phase of emotional recovery. In the short term, focus should be placed on key support levels below, and it is recommended to exercise caution in position sizing, avoid high leverage risks, and wait patiently for market sentiment to stabilize and improve.