Currently, the global cryptocurrency market cap remains around $3.08 trillion, with a 24-hour decline of 1.76%. This is more of a structural adjustment rather than panic selling. The Fear & Greed Index is stuck at 40, indicating market sentiment is within a rational range.
The most interesting part is yesterday’s capital flow—the total liquidation of contracts across the network reached $145 million, with both long and short positions liquidated fairly evenly. Long positions liquidated amounted to $74.34 million, and short positions to $71.07 million, roughly a 50/50 split. Bitcoin alone accounted for $39.42 million of the liquidations, followed by Ethereum with $34.49 million.
From the ETF perspective, the net outflow of Bitcoin spot ETFs is narrowing, currently at $582.9 million. The net outflow of Ethereum spot ETFs is $159.3 million, with the outflow rate significantly slowing down. This indicates a shift in institutional large investors’ attitude.
The most dramatic development today is the market trend—this morning, stronger-than-expected US employment data dampened expectations of Federal Reserve rate cuts, leading to a decline in crypto assets. Bitcoin briefly broke below $90,000, and Ethereum even fell to around $3,050, seeming unable to hold.
The turning point came in the evening. US Treasury Secretary and several Federal Reserve officials issued dovish signals, expressing strong support for significant rate cuts, and the market immediately turned upward. Capital quickly flowed back in, with Bitcoin successfully reclaiming $90,000, and Ethereum also rebounding above $3,100.
Structurally, the market has entered a special phase—stable but lacking direction. The large fluctuations at the beginning of the year have gradually subsided, but the next catalyst has yet to appear. How long this consolidation lasts depends on subsequent policies and macroeconomic data developments.