The crypto market has recently staged another big show. In just one month, Bitcoin plummeted from a record high of $126,000 to below $90,000. Some investors woke up to find their accounts shrunk by 30%. Such scenes are no longer news in the crypto circle.

Starting from the peak in early October, Bitcoin dropped over 34% in just a few weeks, and at one point, it even broke below the critical support level of $81,000. The entire market capitalization evaporated by over $1.2 trillion—enough to make Tesla and a certain tech giant look insignificant together. Other coins also suffered, with Ethereum falling from $3918 to $2946, a nearly 25% decline in a month. Mainstream coins like Solana and Cardano generally declined by more than 30%.

The fear index soared to the "extreme panic" zone of 11-16, prompting retail investors to cut losses and escape. But at this time, another group—some institutional funds—began to quietly enter the market, viewing this decline as a bargain opportunity.

What was the trigger? On the macro level, the Federal Reserve adjusted its rate cut expectations, and global liquidity started to tighten, greatly reducing the attractiveness of risk assets. More direct pressure came from the continuous outflow of funds from Bitcoin ETFs. Leveraged liquidations and cautious institutional attitudes further intensified the downward momentum.