日本語
한국어
Tiếng Việt
简体中文The cryptocurrency market has endured a staggering downturn, shedding more than $1 trillion in market value since early October. This significant correction has plunged major digital assets, including Bitcoin, deep into bear territory, sparking widespread concern among investors.
A recent Thursday saw Bitcoin experience a sharp decline, mirroring a broader sell-off across risk assets following a dramatic reversal in the stock market. This latest drop pushed the overall crypto market capitalization below the $3 trillion mark, a considerable fall from its approximately $4.2 trillion peak in early October.
The catalyst for much of this volatility can be traced back to October 10, when an unprecedented liquidation event rocked crypto markets. This single day marked what some consider the largest Bitcoin liquidation in history, as investors offloaded an estimated $19 billion to $30 billion in leveraged positions, sending shockwaves through the ecosystem.
More than a month later, market conditions remain challenging. Bitcoin, a bellwether for the crypto space, was trading around $86,398 on Thursday, representing a 31% drop from its October 6 high of over $126,000. The leading cryptocurrency is now in negative territory for the year, down more than 5% year-to-date.
This prolonged crypto bear market is testing the resilience of even the most dedicated Bitcoin proponents. Experts suggest a deeper market freeze could be setting in, with a lack of fresh catalysts hindering potential upside. A report from crypto asset manager 21Shares highlighted concerning trends: wealthy Bitcoin investors are actively selling, and spot Bitcoin ETFs have seen three consecutive weeks of outflows. This month alone, long-term investors have reportedly offloaded roughly 42,000 BTC, equating to approximately $4 billion. A single Thursday recorded $866 million in redemptions from spot Bitcoin ETFs, marking the second-largest daily outflow on record.
Strategists from 21Shares attribute the ongoing decline to a confluence of technical factors and broader macroeconomic pressures. Prices remain highly volatile due to forced liquidations and thin market liquidity. Furthermore, shifting sentiments regarding the Federal Reserve’s stance on interest rate cuts—with lower odds predicted for next month—are dampening the appeal of risk assets like Bitcoin.
Satraj Bambra, CEO of hybrid crypto exchange Rails, emphasized the continued fallout from October’s meltdown, underscoring the delicate state of the market. “We are probably close to a local bottom,” Bambra stated. “The market should see a reflexive bounce as positioning resets. But if that bounce fails to sustain and if buyers don’t step in decisively we are likely heading lower. This is still a fragile market, and the burden of proof is on the bulls.”
As the crypto industry navigates these turbulent waters, the coming weeks will be crucial in determining whether a sustained recovery can emerge or if the market faces further downward pressure.