Cryptocurrency Nightmare: 180,000 People Liquidated, 480 Million Vaporized, Bitcoin Falls Below 107,000, Leverage Players All "Flip"

On November 3rd, the cryptocurrency market experienced a "bloodbath" tragedy. Bitcoin struggled at the $110,000 mark in the morning, then suddenly plummeted in the afternoon, briefly falling below the $107,000 threshold, with a daily decline of over 3%; Ethereum fared even worse, directly losing the $3,700 level, with a single-day drop soaring to 4%. Major coins such as BNB and Dogecoin were not spared either, with collective declines exceeding 5%, leading to widespread panic in the market.

According to data from CoinGlass, nearly 180,000 investors were forcibly liquidated within 24 hours, with $482 million in principal disappearing overnight. Among them, the amount of long positions liquidated reached $430 million, which can be termed a "collective funeral for the bulls."

Trigger for the plummet: the double strangulation of capital withdrawal and confidence collapse

This sharp decline is not a coincidence, but a result of the combined effects of "capital withdrawal" and "collapse of confidence."

- Institutional funds quietly withdraw: As an important support for the market, the Ethereum ETF saw inflows drop sharply from four to five billion dollars in July and August to 300 million in September and 600 million in October, with new funds struggling to take over, leading to a loss of core support in the market.
- Regulatory shadow continues to loom: Global cryptocurrency regulatory policies are unclear, the "Sword of Damocles" hangs high, institutional investors do not dare to enter easily, and the originally active trading market has suddenly become quiet.
- Token unlocking intensifies selling pressure: As the unlocking period for some tokens approaches, holders are worried about further price declines and are selling off in advance, resulting in a "stampede" exit that amplifies the drop.

Leverage Trading: The "Accelerator" and "Reaper" of Liquidation Waves

High leverage trading has become the core driving force behind this wave of liquidations. Many investors, with a "gamble" mentality, have increased their leverage in an attempt to make quick money in a volatile market, while ignoring the risks. Once the price breaks through key support levels, the chain liquidation falls like a domino effect: a single BTC contract on the Hyperliquid platform became the largest liquidation of the day, leaving the involved investors with nothing; on social media, seasoned traders shared screenshots of 10x leveraged long positions, only to be forcibly liquidated in less than half an hour, their principal wiped out in an instant, with the comment section filled with wails of "mutual destruction."

Cryptocurrency resilience differentiation: Bitcoin becomes the "ballast", while altcoins face "free fall".

The performance differences among various cryptocurrencies during this sharp decline are significant, with a clear differentiation in their resistance to downturns.

- Bitcoin stabilizes its fundamentals: Despite a 3% drop in Bitcoin, the decline has significantly narrowed compared to the single-day plunge of 15% in October, highlighting its position as the "market ballast" once again.
- Altcoins are in a "free fall": altcoins themselves have poor liquidity and become a "disaster area" during panic selling. Some small coins experience slippage of over 20%, and investors want to sell but cannot, having to watch their accounts shrink.
- Divergence between DeFi and centralized exchanges: DeFi protocols barely withstand the impact due to strict collateral standards; meanwhile, the liquidity of long-tail tokens on centralized exchanges has dried up, becoming a disaster zone for liquidations, with a large number of retail positions evaporating in the liquidity crisis.

Market Divergence: Growing Pains or a Crisis? Polarized Market Perspectives

There is a clear division in market views regarding future trends.

- Optimists: The necessary pain of deleveraging: Optimists believe that the 480 million liquidation has cleared excess speculation from the market. After squeezing out the bubble, the market can instead return to a healthy state and build momentum for future trends.
- Pessimists: Liquidity contraction may trigger a chain crisis: Pessimists worry that if liquidity continues to contract, coupled with the pressure of token unlocks, the total market value of cryptocurrencies may fall to the support level of 3.5 trillion USD, triggering a new round of declines.
- Analysts Warn of Macro Risks: Some analysts have stated that the current cryptocurrency market is increasingly correlated with the macro economy, and external factors such as geopolitical conflicts and fluctuations in the US dollar exchange rate could become new "black swans," triggering severe market volatility.

A constant warning: Leverage is a double-edged sword, survival is the key.

This wave of liquidations has once again sounded the alarm for all cryptocurrency investors: cryptocurrency is never a guaranteed profit business. High-leverage trading may seem to amplify returns, but in fact, it pushes investors to the "edge of the cliff." As veteran players say: "Those who survive long in the crypto circle are not those who can judge the direction correctly, but those who can control the risks."

The market is still fluctuating. Those investors who lost everything overnight may truly understand the profound truth that "leverage is a double-edged sword" during the review.

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