On the morning of December 1st, #数字货币市场回升 , many people were probably awakened by the big dump of BTC.

At 8 AM, Bitcoin dropped directly from $93,000 to $88,500, losing $4,500 in an hour, a fall of 4.3%. Do you think this is the end? $ETH dropped over 5% following that, and a certain platform token was even harsher, dropping directly by 7%. The entire market evaporated nearly 2 trillion yuan within 24 hours, with 220,000 accounts liquidated and 12.2 billion in funds instantly going to zero.

This big dump is essentially a classic case of "leveraged liquidation + negative news accumulation."

**Let's get straight to the point: the support level has collapsed, and the leverage has blown up.**

After BTC fell below the psychological barrier of $90,000, over 15 billion in leveraged positions were forcibly liquidated. It's important to note that over 90% of those who were liquidated started with 10x leverage. Programmatic liquidation orders flooded in, creating a "fall → explosion → accelerated fall" death spiral, amplifying the decline to the extreme in a short period.

**Looking at the deeper reasons: the macro environment and market sentiment are both weak.**

The news from the Federal Reserve is the most lethal. In November, the number of job vacancies in the US surged to a six-month high, directly reinforcing sticky inflation expectations, and the probability of a rate cut in December plummeted from 70% to 44.4%. As hawkish statements emerged, risk assets suffered, and BTC's negative correlation with interest rates reached -90%, making it the first to be hit hard.

Institutions are also withdrawing. Bitcoin spot ETFs have seen seven consecutive weeks of net outflows, with 88 million U flowing out just in the last week of November. The reduction in holdings by institutions has led to a depletion of liquidity, coupled with the stalled cryptocurrency legislation in the U.S., and the central bank here has reiterated the ban on virtual currencies. The regulatory pressure is being squeezed from both ends, and investors are simply voting with their feet.

**The technical aspect is also very weak.**

BTC has fallen over 25% from its high of $125,000 on October 12. The liquidity in the exchange order book was already poor, and there is little downward resistance. Now, BTC has temporarily stabilized around $89,000, but analysts warn that it may test $82,000 in the short term.

This big dump reminds us once again: Bitcoin has long been deeply tied to traditional financial cycles. To survive in this market, controlling leverage is the top priority, and closely monitoring macro policies is a must.