On December 2, 2025, the crypto market experienced the most brutal 24 hours of the year.

The total market capitalization evaporated by 6.4% during the early Asian hours, directly falling below the $3 trillion mark. BTC plummeted from a high of 91K to $84,930, with a maximum daily drop of 6.6%, and the liquidation amount for long positions approached $400 million. The trigger was the unexpected hawkish signal released by the Bank of Japan—Japanese bond yields soared to a 15-year high, causing global liquidity to tighten instantly, and risk assets faced indiscriminate selling.

ETH plummeted 7% to fall below $2900, while SOL also dropped by 7%. But the most magical was XRP: it first fell by 7.6%, then surged by 10% in a single day due to two major positive stimuli, soaring from $2.17 to $2.2768, setting a new weekly high. The Monetary Authority of Singapore granted Ripple an extended payment license, officially endorsing its cross-border settlement capabilities; meanwhile, the first XRP spot ETF in the U.S. officially traded on NASDAQ, raising $1.07 billion in a single day, completely reversing the outflow trend of the previous four weeks. The community has begun to chant the slogan "take off at $3.5."

The DeFi sector has been rocked by shocking news. A major security incident occurred in the Yearn Finance liquidity pool, causing over $100 million to evaporate in an instant, resulting in a 8% drop in the TVL of protocols like Aave and Uniswap. Panic spread, with the proportion of stablecoins surging to 82%, reaching extreme levels of market risk aversion.

On the institutional side, MicroStrategy has once again made a move to buy, currently holding 650,000 BTC, with an additional $1.44 billion in cash reserves. Founder Saylor publicly stated that "the four-year cycle theory is dead" and insists that the target price for BTC is $3 million.

Controversy has emerged on the political front. David Sacks, the newly appointed head of AI and encryption policy at the White House, has been questioned for potential conflicts of interest—his policies clearly benefit the Silicon Valley investment circle and individuals related to the All-In podcast, with project approval processes from Serbia to Vietnam repeatedly facing "backdoor" accusations. The community points out that this is a typical "pay-to-play" model.

In this bloodbath, retail investors faced liquidation and agreements collapsed, but institutions continued to buy the dip against the trend. Those who can withstand this round of liquidity tightening will seize the advantage in the next cycle.

#数字货币市场回调 $BTC $XRP