#数字货币市场回调 In the first week of December, the crypto market gave everyone a lesson with a collective Plummet.

The numbers are stark: Bitcoin plunged 8% in a single day, breaking through the $84,000 support line; Ethereum fared worse, crashing 10% down to $2,700. The chain reaction triggered by this drop is nothing short of terrifying—over 260,000 accounts were forcibly liquidated within 24 hours, with $941 million evaporating into thin air. Social media is filled with self-deprecating jokes from the "rooftop team", as those who were talking about the wealth code yesterday are now quietly turning off the lights and eating instant noodles.

This plummet was not accidental. The interest rate hike signals from Japan are becoming increasingly tight, and players who borrowed money at low interest rates in yen to speculate in cryptocurrencies are starting to withdraw; the $BTC ETF data is even more heart-wrenching, with a net outflow of over $3.5 billion in November and no new money entering the market to support it, so the market naturally cannot hold up. But what is truly fatal is the leverage, which is a double-edged sword — some people have opened positions with 200 times leverage, and even a slight price fluctuation triggers forced liquidation, leading to a "drop-explode-drop" death spiral.

However, the market is never short of drama. While retail investors are panic selling, some large institutions are quietly buying and increasing their holdings. Someone joked: "What ordinary people see as a crash is just a sale season for big players." Looking back, at the beginning of October $ETH , Bitcoin even set a historical high of $126,000, and in just two months, it has retracted over 30%. Those newcomers who rushed in at the peak are now likely to be the main characters of this liquidation wave.

The rules of the crypto market have always been like this: when some people leave in fear, others build positions on the ruins.