On the early morning of January 19th, the crypto market was hit by a black swan event. In just a few hours, BTC dropped from $95,531 to $91,910, a nearly $4,000 decline. ETH also was not spared, plunging rapidly from $3,350 to $3,177. SOL tumbled from $143 to $130. Many smaller coins suffered even heavier losses—SUI, XPL, ASTER, and others all declined over 10% in 24 hours.

Behind this brutal market is a chain reaction of liquidations. According to on-chain data, the total liquidation amount across the entire network in the past 12 hours reached $830 million, with long positions accounting for $764 million. The most severe liquidation occurred on the Hyperliquid platform’s BTC-USDT perpetual contract, with a single liquidation amount of up to $25.83 million—enough to wake many traders from their dreams.

Interestingly, traditional safe-haven assets surged against the chaos. Spot gold broke through $4,690 per ounce, hitting a new all-time high, rising over 2% intraday. Silver was even more impressive, surpassing $94 per ounce to set a new record high, with an intraday increase of over 4%. The market’s risk sentiment shift is clear—money is fleeing from risk assets to safe havens.

The US stock market is closed today, but the futures market has already sent signals. S&P 500 futures opened 0.71% lower, and Nasdaq futures briefly fell below 1.1%. The US dollar index slightly retreated by 0.26% to 99.14. All these indicate that macro sentiment is undergoing subtle but profound changes.