With markets like this, it really feels like “faith has been shattered into a million pieces.”
$BTC plunged this afternoon, briefly falling below $69,000 to its lowest level since August, down more than 7% on the day. $ETH Ethereum fared even worse, losing the $2,000 level and dropping more than 6%. In 24 hours, more than 180,000 traders worldwide were liquidated, for a total of $1.631 billion, with long positions accounting for nearly 90% of the losses. The bulls got ground into the dirt and couldn’t fight back at all.
So who’s dumping? Four heavy blows landed at once.
First, CPI stirred up a hornet’s nest. U.S. inflation data for October came in hotter than expected, sending the probability of a December rate hike soaring above 84%. The U.S. dollar index hit a 19-month high, and Treasury yields climbed back above 5%. The higher interest rates go, the less appealing risky assets like crypto become.
Second, Jensen Huang’s resignation rattled tech stocks. Nvidia’s CEO suddenly called it quits, sending tech stocks tumbling, and the crypto market shuddered along with U.S. equities.
Third, ETFs are quietly “draining funds.” U.S. spot Bitcoin ETFs have seen net outflows for six consecutive trading days, led by BlackRock’s IBIT. Institutional demand is visibly fading.
Fourth, fighting has flared up in the Middle East again. Iran struck U.S. military facilities in Bahrain, and as geopolitical risks escalate, investors’ first instinct is to get out fast.
Simply put, nothing major has happened in crypto itself. It’s just that macroeconomic forces, tech stocks, institutional flows, and geopolitical risks have all collided at once. Leverage was piled too high, so all it took was one match to set things off. If the $69,000 level doesn’t hold, there could be further downside. Don’t rush to buy the dip—wait and see how U.S. stocks perform tonight. #加密美股齐跌，下轮反弹的驱动力在哪？ #比特币跌破200周均线 #黄仁勋辞任CEO，英伟达战略走向受关注
$BTC plunged this afternoon, briefly falling below $69,000 to its lowest level since August, down more than 7% on the day. $ETH Ethereum fared even worse, losing the $2,000 level and dropping more than 6%. In 24 hours, more than 180,000 traders worldwide were liquidated, for a total of $1.631 billion, with long positions accounting for nearly 90% of the losses. The bulls got ground into the dirt and couldn’t fight back at all.
So who’s dumping? Four heavy blows landed at once.
First, CPI stirred up a hornet’s nest. U.S. inflation data for October came in hotter than expected, sending the probability of a December rate hike soaring above 84%. The U.S. dollar index hit a 19-month high, and Treasury yields climbed back above 5%. The higher interest rates go, the less appealing risky assets like crypto become.
Second, Jensen Huang’s resignation rattled tech stocks. Nvidia’s CEO suddenly called it quits, sending tech stocks tumbling, and the crypto market shuddered along with U.S. equities.
Third, ETFs are quietly “draining funds.” U.S. spot Bitcoin ETFs have seen net outflows for six consecutive trading days, led by BlackRock’s IBIT. Institutional demand is visibly fading.
Fourth, fighting has flared up in the Middle East again. Iran struck U.S. military facilities in Bahrain, and as geopolitical risks escalate, investors’ first instinct is to get out fast.
Simply put, nothing major has happened in crypto itself. It’s just that macroeconomic forces, tech stocks, institutional flows, and geopolitical risks have all collided at once. Leverage was piled too high, so all it took was one match to set things off. If the $69,000 level doesn’t hold, there could be further downside. Don’t rush to buy the dip—wait and see how U.S. stocks perform tonight. #加密美股齐跌，下轮反弹的驱动力在哪？ #比特币跌破200周均线 #黄仁勋辞任CEO，英伟达战略走向受关注
