The crypto market has taken a pretty sharp hit this time. $BTC briefly fell below $67,000, hitting a low near $66,500. Ethereum also dropped below $1,900, while XRP and SOL were dragged down too. Liquidations over 24 hours surged to $1.4–$1.6 billion, with nearly 90% of them being long positions forcibly closed. Several hundred million more were wiped out in just a few hours.
The main driver is still the macro environment. U.S. inflation data came in hotter than expected, and the market raised the odds of a December rate hike to above 80%. The dollar strengthened and Treasury yields rose, putting risk assets under pressure across the board. At the same time, Nvidia's Jensen Huang resigned amid a personal investigation, souring sentiment in tech stocks. Crypto is closely linked to tech, so it was dragged down as well. Spot Bitcoin ETFs saw net outflows for several consecutive days, totaling nearly $1.5–$1.9 billion. Institutional investors are pulling out, spot buying isn't keeping up, and when leveraged longs start collapsing, it triggers a chain reaction.
In the short term, the leverage flush may not be over, and after support levels break, prices can easily test lower levels. But this time, the main forces are a combination of macro pressures and capital flows, not a fundamental collapse. If ETF outflows and rate-hike expectations persist, the correction could drag on; if inflation cools later or money starts flowing back in, a rebound could come quickly. Sentiment is currently fearful. Don't rush to short or go all in trying to buy the dip; first watch the pace of liquidations and whether key levels can hold.
#美国PPI年率6.5%，低于预期或缓解BTC压力 #加密美股齐跌，下轮反弹的驱动力在哪？ #黄仁勋正式辞任CEO
The main driver is still the macro environment. U.S. inflation data came in hotter than expected, and the market raised the odds of a December rate hike to above 80%. The dollar strengthened and Treasury yields rose, putting risk assets under pressure across the board. At the same time, Nvidia's Jensen Huang resigned amid a personal investigation, souring sentiment in tech stocks. Crypto is closely linked to tech, so it was dragged down as well. Spot Bitcoin ETFs saw net outflows for several consecutive days, totaling nearly $1.5–$1.9 billion. Institutional investors are pulling out, spot buying isn't keeping up, and when leveraged longs start collapsing, it triggers a chain reaction.
In the short term, the leverage flush may not be over, and after support levels break, prices can easily test lower levels. But this time, the main forces are a combination of macro pressures and capital flows, not a fundamental collapse. If ETF outflows and rate-hike expectations persist, the correction could drag on; if inflation cools later or money starts flowing back in, a rebound could come quickly. Sentiment is currently fearful. Don't rush to short or go all in trying to buy the dip; first watch the pace of liquidations and whether key levels can hold.
#美国PPI年率6.5%，低于预期或缓解BTC压力 #加密美股齐跌，下轮反弹的驱动力在哪？ #黄仁勋正式辞任CEO
