帮主郑重：比特币惊魂夜跌破11.7万！8亿美金蒸发背后的真相

Market Overview - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping to $117,000 and Ethereum losing the $3,600 support level, resulting in a total liquidation of $814 million across 180,000 accounts [1][3] - The contract market saw $542 million in long positions liquidated and $272 million in short positions, indicating a severe impact on traders [3] Causes of the Decline - Regulatory changes in the U.S. have led to panic selling, particularly among leveraged traders, following the passage of a stablecoin regulation bill and internal conflicts among Republican lawmakers [4] - The total open interest in the cryptocurrency market reached a historical high of $86 billion, which, combined with high leverage, triggered a cascading liquidation effect [5] - Technical analysis indicates a bearish "M-top" pattern for Bitcoin, with a warning that a drop below $90,000 could lead to further declines towards $80,000 [5] Investment Insights - Short-term trading is cautioned against due to fragile market sentiment and potential for increased volatility, with technical indicators suggesting a possible further decline of 10% [6] - Long-term fundamentals remain strong, with institutional buying continuing, as evidenced by MicroStrategy's recent $5.4 billion purchase, which is seen as a critical support factor [6] - Ethereum is emerging as a potential new focal point for investment, with a recent 17% increase in futures and a recovery in the ETH/BTC exchange rate [7]