超10万人爆仓！加密货币为何大幅回调？

Group 1 - The core viewpoint of the articles indicates that the recent significant pullback in cryptocurrency prices, particularly Bitcoin and Ethereum, is driven by a combination of macroeconomic expectations and technical factors [1][5][6] - Bitcoin reached a historical high of $124,500 on August 14, but fell below $115,000 by August 19, with a 24-hour decline of nearly 3%, while Ethereum dropped below $4,300, experiencing a decline of over 6% in the same period [1][2] - The overall market saw a liquidation of $332 million in cryptocurrency contracts within 24 hours, affecting over 100,000 traders, with the largest single liquidation occurring at Bitmex valued at $7.825 million [2][3] Group 2 - The pullback is attributed to the U.S. Producer Price Index (PPI) rising 3.3% year-on-year in July, which led to a decrease in the market's expectation for a Federal Reserve rate cut from 98% to 84%, thereby reducing the attractiveness of risk assets [5][6] - Historical data suggests that significant downturns in Bitcoin and Ethereum prices are often not caused by a single negative factor but are the result of a combination of tightening macro liquidity, policy pressures, and industry credit risks [3][4] - Analysts suggest that the current price decline aligns more with a normal correction within an upward trend rather than a trend reversal, indicating a healthy market adjustment rather than a significant downturn [6][7]