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Core Insights - The Federal Reserve's interest rate cut on September 23, which was expected to boost the market, instead led to a significant downturn in Ethereum, dropping below $4000 and causing over $300 million in liquidations within 24 hours [1][3][10] Group 1: Market Reaction - Ethereum liquidations accounted for 62% of the total, with a single asset liquidation reaching $186 million, highlighting the extreme volatility in the market [3][10] - The majority of liquidated positions were held by retail investors, with 86% of the 130,000 liquidated accounts having less than 0.1 BTC [5][12] Group 2: Institutional Behavior - Prior to the rate cut, institutions like Grayscale and BlackRock accumulated short positions, creating downward pressure on the market, as evidenced by a nearly $300 million outflow from Ethereum ETFs [8][12] - The market saw a significant reversal in expectations, with traditional assets rising post-rate cut while cryptocurrencies fell sharply, leading to a loss of confidence among investors [12][18] Group 3: Technical Factors - The breach of the $4000 support level for Ethereum triggered automated sell orders from quantitative trading bots, exacerbating the decline [10][12] - A large volume of Ethereum options, worth $5.3 billion, was set to expire on September 30, with strike prices concentrated between $4000 and $4200, contributing to the liquidation wave [10][12] Group 4: Future Outlook - Analysts warn that Bitcoin must hold above $110,000 to avoid triggering further liquidations, while Ethereum's critical support level is at $3800, below which a significant sell-off could occur [14][16] - Despite retail panic selling, large investors (whales) have been accumulating positions, indicating a potential divergence in market sentiment [16][18]