夏季涨幅尽数蒸发！比特币失守10万美元大关，加密货币市场再被血洗

Core Insights - Bitcoin has erased all gains from the summer, dropping 7.4% to $96,794, marking the first time it has fallen below $100,000 since June, and down over 20% from its all-time high a month ago [1] - The decline in Bitcoin is consistent with a broader market downturn, as Ethereum and various altcoins also experienced significant drops, with some tokens seeing year-to-date declines exceeding 50% [1] - A major liquidation event in October wiped out billions in long positions, leading to a cautious trading environment where Bitcoin's year-to-date gain remains below 10%, underperforming compared to the stock market [1] Group 1 - The total liquidation amount on Tuesday was a moderate $1 billion, significantly lower than the approximately $19 billion record set on October 10 [5] - Options traders have established large hedge positions against further declines, with high demand for put options with strike prices of $80,000 expiring in late November [5] - Bitcoin's decline is correlated with a pullback in high-valuation tech stocks, indicating a synchronization of speculative sentiment between Bitcoin and the stock market [5] Group 2 - The cryptocurrency market is facing additional challenges, including outflows from exchange-traded funds and concerns over potential sell-offs by digital asset treasury companies [5] - Current trends show net negative flows for spot Bitcoin and Ethereum ETFs, suggesting a cooling investor demand following earlier strong gains this year [5][8] - The severity of the October liquidation has led traders to adopt a tactical short-term trading approach rather than maintaining firm directional bets, reflecting a bearish sentiment in the market [8]