比特币暴跌超20%！43万人爆仓，加密货币市场一片“哀嚎”

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin falling below $100,000 for the first time since May 2025, driven by a combination of cooling market sentiment and leveraged positions being liquidated [3][7]. Market Performance - On November 5, Bitcoin dropped to a low of $99,075.89, marking a decline of over 20% from its historical high of $126,080 on October 6 [4][5]. - Ethereum also saw a substantial drop, with a 24-hour decline exceeding 15%, nearing the $3,000 mark, and a total decrease of nearly 35% from its peak of $4,946.05 on August 24 [5][7]. - By the afternoon of November 5, Bitcoin's price slightly recovered to $101,905, with a 24-hour decline of 1.7%, while Ethereum was at $3,307.12, down 5.4% [5]. Causes of the Downturn - Analysts attribute the Bitcoin crash to a combination of market sentiment cooling and the unwinding of leveraged positions. The overall risk appetite in the market has decreased, influenced by a drop in U.S. stock indices [7][8]. - The cryptocurrency fear index has reached a six-month low of 20, indicating heightened fear among investors, leading to a withdrawal from more volatile assets like cryptocurrencies [8]. External Influences - The Federal Reserve's recent interest rate cut and the ongoing U.S. government shutdown have added to the uncertainty in the cryptocurrency market [8]. - As of November 5, over 438,736 traders were liquidated, with a total liquidation amount of $1.719 billion, primarily from long positions [9]. Market Dynamics - The current market situation reflects a typical chain reaction of price breakdowns, insufficient margin, and forced liquidations, leading to further price declines [9]. - The overall market is undergoing a concentrated adjustment due to liquidity tightening, and it is expected that once the leverage is cleared, market sentiment may gradually improve [9].