比特币24小时跌至9.3万美元，回吐年内全部涨幅

Core Viewpoint - The cryptocurrency market, particularly Bitcoin, is experiencing significant downward pressure, erasing gains made earlier in the year due to a combination of macroeconomic expectations, liquidity issues, and trading sentiment [1][5][8]. Market Performance - Bitcoin's price fell to a low of $93,714, marking a nearly 2% decline in 24 hours and erasing all gains for the year [1]. - As of the latest report, Bitcoin rebounded slightly to $95,734.9, while Ethereum was priced at $3,199.91 [2][3]. - Major cryptocurrencies, including Ethereum, have seen significant declines, with Ethereum's 7-day drop reaching 11.38% [3][4]. Market Dynamics - The decline is attributed to multiple pressures, including fluctuating macroeconomic expectations regarding the Federal Reserve's policies and a tightening liquidity environment [5][6]. - Institutional investors have been redeeming their holdings, leading to a net outflow from Bitcoin spot ETFs since September [5]. - High leverage levels in the market have made it more susceptible to liquidity shocks, with over 230,000 accounts liquidated in a recent 24-hour period, totaling over $1 billion [7]. Investor Sentiment - There is a noticeable decrease in risk appetite among investors, influenced by recent losses in the market and a cautious trading environment [8]. - Historical patterns of Bitcoin's price volatility are causing some investors to preemptively reduce their positions to lock in profits [7][8]. Long-term Outlook - Despite short-term volatility, the long-term narrative for Bitcoin as a hedge against inflation and geopolitical risks remains intact, but it requires time to mature as an asset class [9]. - Key variables influencing future market direction include the development of ETF channels, clarity in global regulatory environments, and sustained demand in on-chain finance and cross-border payments [9]. - Analysts suggest that while recent declines may correct excessive risk-taking and valuation discrepancies, the structural vulnerabilities of the cryptocurrency market compared to traditional financial assets still pose significant risks [9].