比特币一度跌破8.7万美元！加密货币全网超22万人爆仓 58亿元灰飞烟灭！

Core Viewpoint - The cryptocurrency market continues its downward trend, with Bitcoin dropping over 4% and falling below $87,000 for the first time since April, indicating a significant bearish phase in the market [1][4]. Market Performance - As of November 21, Bitcoin is priced at $87,632, reflecting a decline of 4.28%. Ethereum has decreased by over 5%, while Cardano has dropped more than 3% [1]. - The total market capitalization of Ethereum is approximately $348.45 billion, with a trading volume of $44.14 billion, showing a 21.07% market dominance [2]. Liquidation Events - Over the past 24 hours, more than 220,000 traders have been liquidated, resulting in a total liquidation amount of $814 million (approximately 5.8 billion RMB) [2][3]. - The largest single liquidation occurred on the HTX exchange, with a value of $30.92 million [3]. Market Sentiment and Analysis - Analysts attribute the recent cryptocurrency decline to renewed risk aversion and sell-offs in tech stocks, leading to a loss of support from major investment funds and corporate treasuries [4]. - The market is described as entering a "confirmed bear market phase," with weak ETF inflows, ongoing selling by long-term holders, and low retail investor interest indicating deteriorating market sentiment [4]. Macro-Economic Factors - Uncertainty in macroeconomic conditions is exacerbating market tensions, with unclear Federal Reserve policy paths impacting investor risk appetite, particularly for high-risk assets [6]. - The withdrawal of institutional support and liquidity is noted as a significant factor in the current market downturn, as external pillars of support have been quicker to exit than retail liquidity [6]. Options Market Insights - The options market is focusing on key support levels, with strong demand for downside protection around $85,000 and $82,000, indicating traders are preparing for further declines [5]. - The current environment is characterized by a collapse of speculative outlets in the cryptocurrency market, with high leverage contributing to the downturn [5].