加密货币全线大跌，超25万人爆仓，近68亿元蒸发

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping over 7% and falling below $87,000 for the first time since April, indicating a broader sell-off across major cryptocurrencies [1][2]. Market Performance - Bitcoin (BTC) is priced at $86,097.4, down 7.09% in the last 24 hours - Ethereum (ETH) is at $2,802.56, down 7.81% - Solana (SOL) is priced at $131.91, down 8.37% - Dogecoin (DOGE) is at $0.14636, down 7.28% [2]. Liquidation Data - Over the past 24 hours, the total liquidation in the cryptocurrency market exceeded $900 million (approximately 6.79 billion RMB), affecting 252,000 traders - The 12-hour liquidation reached $328 million, while the 1-hour liquidation was $7.3169 million [3]. Market Trends and Influences - Bitcoin has erased all its gains for the year, with a cumulative decline of 7.8% year-to-date, marking the first annual drop since 2022 - The recent decline is attributed to tight macro liquidity, decreased market risk appetite, and cyclical factors within the cryptocurrency industry [3][4]. - Uncertainty regarding U.S. fiscal and monetary policy has heightened traders' cautious sentiment, leading to a synchronized decline across risk assets, including stocks and gold [4]. Institutional Involvement - Institutional investors have been a key support for Bitcoin prices throughout the year, but there are signs of recent outflows from institutional funds - Despite short-term volatility influenced by macro liquidity and policy environment, the long-term outlook for Bitcoin remains positive due to global asset diversification trends and increasing institutional participation [4].