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Market Overview - The cryptocurrency market is experiencing a significant sell-off, with Bitcoin dropping over 7% and falling below $87,000 for the first time since April, currently priced at $86,097.4 [1] - Other cryptocurrencies are also seeing declines, with Ethereum down nearly 8%, Solana down 8.37%, and Dogecoin down 7.28% [1] Liquidation Data - In the past 24 hours, over $900 million in cryptocurrency contracts were liquidated, affecting approximately 252,000 traders [2] - The liquidation breakdown shows $73.169 million in one-hour liquidations and $160 million in four-hour liquidations, with a total of $328 million in 12-hour liquidations [3] Market Sentiment and Predictions - Bitcoin has erased all its gains for the year, with a cumulative decline of 7.8%, marking the first annual drop since 2022 [3] - Whale investors are reportedly selling off significant amounts of assets, with over $20 billion sold since September, following a four-year cycle logic [3] - Morgan Stanley's investment strategist suggests that the market is entering the "autumn" phase of Bitcoin's four-year cycle, advising investors to take profits in preparation for a potential crypto winter [3] Market Indicators - Standard Chartered's digital asset research head indicates that the recent price adjustments may have concluded, aligning with the third major sell-off wave of the current cycle [4] - Various market indicators, such as the price-to-book ratio of digital asset investment companies, have reset to extreme levels, suggesting that Bitcoin prices may have reached a bottom [4]