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Market Overview - On December 1, the cryptocurrency market experienced a significant drop, with Bitcoin falling below $86,000 and Ethereum dropping below $2,900. As of the report, Bitcoin was down 4.99% at $85,800, and Ethereum was down 5.41% at $2,829, while XRP and Dogecoin fell over 7% [1][4]. Liquidation Data - According to Coinglass, the number of liquidations in the last 24 hours reached 218,800 [3]. - The total liquidation amount over 24 hours was approximately $640.28 million, with $577.51 million liquidated in the last 12 hours [4]. Market Capitalization and Trading Volume - The total market capitalization of the cryptocurrency market was around $3.1 trillion, with an average weekly trading volume of $127 billion. Bitcoin's trading volume for the week was $59.9 billion, which is 31% lower than the average [4]. Institutional Participation and Market Sentiment - Hotcoin Research suggests that the market participant structure will change significantly by 2024-2025, with an increase in institutional funding, leading to price fluctuations being more driven by fundamentals and data rather than short-term sentiment [5]. - Bloomberg noted that the cryptocurrency market remains unstable, with a prolonged sell-off beginning in early October, when leveraged positions worth approximately $19 billion were liquidated. Despite a recovery to above $90,000, the latest sell-off has traders bracing for further declines [5]. Key Support Levels and Economic Indicators - FalconX's Sean McNulty indicated that the market is currently characterized by heightened risk aversion, with concerns about low inflows into Bitcoin exchange-traded funds and a lack of buyers at lower prices. The $80,000 level is identified as a critical support point [5]. - The upcoming week is expected to provide key insights into U.S. economic momentum, as policymakers consider interest rate trajectories through 2026. The market is focused on the upcoming U.S. Personal Consumption Expenditures (PCE) price index report, which is a key inflation indicator for the Federal Reserve [6].