深夜突发，全线大跌！超26万人爆仓

Group 1 - The cryptocurrency market experienced a significant downturn, with Bitcoin's price dropping below $87,000 and a daily decline of up to 5.9% on December 1 [1] - Bitcoin's price fell to $83,973.9, marking an 8.17% decrease over the past 24 hours, while Ethereum dropped to $2,724.53, down 10.25% [1][2] - The overall market has seen a continuous sell-off for several weeks, with Bitcoin's price declining over 33% since reaching a historical high of $126,300 in early October [2] Group 2 - U.S. stock prices of cryptocurrency-related companies also fell sharply, with BMNR and Strategy dropping over 11%, and Robinhood and Coinbase declining more than 5% [3][4] - The recent crash is attributed to a combination of macroeconomic, structural, and emotional pressures, highlighting the cryptocurrency market's high sensitivity to external liquidity changes and its internal leverage vulnerabilities [4][5] - The marginal tightening of macro liquidity is a core driver, with the U.S. Federal Reserve delaying interest rate cuts and the Treasury General Account withdrawing approximately $200 billion from market liquidity [5] Group 3 - The market structure is fragile, with insufficient buying support and a recent outflow of over $1 billion from Bitcoin ETFs, leading to forced liquidations of leveraged positions [5] - Regulatory pressures and negative market sentiment have further exacerbated the situation, with recent statements from the People's Bank of China and the EU's MiCA legislation impacting market confidence [5] - Over 260,000 liquidations occurred within 24 hours, totaling $941 million, indicating the extent of the market's volatility [6][7] Group 4 - Hotcoin Research suggests that by 2024-2025, the market participant structure will change significantly, with increased institutional investment leading to price movements driven more by fundamentals and data rather than short-term emotions [5] - The Bitcoin market is expected to mature by 2026, reducing the likelihood of extreme volatility and creating a more rational trading environment [5]