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Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin and Ethereum seeing substantial price drops, indicating a broader trend of selling pressure that has persisted for several weeks [1][2]. Price Movements - Bitcoin's price fell to $83,973.9, marking an 8.17% decline over 24 hours, while Ethereum dropped to $2,724.53, down 10.25% in the same period [1][2]. - The overall market has seen Bitcoin drop over 33% since its peak of $126,300 in early October, erasing all gains made in the year [2]. Market Dynamics - The cryptocurrency market is under pressure from macroeconomic factors, structural weaknesses, and negative market sentiment, leading to a necessary adjustment [4][5]. - The marginal tightening of liquidity, particularly due to delayed interest rate cuts by the Federal Reserve and a withdrawal of approximately $200 billion from the market due to government shutdowns, has exacerbated the situation [4][5]. Structural Weaknesses - The market's structure is fragile, with insufficient buying support and a recent trend of over-leveraged positions being liquidated, leading to a vicious cycle of price declines [5][6]. - The lack of new capital entering the market has resulted in significant outflows, with over $1 billion in net withdrawals from Bitcoin ETFs recently [5]. Regulatory and Sentiment Factors - Regulatory pressures, such as the People's Bank of China reiterating that cryptocurrency activities are illegal and the EU's strict regulations on stablecoins, have negatively impacted market sentiment [6]. - The collapse of Trump-related tokens has further eroded speculative confidence, leading to increased panic selling across major cryptocurrencies [6]. Liquidation Data - Over 260,000 liquidations occurred within 24 hours, totaling approximately $941 million, highlighting the extent of the market's volatility [6]. - The data indicates significant liquidation amounts across various time frames, with $396.41 million in long positions liquidated within 24 hours [6].