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Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin and Ethereum seeing substantial price drops, indicating a continuation of a sell-off trend that began after Bitcoin reached its all-time high in October 2023 [1][2]. Market Performance - Bitcoin's price fell to $83,973.9, marking an 8.17% decline over the past 24 hours, while Ethereum dropped to $2,724.53, down 10.25% [1][2]. - The overall cryptocurrency market has seen a cumulative decline of over 33% since Bitcoin's peak of $126,300 in October, erasing all gains made in 2023 [2]. Stock Market Impact - Cryptocurrency-related stocks have also suffered, with notable declines: BMNR down over 11%, Strategy down over 11%, and both Robinhood and Coinbase down over 5% [3][4]. Causes of the Downturn - The downturn is attributed to a combination of macroeconomic, structural, and emotional pressures, highlighting the cryptocurrency market's sensitivity to external liquidity changes and its internal high leverage vulnerabilities [4][5]. - Marginal tightening of macro liquidity is a core driver, with the Federal Reserve's delayed interest rate cuts and a significant withdrawal of approximately $200 billion from the market due to government shutdown exacerbating the situation [5]. Market Structure Weakness - The market's structural fragility is evident, with insufficient buying support and a recent trend of over $1 billion in weekly net outflows from Bitcoin ETFs, leading to forced liquidations of leveraged positions [5][6]. Regulatory and Sentiment Factors - Regulatory pressures, such as the People's Bank of China reiterating that virtual currency activities are illegal and the EU's MiCA regulations on stablecoins, have negatively impacted market sentiment [6]. - The collapse of Trump-associated tokens has further eroded speculative confidence, leading to widespread panic and capital flight from major cryptocurrencies [6]. Liquidation Data - Over 260,000 liquidations occurred within 24 hours, totaling $941 million, with significant amounts in both long and short positions [6].