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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 market instability and investor panic [1][2][3]. Market Performance - Bitcoin's price fell to $83,973.9, marking an 8.17% decline in the last 24 hours, while Ethereum dropped to $2,724.53, down 10.25% [1][2]. - The overall market has seen a continuous sell-off since October, with Bitcoin's price dropping over 33% from its peak of $126,300 [2]. Factors Contributing to the Decline - The decline is attributed to a combination of macroeconomic tightening, structural weaknesses in the market, and negative investor sentiment [4][5]. - The marginal tightening of liquidity by the Federal Reserve and a significant withdrawal of approximately $200 billion from the market due to government shutdowns have exacerbated the situation [4][5]. Market Structure and Investor Behavior - The market's structural fragility is highlighted by insufficient buying support and a recent trend of over $1 billion in net outflows from Bitcoin ETFs [5][6]. - The breach of key psychological and technical price levels has triggered forced liquidations among highly leveraged positions, creating a vicious cycle of falling prices and further liquidations [6][8]. Regulatory and Sentiment Pressures - Regulatory actions, such as the People's Bank of China reiterating the illegality of cryptocurrency activities, and the EU's MiCA regulations on stablecoins, have negatively impacted market sentiment [6][7]. - The collapse of Trump-associated tokens has further eroded speculative confidence, leading to increased panic selling [6][7]. Leverage and Market Volatility - The use of leveraged contracts has amplified the inherent volatility of virtual assets, with over 260,000 liquidations totaling $941 million occurring within 24 hours [8][9]. - The market is expected to evolve, with a higher proportion of institutional funds leading to a more data-driven price movement, reducing the impact of short-term emotional trading [7].