比特币跌破8.6万美元关口，持续逼近年内低点

Core Viewpoint - Bitcoin has fallen below $86,000 for the first time in two weeks, indicating a bearish market trend and weakening investor sentiment [1][4]. Group 1: Bitcoin Price Movement - Bitcoin price dropped by 3.7% on Monday, reaching a low of $85,171, and slightly rebounded to $85,575 on Tuesday before falling again [5]. - The current price represents a decline of approximately 30% from its historical peak of over $126,000 [5]. - Analysts note that Bitcoin is fluctuating within a range of $85,000 to $94,000, with low trading volumes reflecting a general lack of market interest [5]. Group 2: Market Dynamics - Recent weeks have seen Bitcoin decline alongside other risk assets, breaking the previous trend of correlated upward movement [5]. - Despite the Federal Reserve's recent interest rate cut, the cryptocurrency market is hindered by insufficient liquidity and reduced risk appetite, which are key factors in Bitcoin's recent decline [5]. Group 3: Market Sentiment and Positioning - Chris Newhouse from Ergonia indicates that the current Bitcoin drop is fundamentally different from previous sell-offs, driven by adjustments in spot and derivatives market positions rather than forced liquidations [2][6]. - The market appears to have cleared excessive leverage, leading to more spontaneous selling pressure that may persist [6]. Group 4: Institutional Activity - Strategy Inc., led by Michael Saylor, continues to accumulate Bitcoin, purchasing nearly $1 billion worth over the past two weeks, primarily funded through public stock offerings [6]. - Critics argue that this stock issuance dilutes existing shareholder equity and significantly reduces the premium of the company's stock compared to its Bitcoin holdings valued at approximately $59 billion [6]. Group 5: Broader Cryptocurrency Market - Other cryptocurrencies, including Ethereum, Dogecoin, and Ripple, experienced declines of around 5%, with related stocks also suffering significant losses [3][6]. - The recent sell-off resulted in a total liquidation of long positions across the cryptocurrency market amounting to $520 million within 24 hours [6].