平安夜曾闪崩，比特币痛失"圣诞行情"，将创三年最差季度表现

Core Viewpoint - Bitcoin experienced a significant flash crash on Binance, dropping from $87,600 to $24,100, a decline of over 70%, before quickly rebounding to around $87,000, highlighting extreme volatility in the cryptocurrency market [1] Group 1: Market Performance - Bitcoin's price is currently hovering around $87,000, trapped in the $85,000 to $90,000 range, with a year-to-date decline of over 7% [1] - Since October, Bitcoin has dropped approximately 30%, marking its worst quarterly performance since the collapse of TerraUSD and Three Arrows Capital in Q2 2022 [1] - In contrast, traditional markets are experiencing a "Santa Rally," with the S&P 500 reaching a historical high of 6,921.42 points and gold prices hitting a record of $4,525.18 per ounce, reflecting a strong year-to-date increase of over 70% [3][4] Group 2: Causes of Flash Crash - The flash crash was attributed to insufficient liquidity and technical issues, often seen in smaller trading pairs lacking deep order books [2] - Analysts noted that large market sell orders or automated trading could quickly breach buy orders, causing temporary price deviations [2] - The lack of market participants during low liquidity periods exacerbates these effects, leading to significant price swings [2] Group 3: Technical and Market Dynamics - Bitcoin has fallen below the critical 365-day moving average of approximately $102,000, increasing the risk of further declines [7] - The upcoming expiration of over $23 billion in options on December 26 has frozen directional bets, contributing to market stagnation [7] - Continuous selling pressure from long-term holders has also hindered Bitcoin's ability to rebound, with many early investors liquidating their positions [8] Group 4: ETF Fund Flows - There has been a notable outflow of funds from Bitcoin and Ethereum spot ETFs, with Bitcoin experiencing a net outflow of $175 million and Ethereum $57 million on December 24 [9] - The largest outflow came from BlackRock's IBIT, which lost $91.37 million, while Grayscale's GBTC saw a net outflow of $24.62 million [9] - This trend aligns with typical market behavior during major holidays, characterized by reduced trading volumes and a shift towards defensive positions [9]