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Core Viewpoint - The cryptocurrency market experienced a significant crash on January 3, 2026, with Bitcoin's price dropping below the critical psychological level of $90,000, leading to massive liquidations of leveraged positions among investors [1][3]. Market Overview - On January 3, Bitcoin initially rose to $90,500 but then plummeted, causing over 110,000 investors to be liquidated within 24 hours, resulting in substantial financial losses [3]. - Other cryptocurrencies also experienced volatility, with Ethereum rising over 2%, XRP over 6%, and Dogecoin over 9% on the same day [3]. Historical Context - This crash is not an isolated incident; the cryptocurrency market has faced severe liquidation events before, including a record $19.2 billion in liquidations affecting 1.648 million investors on October 10, 2025 [5]. - Previous significant drops included Bitcoin falling below $87,000 in November 2025, with nearly 230,000 liquidations totaling $830 million [5]. Factors Influencing Price Movements - The recent downturn in Bitcoin's price is attributed to multiple factors, including reduced market liquidity, uncertain interest rate outlooks, and speculation that major Bitcoin holders may be forced to sell [5]. - The tightening of dollar liquidity, driven by rising short-term interbank rates, has led to a "money shortage" in financial markets, increasing borrowing costs and prompting investors to sell risk assets like Bitcoin [7]. Institutional Behavior - There has been a noticeable decline in institutional demand for Bitcoin, with recent data indicating that inflows into Bitcoin ETFs have significantly decreased, marking one of the weakest periods for institutional accumulation since the ETF's launch [15][17]. - The recent outflows from Bitcoin ETFs, totaling $946 million, highlight the retreat of institutional investors from the market [15]. Market Correlation - The correlation between Bitcoin and the Nasdaq 100 index has reached approximately 0.80, the highest level since 2022, indicating that Bitcoin's performance is increasingly resembling that of a leveraged tech stock [17].