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Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with major cryptocurrencies like Bitcoin and Ethereum seeing substantial price drops, leading to widespread liquidations among traders [2][4][6]. Market Performance - Bitcoin's price fell to $107,070.9, down 3.14% in 24 hours and 6.99% over the past week, with a market capitalization of $2.14 trillion and a 24-hour trading volume of $43.85 billion [7]. - Ethereum's price decreased to $3,694.11, down 5.07% in 24 hours and 11.41% over the past week, with a market capitalization of $446.48 billion and a 24-hour trading volume of $32.83 billion [7]. - Other cryptocurrencies such as BNB, Dogecoin, and Cardano also experienced declines exceeding 5% [6]. Liquidation Data - Approximately 180,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $482 million, including $430 million from long positions and $55.94 million from short positions [8]. - The largest single liquidation occurred in Hyperliquid-BTC [8]. Market Sentiment - The market sentiment remains cautious due to regulatory uncertainties and overall market weakness, leading to a divergence in ETF fund flows, which exacerbates pessimism in the crypto market [9]. - Recent data shows that Ethereum ETFs saw a significant drop in net inflows, from $5.2 billion in July to only $600 million in October, indicating a lack of new institutional capital entering the market [9]. Future Outlook - The cryptocurrency market may continue to face pressure if liquidity remains constrained and token unlocks proceed without hindrance, with market capitalization potentially approaching a support level of $3.5 trillion [9]. - Positive factors such as clearer regulatory policies or improvements in macroeconomic conditions could alter this trend [9]. - In times of market panic, token unlocks may exacerbate volatility as holders rush to sell before prices decline further [10].