比特币抛售潮引爆市场恐慌，市场陷入“自我强化”的下跌螺旋？

Core Viewpoint - The recent Bitcoin sell-off is impacting global risk appetite, leading to a broader market sell-off and potentially triggering forced liquidations by leveraged investors, creating a negative feedback loop of "decline-sell-off-further decline" [1][5]. Group 1: Market Impact - Bitcoin has fallen below the $90,000 mark, reaching a seven-month low, which has intensified a comprehensive market sell-off [2]. - The MSCI Asia-Pacific Index dropped over 2%, marking its largest decline in a month, with nearly all Asian markets experiencing downturns as investors flocked to government bonds for safety [2][4]. - The sell-off in cryptocurrencies is spilling over into traditional assets, with analysts warning of a self-reinforcing downward mechanism taking shape [5][7]. Group 2: Investor Sentiment - The decline in Bitcoin has shaken investor expectations regarding potential interest rate cuts by the Federal Reserve, shifting focus to upcoming earnings reports, particularly from Nvidia [4]. - Analysts express concerns that the ongoing cryptocurrency sell-off could trigger forced selling among retail investors, who may need to liquidate other assets to meet margin requirements, potentially leading to a feedback loop across markets [7]. - Market sentiment is deteriorating, with Bitcoin acting as an indicator of bearish panic levels, as traders react to earnings and macroeconomic data releases [8].