反弹难掩颓势，比特币创Terra崩盘后最大月跌幅，“极度恐慌”暗示跌势未止？

Core Insights - Bitcoin is experiencing its worst month since the Terra collapse in 2022, with investors withdrawing billions from 12 Bitcoin-related funds, leading to significant outflows from crypto treasury companies [1][3][8] - The recent price drop, while severe, is still less than the 75% decline seen during the 2021-2022 bear market, indicating potential for further pain in the market [10] Group 1: Market Performance - Bitcoin briefly fell to around $80,500, resulting in a market cap loss of approximately $500 billion, marking a significant pressure test for the cryptocurrency market [3][6] - On October 10, a flash crash led to the liquidation of $19 billion in crypto bets, causing Bitcoin's price to drop from a recent high of $126,251 [6][8] - The fear and greed index for the cryptocurrency market dropped to 11, indicating extreme fear among investors [9] Group 2: Institutional Involvement - Institutional investors, including Harvard's endowment fund and various hedge funds, have withdrawn significant amounts from Bitcoin-related ETFs, reflecting a shift in market sentiment [8] - The crypto treasury model, which involves companies holding cryptocurrencies, is facing scrutiny as these entities experience larger outflows and questions about their structural value arise [8] Group 3: Market Sentiment and Liquidity - The liquidity issues in the market remain unresolved, with weakened market makers unable to support prices, leading to persistently low liquidity [7] - The current market sentiment is characterized by heightened panic, with a lack of structural demand for spot purchases during significant pullbacks [10]