Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping below $94,000, erasing all gains made this year, and a notable increase in negative sentiment among investors [1][3]. Market Performance - Bitcoin has fallen to $93,778.6, while Ethereum decreased by 1.93%, Cardano by 3.29%, and FIL by 3.44% [1][2]. - In the past 24 hours, approximately 160,000 traders faced liquidation, totaling $580 million, with long positions accounting for $410 million and short positions for $170 million [2]. Investor Sentiment - Analysts suggest that a withdrawal of funds from major investment funds, ETFs, and corporate treasuries has contributed to the market's vulnerability [3]. - Reports indicate a sharp rise in negative discussions surrounding Bitcoin, Ethereum, and XRP, leading to a significant drop in the positive/negative sentiment ratio [3][4]. Selling Pressure - Long-term holders are reportedly engaging in concentrated selling, with 815,000 Bitcoins sold in the past 30 days, marking the highest selling activity since early 2024 [5][6]. - "Whales" holding over 1,000 Bitcoins are selling at a rate exceeding 1,000 Bitcoins per hour, indicating a sustained and staggered distribution rather than a coordinated sell-off [6]. Psychological Threshold - The $100,000 mark has been identified as a psychological threshold for many early holders, who have long discussed this level as a point for profit-taking [6].