Group 1 - The cryptocurrency market continues to weaken, extending a decline that has lasted over a month, with Bitcoin dropping over 4% and falling below $87,000 for the first time since April [1] - Large-scale selling by whales, based on the "four-year cycle theory," has led to over $20 billion in sell-offs since September, contributing to the current price decline [2] - The recent downturn in Bitcoin is closely linked to a significant "forced liquidation wave" in October, where over $19 billion in leveraged positions were liquidated, severely impacting market momentum and liquidity [2] Group 2 - The macroeconomic uncertainty is exacerbating market tension, with unclear Federal Reserve policy paths suppressing investor risk appetite, particularly in high-risk assets [3] - The options market is focusing on key support levels, with strong demand for protection around $85,000 and $82,000, indicating traders are preparing for further declines [2] - The cryptocurrency market is experiencing a "cross-asset divergence," with the volatility in the stock market, particularly related to AI valuations and Federal Reserve interest rate expectations, contrasting with the ongoing deleveraging and declining retail demand in the crypto space [2]