Core Viewpoint - The cryptocurrency market is experiencing a significant sell-off, with Bitcoin dropping below $100,000 and Ethereum falling over 10%, indicating a bearish trend influenced by external market pressures and declining institutional interest [1][2][4]. Market Performance - On November 14, Bitcoin fell by 7.06% to $95,658, while Ethereum dropped by 8.86% to $3,142.50. Other cryptocurrencies like Solana and XRP also saw declines exceeding 10% and 9% respectively [2][3]. - The total liquidation in the cryptocurrency market reached approximately $1.38 billion within 24 hours, affecting over 280,000 traders, with long positions accounting for $1.22 billion of the liquidations [3][4]. Market Sentiment - Analysts suggest that the cryptocurrency market has entered a confirmed bear market phase, with key indicators showing a decline in institutional investment and a lack of interest from retail investors [4][5]. - The next critical support level for Bitcoin is identified around $93,000, reflecting a significant shift in market sentiment [4][6]. Economic Context - The sell-off in cryptocurrencies is correlated with a broader decline in U.S. stock markets, particularly in technology stocks, as traders reassess the Federal Reserve's interest rate policies amid mixed economic signals [5][7]. - Recent comments from Federal Reserve officials have shifted market expectations regarding potential interest rate cuts, with the probability of a 25 basis point cut in December dropping to around 52.1% from previous highs of nearly 95% [7][8]. Derivatives Market - There is a notable increase in demand for put options with strike prices below $100,000, indicating heightened risk aversion among investors [6].