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The crypto assets market has suffered a heavy blow today, with the market capitalization plummeting by more than 1% within 24 hours, falling below the $3.8 trillion mark. Despite a surge in volume of over 9%, this is not a bull run signal, but rather a large-scale risk clearance.
The price of Bitcoin fell below the key support level of $116,000, leading to approximately $585 million in long positions being forcibly liquidated. Ethereum also did not escape, with around $104 million in long positions being liquidated. Other Crypto Assets such as Dogecoin and PAAL AI experienced even more severe declines, falling by 7% and 4.8%, respectively.
The timing of this wave of sharp decline does not seem to be a coincidence. Over the past 30 days, Bitcoin had surged by 16%, with a relative strength index of 74.25, indicating an overbought condition. At the same time, the MACD indicator has shown signs of a top divergence. Additionally, as the ETF craze subsides, retail investors are starting to take profits, and the inflow of stablecoins has surged by $11 billion, all of which have collectively triggered a significant adjustment in the market.
The altcoin market is facing a double blow. Bitcoin's market dominance has risen to 60.8%, squeezing the space for other Crypto Assets. At the same time, the U.S. "GENIUS Act" bill remains pending, putting regulatory pressure on stablecoins and high-volatility assets. Meme coins, due to their low liquidity and high-risk characteristics, have become the first targets for institutional investors to sell off.
However, has the market already bottomed out? The Fear and Greed Index is still at a greed level of 66, and mainstream funds have not fully withdrawn. Bitcoin still has some support around $115,000. The release of the U.S. PCE data this Friday will be crucial and may affect the market's risk appetite.
Is this round of market adjustment a short-term washout or a signal of a long-term trend reversal? Investors need to carefully assess the current situation and weigh the risks against the opportunities.