Yesterday, the market taught everyone another lesson.

Bitcoin plunged directly to around $89,689, dropping more than 3% in 24 hours. What's worse, over 130,000 people across the network got liquidated, with total liquidations reaching $418 million—of which longs contributed $349 million. This wave of selling pressure was mainly due to the Fed's reduced rate cut expectations, combined with the previous sharp rally, leading many to take profits.

However, institutions have been quite active. Grayscale officially submitted an S-1 filing to the SEC for a SUI spot ETF, marking another move in their ETF strategy. In addition, a whale address starting with 1Au1uZ that hadn’t moved in 14 years suddenly became active, transferring 1,000 BTC to a new wallet within six hours—its purpose remains unknown.

Altcoins have been highly polarized. LUNC surged 70% in a day, LUNA rose 35%, and ACE was up 23%, ranking third; but coins like SXP and BAT dropped 17%. It’s a classic case of feast or famine—while SOL’s ETF had net inflows, its price still dropped over 20%, completely decoupling from the inflow.

On the regulatory front, the SEC updated the agenda for the December 15 crypto roundtable, with industry leaders like Zcash founder Zooko Wilcox set to attend—they’re likely to discuss regulatory frameworks. Domestically, seven associations jointly issued a risk warning, clearly stating that financial institutions cannot engage in virtual currency business—the stance is still very clear.

Institutional opinions are also divided: BlackRock is bearish on altcoins, but Vanguard has opened up Bitcoin ETF trading channels. In this type of market, it’s crucial to manage positions and set stop-losses.