Bitcoin falls below the $100,000 mark, $1.6 trillion long positions are liquidated.

Last night the crypto market experienced a strong pullback. BTC once fell below the 100,000 mark, then rebounded to around 101,000, with a 24-hour drop of 5.5% and a weekly decline of over 10%.

What happened

Behind this wave of fall is a rare large-scale liquidation event:

• In the past 24 hours, $2 trillion in derivative contracts were forcibly liquidated.
• Among them, long positions were liquidated at 1.6 trillion USD, accounting for 80%.
• This is the largest deleveraging wave since September.

The chain reaction affects the entire market: ETH falls 10%, SOL falls 8%, BNB falls 7%.

Root Cause

Many analysts believe this is a concentrated release of “risk aversion” sentiment:

1. Interest Rate Expectations Shift - The market begins to digest signals that the Federal Reserve may not lower interest rates again this year.
2. Macroeconomic Uncertainty - Tariffs, credit market, and other factors disturb risk assets
3. Long-term holders take profits - Institutions cash out in batches at high positions.

The head of global market analysis at Hashdex pointed out that this is a “normal phenomenon” for BTC as a mature asset.

Market Outlook

Although $100,000 has become a psychological key level, analysts believe the long-term logic remains unchanged. The key is to look at the attitude of the Federal Reserve at the next meeting - if they continue to stand pat, the next round of selling pressure may strike again.

Recent Focus: Federal Reserve Decision + Risk Asset Sentiment Recovery