On November 27, #数字货币市场回升 , the crypto market could be said to be a tale of two extremes.

First the good news—Bitcoin has directly broken through the $91,000 mark, reaching a high of $91,249.9, with a daily increase of nearly 4%. $ETH and some altcoins are also taking off, with the new coin HYPE performing particularly well. More importantly, the ETF capital outflow that has troubled the market for several days has finally stopped: Bitcoin ETFs recorded a net inflow of $103 million on the 26th, and Ethereum ETFs also ended a continuous bleeding state of 8 days. This wave of inflow has somewhat boosted the market's confidence.

However, at the same time, the liquidation data is quite severe. Over 100,000 people were liquidated within 24 hours, with a total amount reaching 277 million USD, of which short positions accounted for 200 million — many people clearly did not expect this round of rebound to be so intense.

The news from the other side is not so good. South Korea's leading exchange platform Upbit has suffered a hacker attack, with 23 types of tokens being completely drained, resulting in a loss of about 54 billion won. Fortunately, the platform has promised to cover the losses with reserve funds, and user assets are temporarily safe. Almost at the same time, stablecoin giant Tether announced a complete suspension of EUR₮ redemption services, with the official explanation being "optimizing the technical architecture," but the market has begun to raise questions about the future of the euro stablecoin.

A dramatic scene also unfolded in on-chain data: several whale addresses suddenly emerged on the Hyperliquid platform, one of which opened a $91 million short position on $BTC and is currently in a floating loss. Both sides are engaged in a fierce battle at this price level, and the subsequent trend is worth keeping a close eye on.

Overall, although prices have risen, incidents such as liquidations, thefts, and policy adjustments remind us that the market is always more complex than it seems.