#加密货币市场动态 There are some major players behind this dump:

$BTC First, on the macro front—the Fed's rate cut expectations are basically dead. In this high interest rate environment, dollar liquidity is extremely tight, and highly volatile assets like Bitcoin are naturally the first to take the hit.

$ETH Next, let's look at institutional moves. The spot ETFs that were aggressively buying before have suddenly stalled—not only is there no new inflow, but they're actually seeing net outflows. Worse yet, even those “diamond hands” among public companies are starting to cash out—definitely not a good sign.

$BNB Liquidity is the real killer. Arthur Hayes (former head of BitMEX) hit the nail on the head: dollar liquidity is tightening. What's even worse, Bitcoin’s own market depth has hit a multi-month low—which means even slightly larger sell orders can send the price plunging.

On the technical side, things have completely broken down: it’s fallen below the 100-day moving average, bearish cross signals are popping up one after another, and panic is snowballing. With multiple bearish factors stacking up, this market is really tough.