The crypto market continues to weaken today. The total global market capitalization has fallen back to $3.04 trillion, with Bitcoin dropping 2.43% in the past 24 hours and briefly breaking below the important psychological level of $88,000. Ethereum also failed to escape, losing the psychological support of $3,100.

From a market sentiment perspective, the greed and fear index is currently at 24, indicating that investors have shifted from expectations of rate cuts by the Federal Reserve to a wait-and-see stance. On a technical level, mainstream cryptocurrencies are generally showing highly neutral oscillations, with no clear direction in the short term, lacking strong catalysts to break this deadlock.

The pressure on capital is even more evident. This round of decline has directly triggered a large-scale liquidation—over the past 24 hours, the total liquidation amount across the network reached $143 million. Long positions suffered heavily, with $107 million in long liquidations alone, while short liquidations were only $35.07 million, indicating that long investors have suffered the most losses. Specifically, Bitcoin liquidations amounted to $37.62 million, Ethereum liquidations totaled $30.38 million, and the largest single liquidation came from the BTC-USD pair on Hyperliquid exchange, with a scale of $2.8044 million.

Spot funds are also significantly flowing out of mainstream cryptocurrencies. Bitcoin experienced a net outflow of $151 million, ETH net outflow was $42 million, and SOL net outflow was $12 million. This kind of capital withdrawal often indicates that the market is still searching for a bottom, and the probability of a short-term rebound is limited.