#BTC行情分析 Early morning liquidation of 19.2 billion! The "lifeline" of Bitcoin is being squeezed by these three hands

Bloodbath! Bitcoin drops below $110,000, Ethereum falls 20%, 1.67 million traders liquidated in 24 hours, $19.2 billion wiped out. This is not a coincidence; liquidity is being precisely choked.
Three hands gripping the lifeline
First: The Federal Reserve's eagle claw—After rate cuts in October, Powell suddenly hawks, with the December rate cut probability dropping from 90% to 70%. Funding costs are expected to rise, high leverage funds are the first to be trampled, and the dominoes fall accordingly.
Second: The US debt pump—$36 trillion debt black hole. When the 20-year yield breaks above 5%, global funds instinctively flow into US bonds for safety. The narrative of Bitcoin as "digital gold" is instantly bankrupt, and institutional funds are withdrawing en masse.
Third: Geopolitical black swan—Trade tensions between China and the US escalate, Trump threatens to impose 100% tariffs on China. Spot gold surges to $4,020, hitting a record high, while Bitcoin proves not to be a safe haven asset, leading investors to sell decisively.
The death spiral of leverage
70% of liquidations involved over 10x leverage, with just 5-10% price fluctuations triggering the cascade. More brutal is that market makers, to protect the main chain assets, directly drain liquidity from altcoins, leaving small coins with no buy orders, causing prices to free-fall.
Liquidity is the only truth
The market never cares about beliefs, only about where the money flows. Three forces combine into a synergy; the $19.2 billion liquidation is just the result. The real danger is: when liquidity dries up, no matter how good the story, no one believes. Market makers cancel orders, institutions withdraw, retail investors panic sell—malignant cycles have just begun.
What to do now?
1. Stay away from leverage: Using 10x leverage on assets with 60% volatility is not investing, it's gambling—it's sending yourself to death.
2. Hold cash tightly: Wait for three clear signals—Federal Reserve turning dovish, stablecoin issuance increasing, US bond yields falling—before taking action.
3. Stop believing in narratives: The storytelling era is over; cash flow is king. Without liquidity, value drops to zero.
The lesson learned from 19.2 billion—hope you are not the one paying the bill. The market is never wrong; the mistake is always thinking leverage is wings.
What’s your view? Bottoming out or a continuation of the decline? Share in the comments! Like and share to help friends avoid leverage traps!