The entire crypto world was completely sleepless last night. The liquidation data is shocking, but upon closer inspection, there seems to be a certain pattern behind this extreme market condition.

The sharp decline in the early hours was fierce. Bitcoin briefly dropped below the $86,000 mark, and Ethereum also failed to hold the $2,830 line. In just 24 hours, 218,800 traders were forced to liquidate, with the total liquidation amount approaching $537 million. The market was filled with panic, but if you've experienced the adjustments before the 2017 bull run or the 2020 halving, you'll find the current scene eerily familiar.

Every time, it's the same script—retail investors panic and cut their losses, while institutions quietly scoop up assets.

**The truth: This is a liquidity crisis, not just a crypto market issue**

This decline seemed sudden, but there were signs beforehand. Federal Reserve officials repeatedly issued hawkish signals, hinting that rate cuts might be delayed or even that rate hikes could resume. Global dollar liquidity expectations sharply tightened. Under this environment, risk assets naturally bore the brunt.

Interestingly, gold, often seen as a safe haven, also declined simultaneously. This detail is crucial—when both risk assets and safe havens fall together, it reflects a systemic contraction of dollar liquidity worldwide. Investors are forced to sell everything they can to obtain dollars, and this is the real driving force.

From another perspective, this is not just a crypto market problem but a collective response of global capital facing a dollar shortage.

**The rhythm behind the market: the standard routine of main players' manipulation**

Examining the current trend, it closely matches classic methods of main players' manipulation in history. These big capital players typically use a few tactics—creating extreme market conditions to scare out retail investors, then accumulating positions at low prices, and waiting for the next upward cycle. This time is no different.