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The recent crypto market has experienced a significant plunge. Rising geopolitical policy risks have triggered a risk-off sentiment, causing Bitcoin to break below the $92,000 level. During this adjustment, none of the major cryptocurrencies were spared: Bitcoin fell by 3.6%, Ethereum declined nearly 5%, and Solana performed the weakest, dropping over 8% in 24 hours.
What’s more concerning is the funding situation. In just the past 24 hours, over $600 million in long positions have been forcibly liquidated, which is already a substantial scale. Meanwhile, the performance of traditional safe-haven assets has been completely different—gold and silver have consecutively hit new all-time highs, making this contrast quite meaningful.
The market seems to be re-pricing risk. When macroeconomic conditions change, funds tend to flow from high-volatility assets to more stable traditional assets. How long will this adjustment last? The future trend will depend on how external conditions evolve.