#比特币对比代币化黄金 Did you sleep well last night? If the answer is yes, then you should be glad—you missed a bloodbath.

In the early hours, Bitcoin dropped below $90,000 as if someone suddenly pulled the plug. No warning, no negative news as a prelude—it just plunged straight down. Within an hour, it fell to around $87,000, a drop of more than 5%. Now the price is hovering around $89,000, with bulls and bears locked in a fierce tug-of-war.

💀 Numbers don't lie

In the past 24 hours, more than 133,000 accounts were liquidated across the network. $425 million, or about 3 billion RMB, just vanished. The worst hit was someone who got liquidated for $8.66 million on a single perpetual contract—that number alone hurts to look at.

Market sentiment has hit rock bottom. How can you tell? Look at the funding rates. Right now, Bitcoin perpetual contract funding rates have turned negative across the board, which means there are so many short positions that they're paying long positions. This isn't a healthy correction—it's panic.

🔍 History always repeats itself

Every time the funding rate turns deeply negative after a crash, it means two things: First, the momentum for further declines is almost exhausted; second, the market is primed for a possible extreme reversal at any moment. It's like a spring compressed to its limit—you don't know when it'll bounce back, but you know it will eventually.

The question now is: Is this drop over? Or is it just an appetizer? No one can give you the answer. The only certainty is that leverage feels like a rocket when things go well, but when it blows up, it's faster than a knife.

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