#加密市场小幅下跌 The recent decline in cryptocurrencies is mainly due to escalating Middle Eastern geopolitical conflicts, which have triggered a global risk-off sentiment. Funds are flowing out of high-risk assets, combined with institutional capital outflows, leading to a chain reaction in the market.

📉 Specific Market Performance

· Mainstream cryptocurrencies: Bitcoin drops below $74k (down over 2% in 24 hours), Ethereum falls below $2,300.
· Liquidation data: Approximately 160k to 200k traders were liquidated across the network in the past 24 hours, totaling over $400 million.

⚡ Three reasons behind the decline

· Geopolitics (core): Iran blocks the Strait of Hormuz, prospects for US-Iran negotiations are bleak. Oil prices surge nearly 8%, US stock futures and gold both decline, capital is fleeing high-risk assets.
· Capital outflows: On April 18-19, US Bitcoin spot ETF experienced a net outflow of $291 million over two days, with institutions actively reducing their positions.
· Derivatives selling pressure: Futures funding rates turn negative (dominated by shorts), combined with programmed sell orders triggered after falling below $74,000, exacerbating the decline.

📌 There are also bright spots in the market
Although overall downtrend, SocialFi (like TON) and AI sectors recorded slight gains. However, meme coins like RAVE experienced a flash crash of 82% due to project team sell-offs, posing extremely high risks.

The current market is mainly driven by macro news.