🌐 Global Market Cap: 2.98T, the market is generally down, with a total market cap shrinkage of approximately 130 billion USD, falling back to around 2.98 trillion USD. The monthly decline in cryptocurrency has expanded to 5%.
📶 Market Sentiment: Fear and Greed Index: 24 The market sentiment has shifted to 'Extreme Fear'. Before key macro data and policy signals become clear, investors are turning defensive, and risk appetite has significantly cooled.
💸 Funds and Liquidations
In the past 24 hours, the market decline has led to large-scale liquidations of leveraged long positions.
Total Liquidation Amount: Total liquidated amount across the network is 270 million to 272 million USD.
Number of Liquidations: Over 115000 traders have been liquidated.
Long and short distribution: Bulls (bullish) are severely damaged, with long positions liquidated approximately $235 million; short positions liquidated approximately $36.18 million.
Main cryptocurrencies: The largest single liquidation occurred in the ETH-USD trading pair on Hyperliquid exchange, valued at $4.8542 million.
🔥 Today's Focus
The market is experiencing widespread declines, with Bitcoin falling below a key level: On the 15th, Bitcoin fell below the critical support of $88,000 during trading, hitting a low of $87,996, and then rebounded slightly above $89,000. Ethereum also briefly fell below $3,100.
Macroeconomic expectations suppressing the market: Divergence in monetary policies between East and West:
Uncertainty in the Fed's path: Although interest rates were cut in December, Fed Chair Powell's statements regarding the subsequent path are vague, causing market expectations for another rate cut in January 2026 to drop significantly to 24.4%. Institutions like Standard Chartered have thus lowered their short-term price expectations for Bitcoin.
The Bank of Japan has released hawkish signals: the market expects that the Bank of Japan may shift to tightening. Analysts point out that this move will tighten global liquidity, which has historically triggered significant corrections in Bitcoin, exacerbating the current market selling pressure.
Market internal structure is weak: Analysts point out that native holders continue to sell options, creating structural selling pressure, while the purchasing power of Bitcoin ETFs (such as the significant net outflow from BlackRock's IBIT last month) is insufficient to fully hedge, leading to the market being in a long-term state of 'high supply, low volatility.'
📊 Performance of Major Coins
As of the morning data on December 15, mainstream cryptocurrencies generally fell:
Bitcoin (BTC): priced around $87,967.8, a 24-hour decline of 2.48%.
Ethereum (ETH): priced at $3,073, a 24-hour decline of 1.99%.
🌟 Sectors and Hot Projects
General pullback, with Layer 2 leading the decline: Various sectors generally fell, with the Layer 2 sector leading down by 3.59%, with Celestia (TIA), Mantle (MNT), and others among the biggest losers.
Some projects are rising against the trend: Amid the widespread market decline, TRON (TRX) rose by 2.38%, and Movement (MOVE) surged by 8.16%, indicating that capital is looking for local opportunities.
🌍 Macro and Regulatory Dynamics
Serious internal divisions at the Fed: The 'preventive rate cut' in December came with the most dissenting votes since 2019, highlighting significant differences in decision-making on future paths. Meanwhile, the Fed has launched a 'reserve management bond purchase' plan to provide liquidity to the market but emphasized that this move is not quantitative easing.
The next Federal Reserve chair candidate is attracting attention: former Fed governor Kevin Warsh's nomination probability has significantly increased after gaining political and Wall Street support, but White House chief economist Hassett remains the biggest favorite.
🐌 Market Insights
On December 15, the cryptocurrency market significantly weakened amid the 'pulling' of macro policies between the East and West. Bitcoin fell below the key psychological and technical support of $88,000, triggering a massive liquidation of leveraged long positions.
This decline is the result of a shift in expectations, liquidity concerns, and the internal structure of the market working together. On one hand, the rapid cooling of rate cut expectations in January by the Fed resonates with the potential hawkish shift of the Bank of Japan, suppressing global risk asset preferences. On the other hand, the market itself is structurally weak, with ongoing native selling pressure, while institutional buying support through ETFs has recently shown fatigue.
In the short term, the market lacks clear bullish catalysts, and traders are cautious. Technically, Bitcoin is oscillating within the range of $87,500 to $91,000, showing a bearish tendency. If it cannot quickly recover the $90,000-$91,000 level, sentiment will struggle to stabilize, and downside risks will increase. Investors need to closely monitor the upcoming macroeconomic data, which will provide clearer clues for next year's monetary policy path.
