Last night, the cryptocurrency market showed significant correlation with the US stock market, with BTC and ETH experiencing intense back-and-forth at key support levels (86k/2800). 📉 As the three major US stock indices closed down, market risk aversion increased, with liquidations across the network exceeding 500 million USD, and long leverage being significantly washed out. On-chain data shows frequent movements from whales, with funds rapidly circulating between BTC, SOL, and PAXG, suggesting that institutions are rebalancing their assets. Comprehensive analysis: the market has entered a high-volatility consolidation phase; although there may be fluctuations in the short term, there is still support below, and it is recommended to pay attention to structural opportunities after the pullback.