【Cryptocurrency】On September 22, the cryptocurrency market experienced severe fluctuations, with over 400,000 people liquidated.

A dramatic scene unfolded in the financial markets as the cryptocurrency market faced intense volatility, while the three major indices of A-shares collectively rose, and spot gold continued to strengthen.

On that day, cryptocurrencies rapidly declined, with Ethereum dropping more than 9% at one point, falling below $4,100. Bitcoin also was not spared, with a decline of over 2.5%, bringing its price down to $112,656. This crash led to a large number of investors being liquidated; according to CoinGlass data, as of 15:00, the number of liquidated individuals across the cryptocurrency network exceeded 400,000, with total liquidation amounts nearing $1.7 billion, and the largest single liquidation order valued at $12.7406 million, occurring in OKX-BTC-USDT-SWAP.

The recent crash in the cryptocurrency market is attributed to multiple factors. From a technical perspective, Bitcoin fell over 2% around 13:59, touching the key support level of $111,900, triggering a chain reaction in the market. Ethereum dropped below the key level of $4,350, resulting in $210 million in liquidations, with long positions suffering losses exceeding $1.6 billion.

The excessively high market leverage is also a significant factor. After the Federal Reserve cut interest rates by 25 basis points, Bitcoin trading volume decreased by 23%, indicating tightening market liquidity. The overuse of leverage amplified losses during market declines. Additionally, the seasonal weakness of altcoins is evident, with the Altseason index dropping significantly from 100 to 67, indicating a marked weakening in altcoin momentum. The exit of institutions from Ethereum staking led to an increase in supply, further applying downward pressure on Ethereum's price. Furthermore, this decline did not have any obvious fundamental catalysts; it was more of a technical adjustment and emotionally driven sell-off.

However, amidst the widespread despair in the cryptocurrency market, there is some positive news. The Japanese Bitcoin financial company Metaplanet announced on September 22 that it had purchased approximately $632.53 million worth of 5,419 Bitcoins, making it one of the top five publicly listed Bitcoin holders globally. Currently, its total Bitcoin holdings reach 25,555 coins, with a total value of about $2.91 billion, and the average purchase cost per coin is $106,065. The funds for this acquisition mainly came from a recent completion of a $1.45 billion stock issuance, bringing Metaplanet 85.2% closer to its goal of 30,000 Bitcoins by the end of 2025, and marking a quarter of the progress towards its goal of 100,000 Bitcoins by 2026.