🌐 Global Market Capitalization: $2.9T, falling below $3 trillion, with a decline of over 8% in 24 hours.
📶 Market Sentiment: Fear and Greed Index at 11, extreme fear. This marks the lowest level since 2022, indicating extremely fragile market sentiment.
💸 Capital and Liquidation
In the past 24 hours, the market crash has led to large-scale leveraged liquidations.
Total liquidation amount and number of people: The total liquidation amount across the network reached $1.965 billion, with 403,000 people liquidated.
Long and Short Distribution: Liquidations are highly concentrated in long positions, with long liquidations totaling $1.828 billion and short liquidations totaling $137 million.
Institutional capital outflow: There has been a large outflow of funds from the U.S. Bitcoin ETF, with a net outflow of $903 million on November 20, setting the second-largest single-day redemption record since its launch in January 2024.
🔥 Today's Focus
The cryptocurrency market has plummeted comprehensively: Bitcoin briefly fell below $82,000, with a decline of over 10%; Ethereum briefly fell below $2,700, with a decline exceeding 12%. Other major cryptocurrencies, such as XRP and SOL, also generally fell over 10%.
Panic sentiment spreads to traditional markets: Global technology stocks have plummeted, impacting sentiment in the cryptocurrency market. Major stock indices in Asia-Pacific fell across the board, with the South Korean Composite Index down 3.79% and the Nikkei 225 Index down 2.4%. Chip and AI concept stocks led the decline.
The Federal Reserve's expectations for interest rate cuts in December continue to cool: According to CME's "FedWatch," the probability of the Federal Reserve keeping interest rates unchanged in December is 60.4%, while the probability of a 25 basis point rate cut is 39.6%. Several Federal Reserve officials have expressed concerns about cutting rates too much while inflation remains high.
Analysts say the market has entered a "confirmed bear market phase": Some analysts point out that the weakening inflow of ETFs, continuous selling by long-term holders, and low willingness of retail investors to enter all indicate that market sentiment is deteriorating. Whale investors have sold over $20 billion in assets since September.
📊 Performance of Major Cryptocurrencies
(Data as of November 22, before 00:00)
₿ BTC: Approximately $82,300 (down 10.44% in 24 hours, briefly falling below $82,000).
Ξ ETH: Approximately $2,681 (down 10.92% in 24 hours).
🌍 Macroeconomic and Regulatory Dynamics
Central Bank Liquidity Operations:
On November 20, the People's Bank of China conducted a 7-day reverse repurchase operation of 300 billion yuan.
On November 21, the central bank conducted a 7-day reverse repurchase operation of 375 billion yuan using a fixed rate and quantity bidding method.
U.S. non-farm data released: The U.S. non-farm payroll increased by 119,000 in September, far exceeding the market expectation of 50,000; however, the unemployment rate rose to 4.4%, the highest since October 2021. This delayed data did not provide a clear direction for the Federal Reserve's December interest rate decision.
Federal Reserve officials highlight financial risks: Federal Reserve Governor Lisa Cook pointed out that overvalued assets, the expansion and complexity of the private credit market, and hedge fund activities could lead to dysfunction in the treasury market, which are currently three major financial stability risks to watch.
🐌 Market Insights
On November 21, the cryptocurrency market experienced a deep plunge under "extreme fear," with the total market value falling below $3 trillion, and Bitcoin briefly dropping below $82,000.
This sharp decline is the result of the combined effects of macro liquidity pressure and internal structural problems. The continuous cooling of expectations for interest rate cuts by the Federal Reserve and market concerns about the valuation bubble of technology stocks have severely impacted risk appetite. Internally, record fund outflows from Bitcoin ETFs and large-scale sell-offs by whales have shaken the pillars of the previous bull market.
Technically, Bitcoin's next key psychological levels are around $85,000 and $82,000, with options markets showing the strongest demand for downside protection at these levels. If the support at $82,000 fails, it may further test the range of $80,000 or even $75,000.
In the short term, the recovery of market confidence requires seeing a significant reduction in selling pressure and signs of a reversal in ETF fund outflows. Investors should closely monitor changes in global market risk sentiment, as well as Bitcoin's performance near critical support levels.
