BTC has dropped to around $83,000, and over $500 million was liquidated in the crypto market in the past 24 hours, with long positions being the main targets of this adjustment.
Short-term market pressure is accumulating again.
The latest market data shows that BTC has fallen from its previous relative high to around $83,000, with the total liquidation amount exceeding $500 million within 24 hours. As prices fell below the holding cost of some short-term long positions, leveraged positions concentrated in liquidation, further amplifying price volatility.
From the liquidation structure, long positions are the main party involved in this clearing.
Previously, market risk appetite was relatively high, with leveraged funds continuously entering, leading to a substantial accumulation of long positions during the price rise. When BTC experienced a drop, these positions began to be passively reduced, forming a short-term pressure of “price drop—long liquidation—further drop.”
However, the current market sentiment has not completely turned pessimistic.
The Fear and Greed Index is still in the greed zone, indicating that investors' overall risk appetite has not fundamentally changed. The current adjustment reflects more the concentrated liquidation of leveraged funds rather than a complete shift in market sentiment towards panic.
Another variable worth noting comes from the energy market.
Recently, the attack on oil tankers in Iran has further heightened market concerns over the Middle East situation, with Brent crude oil prices breaking above $101 per barrel.
The rapid rise in oil prices is putting new pressure on global risk assets.
For the crypto market, oil prices do not directly determine BTC prices, but if high oil prices persist for a longer time, they may influence the global liquidity environment through inflation expectations, bond yields, and monetary policy expectations.
Thus, BTC is currently facing not only internal leverage adjustments in the crypto market.
On one hand, there is over $500 million in liquidation; on the other hand, energy prices are rising again, and the short-term market is digesting both leverage liquidation and macro risks.
Meanwhile, institutional funds have not fully withdrawn.
Some US spot ETFs are still experiencing inflows, indicating that there are still differences among institutional investors during BTC's price decline. Some short-term leveraged funds are exiting, but some spot funds are still looking for new allocation opportunities.
Institutional infrastructure is also continuing to advance.
Solana recently launched a DvP (Delivery versus Payment) standard aimed at the institutional market, attempting to further solve the issue of simultaneous settlement of “asset delivery” and “funds payment” in on-chain transactions of institutional assets.
This means that even if there are severe fluctuations in the short-term market, another main line in the crypto industry has not stopped.
The price side is experiencing leverage liquidation, the funding side still has allocation demand, and the infrastructure side continues to extend towards institutional trading and traditional financial scenarios.
Therefore, the current market's key issue is not just whether BTC can rebound quickly, but whether, after this round of leverage liquidation ends, the spot funds can continue to support the market, and whether the rise in oil prices will further change global liquidity expectations.
In the short term, the price around $83,000, subsequent liquidation scale, and ETF fund inflows will still be several important signals for observing changes in funding sentiment in the market.
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