On December 6, the crypto market taught everyone another lesson.

Bitcoin fell below the $90,000 mark, plunging to around $89,689 at its lowest point, down 3% in 24 hours. Even worse, more than 130,000 people across the network were liquidated, with total liquidations reaching $418 million—of which longs accounted for $349 million. This wave of sell-offs was caused, on one hand, by weakened expectations of Fed rate cuts, prompting profit-taking, and on the other hand, by excessive long leverage, which triggered a chain reaction of liquidations once prices collapsed.

Amid widespread panic in the market, Grayscale suddenly filed an S-1 registration for a SUI spot ETF with the SEC. This institution has never ceased its efforts in the ETF race, but whether SUI can capitalize on this wave of attention will depend on the subsequent approval process and market response.

Adding to the drama, a giant whale address dormant for 14 years suddenly became active—a wallet starting with 1Au1uZ moved 1,000 BTC six hours ago. Fourteen years ago, BTC was only worth a few dollars; now, this amount is worth nearly $90 million. Whenever old miners start moving their coins, it usually signals something significant.

While mainstream coins were collectively plunging, altcoins experienced a tale of two extremes. LUNC skyrocketed 70% in a single day, LUNA surged 35%, and ACE rose 23%. In contrast, SXP and BAT both dropped 17%, showing an absurd level of polarization. Even though ETF funds for SOL were clearly seeing net inflows, its price still fell over 20%, indicating a total decoupling between capital flows and price.

On the regulatory front, things were also heating up. The SEC updated the agenda for its December 15 roundtable, focusing on cryptocurrencies, financial oversight, and privacy. Industry heavyweights like Zcash founder Zooko Wilcox have confirmed their attendance, and this meeting could reveal new regulatory directions. Domestically, seven associations jointly issued a risk warning, once again stressing that financial institutions are prohibited from providing virtual currency-related services, making the compliance red line even clearer.

Institutional attitudes are starting to diverge as well: BlackRock is bearish on altcoins, while Vanguard has suddenly opened up trading channels for Bitcoin ETFs. This divergence reflects fundamental differences in market cycle assessments. At this stage, managing positions and setting stop-losses are much more important than chasing hot trends.