#数字货币市场洞察 Recently, the crypto market has fallen into a classic volatility feedback loop, with Bitcoin—undoubtedly—at the center of it all.

The price action has been a rollercoaster: dropping from $89,000 to $87,000 within four hours, then quickly surging to $91,000. This pace is so rapid that it’s making people worry about another flash crash. Although there’s still about 30% room to the all-time high, the issue of insufficient liquidity is becoming increasingly apparent—buy orders are sparse, while selling pressure remains heavy.

What’s even more noteworthy is that Bitcoin’s net realized profit and loss has slipped back into negative territory. What does this mean? The coins being dumped onto exchanges now are mainly from long-term holders capitulating and selling at a loss. This is a classic signal of surrender selling. Meanwhile, although Coinbase’s advanced metrics have strengthened, ETF inflows remain lackluster, and risk-off sentiment continues to weigh heavily on the market—in short, the $90,000 level is not solid.

Since mid-November, we’ve seen three lower highs on the daily chart ($80,000, $83,000, $88,000), each time getting "tricked" by a short-lived rebound. Leveraged traders have fared even worse—within just four hours, $171 million in long positions were liquidated, while $71 million in shorts were also wiped out, bringing total 24-hour liquidations close to $500 million.

This inevitably raises the question: is some whale deliberately creating volatility to systematically flush out market leverage? Open interest has been slashed from a high of $94 billion by $30 billion—that’s a massive drop, which really does look like a coordinated "market control" operation, turning this rally into a bull trap.

To put it simply, what matters now is not the price action itself, but the psychological game among participants. Holders are selling at a loss, leveraged players are being precisely liquidated, and market sentiment is becoming increasingly tense.