Recently, Bitcoin experienced a significant correction, falling below the $90,000 mark during trading hours, with a single-day decline of over 2%. This drop triggered a chain reaction in the global cryptocurrency market—liquidations within 24 hours exceeded $477 million, with retail investors holding long positions being the main "victims," accounting for over 90% of long liquidations. Other major cryptocurrencies also retraced, and market enthusiasm noticeably cooled down. The main reasons are the previous sharp gains, profit-taking by investors, and continuous outflows from various spot ETFs. The combination of multiple factors has significantly weakened the market's upward momentum.