#美国非农就业数据表现优于预期 Market震动! Single-day Get Liquidated scale exceeds 1.9 billion USD

The market this morning caught countless people off guard. Bitcoin quickly dropped from $89,000 to $82,000 in a very short time, a decline of over $7,000. Ethereum also fell to the $2,669 range. This sharp drop caused approximately $1.93 billion in positions to Get Liquidated, affecting nearly 190,000 accounts.

There are several key factors behind this market volatility that are worth paying attention to:

**Concentration of Leverage Risk Release**
The market previously accumulated a large amount of highly leveraged long positions. Once the price fluctuates, the chain liquidation effect immediately becomes apparent. Trading data shows that certain accounts lost over ten million dollars in a very short period, with the single largest liquidation amount reaching 36.78 million dollars. Such a scale of concentrated liquidation will further intensify the downward pressure on prices.

**The attitude of funds in USD has shifted**
There is a significant negative premium on the Coinbase platform, with current data showing around -90 USD. This usually indicates increased selling pressure in the US market. The US dollar funds, which have previously served as a support force in the market, are currently adjusting their positions.

**Changes in ETF Capital Flow**
The Bitcoin spot ETF has recently shown a continuous net outflow trend, accumulating over $255 million. This type of product was once regarded as an important channel for institutional funds to enter the market, and the change in the flow of funds is worth paying close attention to.

**Large Amount Holding Address Change**
On-chain monitoring has detected early holders transferring approximately $228 million worth of Bitcoin to exchanges. Although transfers do not equate to sell-offs, they are often interpreted by the market as a potential selling pressure signal.

**How to assess the current situation?**

The key support range is currently around $83,500 to $85,000. Whether this area can be held will determine the direction of the short-term trend.

For investors who wish to participate, there are two indicators that need to be continuously monitored: first, when the ETF fund flow will show a turning point, and second, whether the overall market leverage ratio will return to a relatively healthy level. Until these signals are clear, any rebound should be approached with caution.

The cryptocurrency market operates 24 hours a day, and fluctuations can occur at any time. Managing your positions and controlling risks is always more important than chasing short-term profits.