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BTC 
ETH Bitcoin fell below the US$84,000 mark, causing market turmoil by massive liquidation
Late Tuesday night, Bitcoin prices slipped below US$84,000, triggering a large number of traders holding long leveraged positions to be forced to close their positions. Data from U.S. cryptocurrency exchange Coinbase showed that Bitcoin prices fell from approximately $85,300 before 9:50 pm Eastern Time to hit intraday lows around $83,550 at 10:05 pm. As of 11:20 pm Eastern Time, Bitcoin trading prices rebounded to around $84,000, a 1.7% decline in the past 24 hours. Ether, the second-largest cryptocurrency, also fell by about 3.4% to about $2,610.
Large-scale clearing and trading activity surges
On-chain data analysis platform Lookonchain pointed out that there are significant signs of activity on the decentralized derivatives exchange Hyperliquid. According to its analysis, the four newly created wallets each deposited 1 million USDC funds into Hyperliquid and established short positions with 40 times leverage, involving a total of 148.49 bitcoins, valued at approximately US$12.5 million at the time. Publicly trading data confirmed that these short positions were established between 8:04 and 8:17 pm Eastern Time, with an average entry price of approximately $85,500.
Terminology: Hyperliquid
Hyperliquid is a decentralized cryptocurrency derivatives exchange that allows traders to establish leveraged positions without relying on centralized third-party intermediaries. It uses smart contracts and on-chain liquidity to facilitate the trading of a variety of crypto assets, aiming to provide a more transparent trading environment.
根据数据分析公司CoinGlass的数据，过去24小时内整个加密货币市场的强制清算总额达到5.556亿美元。其中，4.872亿美元来自多头头寸，表明随着价格下跌，大多数损失记录在多头一方。分析师指出，可用的公开数据可能低估了清算的真实规模。
分析师对回调的看法
数字资产研究机构Zeus Research的分析师Dominick John表示，当前的市场状况指向显著的获利了结行为以及强制性的多头清算。他将此次大幅波动归因于未平仓合约数量的积累以及资金费率的上升，这使得市场暴露于快速去杠杆化的风险之中。
John解释说，由于未平仓合约数量和资金费率的升高使得抛售条件成熟，这次急剧下跌主要是由获利了结和强制清算造成的。
Market sentiment shows signs of cooling. The "Cryptocurrency Fear and Greed Index"-a measure that tracks investor sentiment-currently records 62 points, in the "greedy" range, but down from 67 points the previous day.
Key Support and Short-term momentum
Jeff Ko, chief analyst at ViaBTC, believes that if Bitcoin can hold the key range of US$82,000 to US$83,000, the sell-off may ultimately be beneficial to the market. Ko pointed out that Bitcoin achieved a gain of about 40% in the third quarter and that new spot Bitcoin exchange-traded funds (ETFs) attracted $6.5 billion in inflows, supporting the long-term bullish outlook.
Ko said that as long as Bitcoin remains above key support areas, this correction may be healthy for the market, and recent ETF inflows also demonstrate that institutional interest continues.
