Today, the cryptocurrency market experienced a significant correction. Bitcoin temporarily dropped below the $88,000 level, with a 24-hour decline of 2.48%. Mainstream coins such as Ethereum, SOL, and others also collectively came under pressure, with declines generally ranging from 1.99% to 3.72%.

This decline directly triggered market panic. In the past 24 hours, the total liquidation volume across the network's contracts reached $270 million, with over 115,700 traders facing liquidation. Among them, long positions accounted for over 85%, totaling $230 million, with the largest single liquidation reaching as high as $4.8542 million.

From a macro perspective, the Federal Reserve's policy expectations have shifted noticeably. The market currently predicts a 75.6% chance that the Federal Reserve will keep interest rates unchanged in January next year. The rate cut expectations have significantly cooled, and this change in outlook has triggered a collective sell-off of risk assets, becoming the main driver of this round of price declines.

Adding to the downward pressure is the change in institutional attitudes. Standard Chartered Bank recently revised its Bitcoin outlook, sharply lowering its year-end target price from $200,000 to $100,000. The target for next year has been halved to $150,000, citing that large investors' buying demand is becoming saturated.

However, there are also contrarians in the market. CZ, the founder of a leading exchange, recently confirmed that he continues to increase his holdings of ASTER tokens, with his actual position exceeding $2 million. This is another move following multiple additional purchases of the token. Additionally, Robinhood has launched stock tokenization services on a major Layer 2 network, with the total market capitalization of related tokens surpassing $13 million. This service combines Ethereum's security with Layer 2's flexibility.