#美国非农就业数据表现强劲 Bitcoin dropped from $126,000 to $86,000 within two weeks, a decline of over 30%—this is the most intense wave recently. On December 16th, it directly exploded, with $ETH, $XRP following the plunge, and $SOL, $BNB also not escaping. In just 24 hours, a total of $600 million in contracts were liquidated, and 184,600 investors were forced to sell. A major exchange even set a record for single-liquidation events, totaling tens of millions of dollars.

Ironically, the crypto-related stocks in the US stock market also collapsed collectively—Riot led the charge, with compliant platforms and MicroStrategy following suit. Now, the truth that the crypto market and US stocks are intertwined has been fully exposed.

What’s most strange about this decline is this: the Federal Reserve announced a rate cut, yet the market remained completely silent. It wasn’t high leverage triggering a sell-off; instead, funds were quietly withdrawing. A trader revealed that trading volume for $BTC between $85,000 and $94,000 was unusually low, with spot and futures positions decreasing simultaneously—no one wanted to buy the dip. The real trouble lies ahead—Japan’s central bank is scheduled to hold a meeting on December 19th to decide on a rate hike, with 50 economists predicting an increase of 0.25% to 0.75%. If rates are raised, yen carry trades will reverse, massive funds will flow from high-risk assets to safe havens, and pressure on the crypto market will intensify.

Another key date to watch is December 18th, when the US CPI data will be released. If inflation exceeds expectations, the Fed’s subsequent rate cut plans could be pushed back to mid-2026. This directly hits the core of crypto valuation—since the entire pricing logic is built on low interest rates, a change in the rate cycle could cause the entire logic to collapse.

More painful changes have already occurred. Some sectors of the US stock market are starting to rebound, but the crypto space continues to decline. The once-correlated market behavior has become invalid. Market focus is shifting from macro data to detailed fundamentals; liquidity and ecosystem efficiency are now the key indicators. In short, bubbles are being squeezed out, and projects without real substance are being accelerated out of the market.

What have we learned from this round? Cryptocurrency has long ceased to be an independent realm outside the global financial system. Japan’s rate hikes, US inflation, international capital flows—all can directly impact the market. The old tactic of chasing short-term gains based on news is no longer viable. The current market only values long-term fundamentals and projects with real implementation.

A question for you: How do you see this decline—short-term correction or the beginning of industry consolidation? Can the projects you hold withstand this wave of capital withdrawal?