#ETH巨鲸增持 The market has started to become restless again. On Monday morning, the Crypto Assets collectively Plummeted, and the situation that had been stabilized with great difficulty was once again disrupted.

$BTC plummeted below $86,000 during the Asian session, with a daily drop of 6%. $ETH fared even worse, plummeting over 7% to around $2800. $SOL was not spared either, dropping 7.8%. The entire market is in a state of despair.

Looking back at the recent market trend, it's truly been a rollercoaster. The wave of liquidations at the beginning of October is still fresh in memory—$19 billion in leveraged long positions vanished into thin air. Ironically, just a few days before the crash, Bitcoin had just touched its historical peak of $126,251. Last week, the market took a breather, with the coin price barely returning above $90,000, but this week it has started to decline again.

Sean McNulty, Head of APAC Derivatives Trading at FalconX, shared his views: "As December begins, the market is filled with a sense of risk aversion. What is most concerning is that the Bitcoin ETF is unable to attract funds, and there is no sign of bottom fishers. The pressure this month may continue, and we need to observe whether the $80,000 defense line can be maintained."

Another piece of news has caused quite a stir. Phong Le, the CEO of Strategy, said something bold on a podcast last Friday—if the company's mNAV( market value and coin holding ratio) drop into negative territory, they might sell Bitcoin. "If mNAV falls below 1 times and we still need to issue dividends, then we can only sell coins, that's the last resort." This giant, holding $56 billion in Bitcoin, currently has an mNAV of 1.19, getting closer to the warning line.

When it rains, it pours. S&P Global Ratings has cut the stability rating of USDT to the lowest level and warned that if Bitcoin continues to fall, the collateral for the world's largest stablecoin may not hold up.

CoinEx's chief analyst Jeff Ko summed it up well: The downgrade of the USDT rating is just the latest straw that broke the camel's back, with a series of negative factors piling up, the crypto market is now under immense pressure.

Next week, the United States will release a slew of economic data. These numbers may influence the Federal Reserve's rate cut pace, thereby affecting the direction of all risk assets. The market is holding its breath.