#数字资产市场观察 The crypto market taught investors another lesson on Monday.

$BTC dropped to below 86000 dollars during the day, with a decline of up to 6%. $ETH and $SOL also couldn't hold up, falling more than 7% and 7.8% respectively, creating a strong risk-averse atmosphere throughout the market.

This volatility actually had early signs. Since the violent liquidation at the beginning of October—$19 billion in leveraged positions evaporated in an instant, just a few days after BTC reached its historic peak of $126,251. Although the price returned to above $90,000 last week, market sentiment clearly hasn't recovered.

Sean McNulty, head of Asia-Pacific derivatives trading at FalconX, stated frankly: "The start of December has a risk-averse flavor. The most troubling thing is the very low inflow of funds into Bitcoin ETFs, and there is no sign of bottom-fishing capital. We believe that structural pressure will persist this month, and $80,000 may be the next key support."

What adds insult to injury is that the CEO of Strategy, which holds $56 billion in BTC, revealed last Friday that if the company's mNAV( enterprise value to holding ratio) falls below 1, the possibility of selling Bitcoin cannot be ruled out. Although this is a last resort, their mNAV has already dropped to 1.19.

More troubling news comes from S&P: the stability assessment of the world's largest stablecoin USDT has been downgraded to the lowest level, citing concerns that a drop in BTC prices could lead to insufficient collateral.

CoinEx's chief analyst Jeff Ko summed it up well: "A series of negative factors have indeed created considerable pressure on the market." The upcoming Federal Reserve's interest rate decisions and economic data may further influence the market direction. Investors need to be mentally prepared.