#数字资产市场观察 Market Tremor! $BTC Last night, it broke through the $86,700 mark, with a single-day drop of over 5.9%, hitting the lowest point since April. This round of decline came unexpectedly—$ETH, DOGE, and other mainstream tokens all fell sharply, with approximately 190,000 traders facing liquidation within 24 hours, and long order losses reaching $480 million.

The trigger comes from uncertainty at the policy level. Trump's statements regarding the selection of the Federal Reserve Chairman, combined with the market's repricing of interest rate cut expectations, directly ignited this liquidity crisis. However, interestingly, behind the panic selling, some counter-signals are emerging.

Powell's recent statements are intriguing. He hinted that the reduction of the balance sheet might conclude in the coming months, and the weak employment data has left room for a policy shift. After his speech, the trading activity of mainstream tokens significantly increased, with institutional buy orders rising by 21% compared to the previous period. If subsequent policies indeed turn dovish, there is a possibility that BTC could challenge the six-figure mark again.

On-chain data shows that the large addresses that previously continued to sell off have suspended their shipments, with nearly $20 billion in selling pressure disappearing. Meanwhile, the MVRV ratio has fallen to 1.76—historically, every time it drops below 2, it has been accompanied by a significant technical rebound. After a pullback of more than 31% from the high of $126,000, the support battle around the current price level is quite intense.

Market interest rate cut expectations remain high at 87.4%. Short-term volatility is indeed intense, but the liquidity inflection point may be closer than imagined. The question now is not panic, but how to find a balance between sentiment and data. After all, every major correction is accompanied by a redistribution of chips.