2026-01-21 03:26:28

Let's take a look at what's really going on in this market.

In the first week of the new year, Bitcoin dropped from 89,000 to 87,000 yuan. It doesn't sound like a big decline, but exchange data shows that within 24 hours, 160,000 people were directly wiped out, and the total open contract positions across the network evaporated by over $200 million. Some people are still shouting "bottom fishing," but if you look back, you'll see—after soaring to a high of $126,000 in October last year, Bitcoin has already fallen more than 30%. This isn't a normal correction; it's a clear signal that the trend has shifted from bull to bear.

Some point to the Federal Reserve's rate cuts, thinking a rebound should happen. But the reality is, from September last year to now, the Fed has cut rates three times in a row, injecting plenty of liquidity, yet Bitcoin has fallen 24%. Even such policy stimulus can't hold up the market, indicating that the problem isn't interest rates at all, but that the market itself has become hollow. Leverage can't be fully liquidated, new funds can't flow in, and the market cap of stablecoins hasn't moved for months—it's clear there's no new blood in this market.

Looking at institutional performance, MicroStrategy's stock price fell 47% last year, even worse than Bitcoin itself. Several secondary funds are everywhere raising funds to fill gaps, exchanges lost over a billion dollars in a single month, and mining costs at mining farms have soared to $112,000—higher than current prices. Even those once-glamorous "casino bosses" can't hold on anymore. What makes anyone think they can still make money? This logic simply doesn't add up.

A closer look at the market structure reveals even more despair. The short-term chip cost line is stuck at $99,000, but the price stubbornly hovers around 80,000 yuan, piled with trapped positions. A major exchange continues to offload through institutional channels, and the original ETF premium has shifted from positive to negative. As for those altcoins? They’re falling even harder than Bitcoin. No matter how fancy the stories about AI, DePIN, or RWA are, market liquidity is drying up, and no one is willing to take these tokens off the market.

The market now is like a pot of undercooked rice—it's hard to tell whether it's a bear market or a rebound, but the risks are growing day by day.

BTC0,83%

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SingleForYears

· 17h ago

I'm stunned, the data showing 160,000 people liquidated is too outrageous. Wait, can mining still be profitable at a cost of 112,000? How the hell are they surviving? All the bottom-fishers are probably just bagholders... Honestly, this wave is really shaky. If new blood doesn't come in, it's game over. I'm completely done with altcoins; the decline is truly despairing.

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MelonField

· 18h ago

All the bottom-fishers are dead, and you're still shouting about a rebound? --- MicroStrategy dropped 47%, so forget about it. Who still dares to buy in now? --- No one is buying stablecoins anymore, claiming new blood is entering the market. --- Mining costs are 112,000, but the price is 80,000. How do you calculate this? --- Altcoins have fallen even more sharply, liquidity is completely drained. --- A pile of trapped orders, with the top still selling off. This is the current situation. --- Lowering interest rates can't save it, indicating the market is completely虚透. --- 16,000 people liquidated in 24 hours. Is this still a normal correction? Wake up. --- No new funds coming in means a deadlock. What are we waiting for? --- From 126,000 down to now, a 30% drop. Don't you realize it's a bear market reversal?

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EthSandwichHero

· 18h ago

160,000 people liquidated, stablecoins have no movement. This isn't a correction; everyone with a brain can see it.

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NFTRegretter

· 18h ago

160,000 people liquidated, this is the price of bottom-fishing. --- The Federal Reserve cutting interest rates can't save it, it shows that nothing works, it's just out of money. --- MicroStrategy dropped 47%, hilarious, these institutions are even worse off than retail investors. --- 99,000 cards stuck at 80,000, when will this trapped position be rescued? --- Altcoins crashed directly, liquidity dried up completely, no one is willing to buy. --- It's indeed a half-cooked situation, whether it's a rebound or a bear market is hard to tell, but losses are definitely being realized. --- Mining cost was 112,000, now at 80,000, how are miners supposed to survive? --- ETF premium turning negative, this detail killed it, institutions are dumping. --- Continuous rate cuts led to a 24% drop instead, this logic needs to be reversed to make sense.

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SocialAnxietyStaker

· 18h ago

Dipping to buy the dip, is it causing trouble now? --- 160,000 people wiped out, is that what you call an "opportunity"? I laughed --- The Fed lowering interest rates can't save it, what does that mean? --- MicroStrategy down 47%, how embarrassing is that? --- The real killer is the lack of new blood, honestly --- Mining farm costs 112,000, current price 80,000... who came up with this logic? --- It's that season again for storytelling, no one is willing to take the bait --- Falling from 126,000 to now, and some still ask when will it rebound? Wake up --- Altcoins are more resilient than mainstream coins? That's impossible --- Cost basis at 99,000, price at 80,000, this gap is impossible to blow up

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SilentObserver

· 18h ago

Damn, MicroStrategy dropped 47%? It's already impressive that Bitcoin is holding up. --- 160,000 people liquidated, this number is a bit scary. --- The Fed lowering interest rates can't save it; it's truly虚了. --- Miner costs are still mining at 112,000? That logic is really hopeless. --- Stablecoins haven't moved in months, this is the most terrifying signal. --- Piled with trapped orders but still can't push up, it's painful. --- Altcoins are even worse; no matter how good the story sounds, no one is buying. --- Fallen from 126,000 to now, this is not a correction. --- Exchanges lost over a hundred million dollars in a single month, institutions are filling the gaps. --- The analogy of half-cooked rice is perfect; no one can predict the next step.

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ChainMaskedRider

· 18h ago

160,000 people forced to liquidate, stablecoins haven't moved in months, is this still called a market? It's just dead. --- The Federal Reserve cutting interest rates can't save it either, then it's truly虚, no new blood entering the market, it's a dead end. --- MicroStrategy's 47% drop is truly despairing, even institutions are filling the gaps, retail investors still want to turn things around. --- Altcoins are falling even more sharply than BTC, liquidity is dried up, who will take the buy? --- The cost basis of 99,000 is firmly holding the price at 80,000, each trapped investor is suffering terribly, it's truly half-cooked rice. --- Mining costs at 112,000 are still high, now miners are losing heart. --- ETF premium has shifted from positive to negative, this signal is clear enough, the sell-off has begun. --- Those talking about a rebound are just gambling, but the risk varies day by day. --- Without new funds, there is no story, no matter how impressive the narrative. --- Falling from 126,000 to now, this is not a correction, it's a clear bearish reversal signal.

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