【 Introduction 】 Bitcoin price drops sharply in the short term, with over 570000 people selling out
Early this morning, the price of Bitcoin plummeted sharply, and the cryptocurrency market plunged one after another. According to Coinglass data, a total of 574000 people have liquidated their positions in the past 24 hours.
Over 570000 people liquidated their positions
At around 5am today, the price of Bitcoin quickly fell, reaching $94000 at one point, and has now rebounded to above $97600.
According to Coinglass data, in the past 24 hours, the cryptocurrency market experienced a total of $1.725 billion in contract liquidation across the entire network, with 574000 people experiencing liquidation, including $1.56 billion in multiple liquidation and $170 million in short liquidation. The total amount of BTC liquidation was 184 million US dollars, and the total amount of ETH liquidation was 243 million US dollars.
Most other cryptocurrencies have fallen, with Ethereum dropping 4.77% during the day, while Dogecoin, Ethereum, Binance, and others have all experienced declines.
Institutions are bullish on the Bitcoin market in 2025
With the continuous rise in Bitcoin prices throughout the year, it has attracted a rapid influx of funds from all parties. On December 9th, MicroStrategy, a major Bitcoin holder, announced the purchase of $2.1 billion worth of Bitcoin again, accumulating holdings of over $41 billion in Bitcoin. The company's approach of raising funds to purchase Bitcoin through issuing stocks and fixed income securities has attracted attention, and co-founder Michael Taylor plans to raise $42 billion over the next three years to accelerate the strategic shift.
However, well-known short selling firm Citron Research pointed out at the end of November that MicroStrategy was "overheated". Andrew Left, a research analyst at Citron, stated on social media platforms that MicroStrategy has almost transformed into a Bitcoin investment fund and is short selling the company. The analyst believes that with the launch of Bitcoin ETFs, investors can directly invest in Bitcoin funds without relying on MicroStrategy's stocks as an alternative option.
According to BlockBeats, analysts from research and brokerage firm Bernstein stated, "We still firmly believe that $100000 is not the ultimate milestone for Bitcoin, and we expect Bitcoin to reach a cyclical high of $200000 by the end of 2025
In addition, Matrixport, a one-stop encrypted financial service platform, also stated that the bullish outlook for Bitcoin in 2025 remains robust.
On December 9th, Matrixport released today's chart stating that although stablecoin related indicators are still at the high level of the past 12 months, the weekly inflow has significantly declined, from a peak of $8 billion to $4 billion. This indicator needs to be continuously monitored. If the inflow further decreases, it may mean that the market will enter a longer period of consolidation, especially during the usually quiet period of the year-end Christmas holiday. Even though the trend of slowing inflows may continue, we remain optimistic about the market performance in 2025 and expect Bitcoin prices to steadily rise, but the short-term gains may tend to be moderate.