The cryptocurrency market has been experiencing significant price volatility recently. The price of Bitcoin (BTC) frequently fell below key support levels within 24 hours, reaching as low as HK$394,000, with a cumulative decline of 16.81%. At the same time, the amount of liquidated positions across the entire network exceeded US$1 billion, and long positions suffered heavy losses, showing the extreme panic in market sentiment. Ethereum (ETH) is also under pressure, with data showing that Wintermute transferred 22,460 ETH to the Binance hot wallet in the past 24 hours, further raising concerns about liquidity. In addition, both major spot ETFs experienced fund outflows, with outflows of BTC and ETH reaching US$80.69 million and US$169 million respectively, reflecting a significant decline in investor confidence. Global stock markets have also experienced volatility, and the convening of an emergency meeting of the Federal Reserve will have a potential impact on market liquidity and interest rate policies, further exacerbating risk aversion. Based on the above information, the current cryptocurrency market is showing a significant decline, and investors must be cautious about potential further downside risks. Summary: The current market trend is weak, and we need to pay attention to the impact of capital outflows and sentiment changes in the short term.