2026-01-08 14:26:39

The new year begins with a wave of volatility. Last night, Bitcoin repeatedly tested the psychological barrier at 90,000, once being hammered down to 89,600. During the 24-hour period, over $460 million in liquidations occurred across the entire network, and nearly 140,000 people were directly wiped out in this market move. Market anxiety is palpable.

What exactly happened? On the surface, it appears to be a technical breakdown, but deeper reasons are layered on top of each other:

**The macro environment is cooling down.** Geopolitical tensions have not eased, and key economic data from the US will be released one after another. When such news comes out, the appeal of global risk assets diminishes. Traditional market funds are on the sidelines, and the inflow of new funds into the crypto market is noticeably slowing down.

**Leverage trading has become a ticking time bomb.** According to on-chain data platforms, the area below 90,000 is the most concentrated zone for long liquidations. Once broken, it easily triggers chain reactions of forced liquidations, which explains why the decline was so sharp. On the upside, 92,000 is a level that bears need to watch carefully. The price is swinging between two landmines, and neither side dares to be confident.

**But that’s not the whole story.**

Actions from institutional players are actually accelerating. Recently, Morgan Stanley submitted application documents related to Ethereum trusts to regulators. This move indicates that traditional large funds are paving the way to enter the crypto asset market, and compliance channels are gradually opening up.

Meanwhile, the US Senate Banking Committee is scheduled to vote on the “CLARITY Act” on January 15. The likelihood of its passage and the specific provisions could directly influence the regulatory tone in the coming months. Market attention to this outcome is high.

Opinions in the market are also divided. Bernstein still insists that the bull market’s target remains unchanged, and the technical pullback is just a normal rhythm. However, CryptoQuant’s founder issued a warning, pointing out signs of capital inflow exhaustion. The views of bulls and bears clash fiercely, each side backed by data.

So, the current situation is: short-term leverage battles remain intense, but medium-term momentum from institutions and policies still exists. How things will unfold in the coming period may depend on the performance of this key milestone on January 15.

BTC-0,02%

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ThatsNotARugPull

· 01-08 14:55

140,000 people were wiped out, 460 million liquidation, this is the New Year gift haha The 90,000 position is really a meat grinder, neither bulls nor bears want to have a good time Leverage traders should be trembling in the corner now, serves them right Morgan Stanley is launching an Ethereum trust, which means they want to eat a big cake But that bill vote on January 15th... what will happen, it's really uncertain Capital exhaustion vs. bull market hasn't changed, why are these two views so contradictory? I just want to know if this correction is a real drop or just squeezing the bubble, anyway I dare not catch the falling knife Bears above 92,000 need to be cautious, the lesson from the bloodshed at 140,000 is right there The macro environment is cold wind blowing, traditional funds are just watching the show, we are playing our own game In the short term, it's a casino; in the medium term, it's about policies. This logic makes sense

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StillBuyingTheDip

· 01-08 14:48

140,000 people were wiped out, this is really the start of the new year, hilarious --- Leverage trading is like this, truly a ticking time bomb, someone always ends up as the sacrificial victim --- Morgan Stanley is paving the way, the funding chain is being established, this is a long-term signal --- What can be decided on January 15th? Anyway, I’ve already increased my position, betting on policy favorable news --- 90,000 can't be pushed down, indicating that the bulls still have confidence, just wait to see who can hold out until the end --- Funding exhaustion? Then why is CryptoQuant still bearish? Who is right between these two sides? --- This wave of market movement is a bit disgusting, still very chaotic in the short term, let’s wait for the results of the CLARITY bill

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ZkProofPudding

· 01-08 14:45

140,000 people were wiped out; this is the cost of leverage. --- Morgan Stanley played their hand quite aggressively; it seems institutions are really bottom-fishing. --- Why be anxious? We’ll know by January 15th. --- Capital exhaustion? Then why am I still losing? Haha. --- If 90,000 can't hold, then 92,000 is also uncertain. Being caught in the middle is too uncomfortable. --- Starting the new year with this kind of performance is truly the worst. --- Institutional paving is good news, right? There's no need to panic in the long run. --- 4.6 billion in liquidation; this number makes my heart tremble. --- Bernstein is fighting with CryptoQuant; I’ll believe whoever wins. --- As long as the geopolitical issues aren’t resolved in a day, this game isn’t over.

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FadCatcher

· 01-08 14:40

140,000 people were wiped out, which is indeed a bit tragic, but at this time it's actually a good opportunity to buy the dip. The detail about Morgan Stanley submitting an Ethereum trust filing is interesting, indicating that big funds are indeed quietly positioning themselves. Leverage traders love to play with round numbers; 90,000 is just a harvesting machine. The vote on January 15th is the real watershed; ultimately, this market depends on policy support. Funding exhaustion and the bull market narrative are clashing; I'll follow whoever wins, as the data can be spun into any story. Short-term is indeed tough, but in the medium to long term, institutions haven't left, so this wave isn't a complete wipeout.

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WalletDoomsDay

· 01-08 14:40

140,000 people directly wiped out, this is the legendary "New Year Gift," really impressive. The 90,000 hurdle, how can leverage traders not cross it? Both sides are landmines. Capital exhaustion or normal correction, anyway, I’m just watching January 15th. The time to reveal the truth has come. Morgan Stanley submitting an application—institutions are really sneaking in. Short-term liquidation but long-term optimism, this is the difference between retail investors and big players.

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AltcoinTherapist

· 01-08 14:34

140,000 people wiped out, this wave of slaughter is brutal... --- The 90,000 level really can't hold, leverage explosion triggers a chain reaction. --- Morgan Stanley is launching an Ethereum trust, institutions are really quietly positioning themselves. --- Capital inflow exhaustion vs. bullish market target unchanged, both sides are very confident. --- The vote on the CLARITY bill on January 15th, that's the real key. --- 4.6 billion liquidation, retail investors' blood was not shed in vain. --- Fluctuating between 92,000 and 90,000, no one can sleep soundly. --- The macro environment is cooling down, and the crypto market is being treated coldly, this logic can't be denied. --- Institutions are paving the way, but the short-term slaughter still needs to continue. --- The densest long liquidation is just below 90,000, no wonder the drop is so fierce. --- If you ask me, just wait until January 15th, that is the day of destiny. --- Bernstein is still insisting the bull market hasn't changed, but the data will speak.

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