Bitcoin fluctuated between 94,700 and 95,300, and last night's correction triggered a chain reaction in the market. The most noteworthy point is that leveraged positions evaporated by over 10 billion dollars in just one night — but this was not due to forced liquidation, rather traders actively taking stop-losses and withdrawing. This organized "collective exit" phenomenon is indeed rare in the crypto circle.

The liquidation data reveals the clues. From yesterday to today, the short-term liquidation pressure has changed dramatically: when falling below $94,000, it would have triggered $1.556 billion in long liquidations yesterday, but today this number plummeted to only $263 million; on the upside breakout, it also dropped from $749 million to $97.56 million. In one night, nearly $1.3 billion in leveraged positions actively dissipated — indicating that large investors and institutions are proactively unwinding risks and unwilling to add more positions. Market sentiment has become extremely cautious, with $94,000 seemingly becoming a recognized critical threshold for both bulls and bears. Once this level is broken, the remaining "dead longs" could trigger a more intense wave of selling.

Policy factors are also brewing a change. Trump’s favored Federal Reserve Chair candidate, Haskett, recently stated: "I have the ability to persuade my colleagues to initiate rate cuts." This figure has long been dissatisfied with Chair Powell’s pace of rate cuts. If he indeed takes over, risk assets could usher in a new round of easing in 2025. This is a major long-term positive news, but in the short term, it will only increase policy uncertainty and make funds more cautious and watchful.

The current situation is like this: liquidation pressure has been pre-absorbed, but uncertainty has instead increased. The traditional magic of Friday's "turning night" may continue to ferment.