#美联储降息 Mid-December, Bitcoin experienced a fierce correction, directly breaking through the psychological barrier of $88,000, with a single-day decline approaching 2.5%.

Not only Bitcoin was affected, but the entire mainstream crypto market was also not spared. Ethereum fell nearly 2%, Solana dropped even more sharply by 2.9%, XRP, Dogecoin, and Cardano all turned green, with declines ranging from 2% to 3.7%.

The most frightening part was the liquidation wave. In one day, the total on-chain contract liquidations reached $270 million, wiping out over 110,000 investors from the market. The biggest losses were among longs, with a total of $230 million lost; Ethereum contract liquidations alone resulted in a loss of $4.85 million in a single sweep.

The behind-the-scenes driver of this downward trend? It points directly to the Fed's changing stance. Although the Federal Reserve did cut interest rates last week, Powell's statements about continuing rate cuts next year were quite ambiguous, repeatedly emphasizing that everything depends on upcoming economic data. CME’s Federal Reserve watch tool shows that the probability of maintaining interest rates in January has soared above 75%, and the chance of no rate cut in March is also close to 50%.

Major institutions are also shifting their positions. Standard Chartered Bank has cut its target price for Bitcoin by the end of 2026 from $300,000 to $150,000, and its end-of-2025 target from $200,000 to $100,000. Their research team believes that the buying momentum from large funds may have already peaked, even though spot ETFs are still attracting capital, they cannot withstand the previous overly optimistic valuations.

Currently, the market is divided into two camps: some are bottom-fishing for bargains, while others are rushing to escape. Is this correction a healthy adjustment and shakeout, or a prelude to a bigger bear market? Different opinions exist.