## US GDP Announcement Imminent, Crypto Market Plunges into Panic Selling

Today, the cryptocurrency market experienced a "Black Monday." As US GDP data is set to be released on December 23, market sentiment sharply deteriorated—daily liquidation amounts surged above 2.5 billion, with long positions forcibly liquidated to the tune of 1.92 billion.

According to the latest data, Bitcoin dropped from the $90,000 level, currently trading at $90,310, down 0.87% over 24 hours; Ethereum also weakened to $3,080, down 1.12%; Ripple suffered even more, falling 2.80% in a day to $2.04. The overall crypto market cap shrank to $2.96 trillion, a decline of 2.46%.

**Market Fear Index Hits New Low**

Crypto Fear & Greed Index has fallen to 24, reflecting investor sentiment nearing collapse. Strangely, traders have not truly fled—the open interest in derivatives markets actually increased by 1.1%, reaching $129 billion. This indicates that under the cloud of uncertainty, a large number of leveraged longs are still holding their ground, waiting for a rebound opportunity.

## Macro Triggers Ignited One by One

The US Federal Reserve injected $6.8 billion into the financial system the day before yesterday, attempting to stabilize market expectations. But in the following week, multiple economic data releases are scheduled:

- **December 23**: US GDP data (a key indicator influencing Federal rate expectations)
- **December 24**: Weekly initial jobless claims
- **December 26**: China M2 money supply data

The US market will be closed on December 25 for Christmas, but liquidity vacuum in Asian markets could exacerbate volatility. Uncertainty surrounding economic data is becoming the final straw crushing the camel.

## On-Chain Buying Pressure Plummets

Even more concerning are signals of deteriorating fundamentals. CryptoQuant’s on-chain analysis shows that market buying pressure continues to weaken:

**Active addresses drop significantly** — network participation has noticeably decreased, indicating that both retail and institutional trading interest is waning. Trading activity has slowed, suggesting a lack of new buying support for prices.

A warning signal that appeared as early as August remains unreversed: in contract trading, buy volume continues to diverge from price trends. At that time, although prices were still rising, trading volume was quietly declining—classic "volume-price divergence," often a sign of weakening upward momentum.

According to analysts, the cryptocurrency market may require a longer recovery cycle to regain vitality. In the short term, investors should remain cautious of further deep adjustments.