BTC falls below the key support of $100,000, and the market fear index hits a six-month low.

Last night, BTC plummeted straight from 104,000 to 98,900, briefly hitting a six-month low. ETH didn't fare much better, crashing from 3,500 to 3,057, with a 24-hour decline of nearly 10%.

On-chain data is even scarier - in the past 24 hours, the entire network has seen liquidations of 2.1 billion USD, with long positions facing 1.68 billion USD in liquidations, and the largest single liquidation occurred on HTX (BTC-USDT, 47.78 million USD).

The financing rate for Bitcoin futures has plummeted by 62%, down from 338 million USD/month in August to now 127 million, indicating that the enthusiasm of leveraged speculators has diminished significantly. The Fear and Greed Index has fallen to 20, which is the lowest in the past six months.

What hurts even more is that the US stocks fell sharply (the Nasdaq fell 2%, the Dow fell 0.53%), with Tesla down 5% and Nvidia down 4%. Palantir, this "retail favorite", was even targeted by Michael Burry's 13F filing yesterday—this guy opened short positions on Palantir and Nvidia, directly confirming his bearish stance, triggering a wave of collective panic.

Institutions are bottom fishing while retail investors are cutting losses. Bitwise's Matt Hougan says the bottom is near, but the current adjustment is quite complex - it could oscillate between 84000 and 116000.