After the Fed's decision, the market crashed, with a single-day liquidation of 1.7 billion USD! This is the largest single-day long order liquidation since 2021, with a total of 407,480 people liquidated globally! Following the Fed's September interest rate decision, the crypto market did not welcome the expected celebration, but instead faced an astonishing wave of liquidations—within 24 hours, the total amount of liquidations reached 1.7 billion USD, with long positions accounting for 1.616 billion. Even more crazily, within just four hours, 1.09 billion USD in long positions were liquidated. Alts indeed proved to be more fragile during the decline, confirming a harsh reality—when the market turns, the alts run faster than anyone else. Currently, the market is beginning to discuss a sensitive topic: this bull run may really be over. The logic is simple; the favorable information from the Fed's interest rate cuts has long been digested by the market, and after the policy was implemented, there were no new catalysts, leading to a frenzy of profitable positions exiting. Coupled with various uncertainties in the macro economy, inflationary pressures, and a slowing global economy, the attractiveness of risk assets has plummeted.

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Bitcoin has continued to decline from around 116000, reaching a low of about 111500, with ample release of bearish momentum. The short-term price has temporarily stabilized around 112500, but the MACD indicator still shows a death cross pointing downwards, indicating weak rebound momentum. The concentration of long positions getting liquidated reflects the speculative holdings in the market's previous expectations of "dovish" policies, and highlights the current crypto market's sensitivity and volatility in the face of macro policies. For the subsequent market trend, attention will be paid to the key support levels at 111200 and 109500, which will become important observation points for determining whether market sentiment can return from panic to rationality.

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Ethereum Evening Alert! The daily candlestick shows a large bearish candle breaking support, with the 4000 level hanging by a thread, and the evening trend hiding a crisis! The hourly chart has seen multiple highs followed by declines, with a long lower shadow formed in the afternoon, indicating attempted bottom-fishing funds, but the weak rebound exposes pressure from above, leading to a short-term clearly weak oscillation pattern. More critically, the daily K-line has produced a large bearish line, directly breaking below the key support zone of 4200-4300. Currently, the 4000 integer level is the last line of defense for bulls; if it fails, it may trigger a chain reaction of sell-offs, potentially dropping to 3850 or even 3620. The RSI has not reached oversold, and bears still have room to exert pressure.