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ChainCatcher news, according to Bloomberg, the cryptocurrency market has experienced a rapid and unexpectedly large-scale brutal sell-off in recent weeks. Friday's decline pushed the price of bitcoin close to $80,500, marking its worst monthly performance since 2022. Bitcoin's total market capitalization has evaporated by about $500 billions, and other altcoin markets have also suffered heavy losses. Although the price of bitcoin remains above the level it was at when Trump won the presidential election, its rally during Trump's first year in office has largely faded. This month, investors have withdrawn billions of dollars from 12 bitcoin-related ETFs. Digital Asset Reserve Companies (DATs), inspired by Michael Saylor's Strategy Inc., are also facing even steeper outflows. Fadi Aboualfa, Head of Research at Copper Technologies Ltd., stated that institutional investors do not have a "HODLing" mentality; they rebalance their portfolios when the market declines. This crash lacked the previous systemic pressures and obvious scandal events. Cantor Fitzgerald & Co. analysts Brett Knoblauch and Gareth Gacetta believe that most of the decline can be attributed to the flash crash on October 10, an event that may have had a greater impact on the balance sheets of many large participants than initially expected, forcing them to sell. The flash crash on October 10 liquidated $19 billions in crypto bets within a few hours, exposing issues of insufficient weekend trading liquidity and excessive leverage accumulation on some exchanges. Liquidity in the crypto market remains very low, and market makers weakened by the crash are struggling to step in and support prices. According to Coinglass data, about $1.6 billions in bets were liquidated on Friday. The crypto market is acting as a proxy for rapid risk appetite and is interacting with the volatile trading of tech stocks. Adam Morgan McCarthy, Senior Research Analyst at blockchain data company Kaiko, pointed out that medical device companies or cancer research companies rebranding themselves as "cryptocurrency reserve companies" is a signal of the market cycle. According to CoinMarketCap data, the Fear and Greed index, which measures crypto market sentiment, fell to 11 out of 100 on Friday, entering the "extreme fear" zone.