To be honest, the previous epic liquidation didn't make BTC fall below 100,000, but it broke through that level this morning, indicating that market sentiment is still an issue.

Behind the market lie several major events, and when viewed together, it becomes clear why the funds are being so cautious:

Let's talk about the incident on November 3rd— the established DeFi protocol Balancer was directly hacked for 116 million USD. This is not a small project facing issues; it's one of the early flag bearers of DeFi. Industry insiders estimate that security incidents of this level could delay the entire DeFi adoption process by six months to a year. Once trust is compromised, the recovery of funds has to be rebuilt from scratch.

On the other hand, the actions of the U.S. Treasury over the past three months are also worth noting — they increased the balance in the Federal Reserve's general account from about $300 billion to over $1 trillion. Such a significant account adjustment usually indicates a change in the liquidity environment, and the market is quite sensitive to these signals.

With two things overlapping, it's not surprising that the technical support at one hundred thousand wasn't held. Next, we need to see if this position can stabilize again; otherwise, there may still be fluctuations in the short term.