What has happened in the cryptocurrency market over the past six weeks? A wave of turbulence sweeping through the entire crypto space.

Some investors entered heavily when Bitcoin reached $120,000, only to wake up a month later to find their Bitcoin worth only $90,000. This is not an isolated case—it's a true reflection of the entire market. In just six weeks, the total market capitalization of cryptocurrencies evaporated by over $1.2 trillion, an amount equivalent to the entire market value of Alphabet, Google's parent company.

As Bitcoin slid from its October peak of $126,000 down to the $80,000 range by the end of November, leveraged accounts were repeatedly liquidated, but you will find that institutional capital was quietly positioning itself. Panic and greed alternated constantly in the market, and this kind of sharp decline always has signs.

**Bitcoin's Cliff-like Drop**

How do the specific numbers look? Since reaching a high in October, Bitcoin started to turn downward. On November 18, it directly broke below the $90,000 threshold, with the lowest point reaching $89,012. By November 23, the price had fallen to around $86,000, down more than 30% from the peak, hitting a nearly 7-month low.

This decline was not limited to Bitcoin itself. Ethereum plummeted from $3,918 to $2,946, a monthly drop of 24.8%. Mainstream coins like Solana and Cardano generally fell more than 30%. Dogecoin was even worse, halving from its October high, with a market value vaporizing $5.2 billion on the spot.

The derivatives market situation was even more extreme. According to liquidation data from major exchanges, the total of forced liquidations in the short term reached tens of billions of dollars. Long positions were forcibly closed, while short positions repeatedly struggled between bottom-fishing and stop-loss triggers.

Behind this adjustment, capital was silently engaging in a game of chess. Leverage investors' stop-loss orders were triggered layer by layer, while institutional funds were quietly positioning themselves. The market was redistributing wealth through this cycle of repeated fluctuations.