Foresight News: Cryptocurrency is a game for the brave. Author: Pzai, Foresight News The sentiment of the cryptocurrency market is spreading panic. According to data from Alternative.me, on February 27, the Cryptocurrency Fear & Greed Index fell to 10, a new low since June 2022, and the market is in a "state of extreme fear". As of the time of writing, Bitcoin has fallen below $80,000, a new low since November 2024; seeing this situation, Michael Saylor, the boss of Strategy, even tweeted: "If you need money, please sell your kidney and keep your Bitcoin." On February 27, US President Trump reiterated on social media that tariff measures against Mexico and Canada will be implemented on March 4, and the tariff stick will fall heavily, while the US dollar is strengthening and market concerns about the "trade war" are increasing, increasing the uncertainty of the economic outlook, and investors' risk aversion sentiment is rising. In addition, a South Dakota state senator has postponed a vote that could allow the state to invest in Bitcoin, adding further uncertainty to the policy prospects for cryptocurrency in the US. Apart from the cryptocurrency market, Asian stock markets have also suffered heavy losses: the blue-chip Nikkei index fell as much as 3.7%, the largest intraday drop since September last year. Foreign investors net sold 1.55 trillion won worth of KOSPI stocks on Friday, the largest single-day sell-off since January 27, 2022. Market Performance This week, the global cryptocurrency market has evaporated more than $800 billion, falling below $3 trillion. Ethereum is approaching the $2,000 mark, hitting a new low in nearly a year. Such market volatility has also led to $860 million in 24-hour network liquidations. In terms of mainstream currency performance, the average weekly decline of the top 10 cryptocurrencies exceeded 20%. Solana has fallen from its January 19 high of $293 to $126, and DOGE has also fallen below $0.2 to $0.18. In the ETF market, the recent decline has been reflected in large outflows of funds, with the largest Bitcoin spot ETFs recording a net outflow of $1.14 billion on February 25. Overall, cryptocurrency ETFs saw $544 million in outflows last week, indicating that the market's pessimistic sentiment is spreading. Since the Bybit hacking incident, concerns about asset custody have raised concerns among some industry insiders, which may have exacerbated the sentiment of capital flight. Market Outlook From a market perspective, Matt Hougan, Chief Investment Officer of cryptocurrency asset management firm Bitwise, summarized the previous market performance: "Cryptocurrencies are currently digesting the end of the MEME coin craze. The market will continue to be weighed down until institutional interest in cryptocurrencies recovers." Meanwhile, Ki Young Ju, CEO of CryptoQuant, tweeted that Bitcoin will remain range-bound for a period of time, "I think we may see a broad (e.g. $75,000 to $100,000) long-term consolidation, similar to early 2024. This could last until new liquidity is brought in by good news about Bitcoin." Arthur Hayes, co-founder of BitMEX, also tweeted that the current downtrend is continuing to decline. "This morning (February 28), I was going to increase my risk (position), but based on the price trend, I think we will see another violent drop below $80,000, possibly on the weekend, and it will last for a while." Previously, he had predicted on February 25 that the Bitcoin price could drop to $70,000. Geoff Kendrick, an analyst at Standard Chartered Bank, said Bitcoin could fall 10% to $80,000, but a drop in government bond yields could lead to a rebound. He pointed out that $90,000 is a key support level for Bitcoin, and although the Bitcoin price has remained above the support level supported by the policy tailwinds of the Trump administration, the attractiveness of cryptocurrencies has been weakened as the expectation of the president's promises being fulfilled has slowed and macroeconomic uncertainty has risen.