In the afternoon today, cryptocurrencies collectively plummeted again

As of press time, Bitcoin has fallen below $86,000, currently trading at $85,330;

ETH is down over 5%, currently at $1,911;

XRP is down over 5%, currently at $2.24;

SOL is down over 4.6%, currently at $132.50;

DOGE is down over 6.7%, currently at $0.183;

According to Coinglass data,in the past 24 hours, a total of 142,884 people were liquidated globally, with a total liquidation amount of $340 million. The largest single liquidation occurred on OKX - ETH-USDT-SWAP, valued at $3.9512 million.

The main reason for the decline in Bitcoin and other cryptocurrencies is still the volatility in the global market.

Today, Asian-Pacific markets opened lower, with the Nikkei 225 and Korean Composite Index experiencing significant declines. In the Hong Kong stock market, the Hang Seng Index is down 0.62% as of press time, and the A-share market is also collectively in the red.

In the context of a global market downturn, only gold continues to reach new highs. Tradeview data shows that the current gold price has broken through $3,082 per ounce, with COMEX gold prices even rising above $3,100.

Technical Breakdown: Option Expiration and Whale Selling Pressure Resonance

At 4 PM on March 28, a Bitcoin quarterly option worth $7.7 billion was settled, with a "pain point" price of $85,000. Market makers chose to concentrate selling to reduce payouts. On-chain data shows that BlackRock's Bitcoin ETF has seen net outflows of over $5 billion for three consecutive weeks, while "whale addresses" (holding 100-1000 BTC) have reduced holdings by 2.3% in the past week, with a surge in exchange net inflows, suggesting selling pressure has not yet been cleared.

Key Support Levels: $85,000 and $78,000 Defense Lines

Technical analysts believe that if Bitcoin fails to hold the $85,000 level (200-day moving average), it may drop to the $78,000 "bull-bear dividing line", where previous whale buy-the-dip costs and chips before the 2024 rally are concentrated, potentially triggering a bullish counterattack.

Policy Variable: Can Trump's "Crypto Strategy" Be Fulfilled?

If the Trump administration can clarify a Bitcoin reserve plan or pass stablecoin legislation in the second quarter, it may revive market confidence. However, Standard Chartered Bank warns that policy benefits may have been partially discounted, and the risk of "expectation gap" should be noted.

Related Information

• US SEC Ends Investigation into Crypto.com, No Enforcement Action

According to Eleanor Terrett, the US Securities and Exchange Commission (SEC) has formally ended its investigation into Crypto.com without taking any enforcement action. Sources revealed that after receiving a Wells notice from the SEC in October last year, Crypto.com had proactively sued the SEC, alleging overreach. However, after former US President Trump announced plans to appoint crypto-friendly Paul Atkins to replace Gensler as the next SEC chair in December 2024, Crypto.com withdrew the lawsuit.

• SEC Commissioner Hester Peirce: Crypto Task Force Welcomes Reasonable Exemptions and No-Action Requests

After the SEC's first crypto roundtable, Commissioner Hester Peirce shared some key points, noting that the SEC needs to consider crypto trading and assets separately. Many crypto assets are not securities themselves, but crypto assets used for financing purposes are primarily securities transactions. Therefore, the SEC is willing to accept inquiries about how to conduct such issuances through registration or exemption, and the crypto task force welcomes well-reasoned no-action letters or exemptive relief requests.

• 29 Global Banks Custody About $368.3 Billion in Crypto Assets in Q2 Last Year, with Spot Assets Accounting for Less Than 3%

According to data from the Basel Committee on Banking Supervision (BCBS) cited by CoinDesk, 29 global banks held a total of €341.5 billion (approximately $368.3 billion) in crypto assets in the second quarter of 2024, with only 2.46% being spot crypto assets. Compared to 2021, banks' spot crypto holdings have dropped 44%. Data shows banks prefer investing in crypto-related exchange-traded products (ETPs), accounting for 92.5%, to avoid high volatility and regulatory risks. BCBS recommends that banks' spot crypto asset exposure should not exceed 2%.

• Analyst PlanB: Bitcoin Appears Severely Undervalued Compared to Gold and Real Estate Markets

Crypto analyst PlanB tweeted that Bitcoin appears severely undervalued compared to gold and real estate markets. Bitcoin's market cap is $20 trillion, while gold's is $200 trillion. Bitcoin's scarcity (S2F ratio) is 120 years, compared to 60 years for gold.

• Glassnode: Bitcoin Whales Have Accumulated Over 129,000 BTC Since March 11

According to blockchain analysis company Glassnode's tracking data, whale 30-day holding changes show that Bitcoin whales have accumulated over 129,000 BTC since March 11, with momentum rapidly increasing in the past two days. This is the highest accumulation rate since late August 2024, indicating growing confidence among large players.

• QCP Capital: Market Lacks Short-Term Optimism, Upside Remains Limited

QCP Capital's analysis points out that despite notable catalysts, market sentiment remains low. GME's unexpected raising of $1.3 billion for Bitcoin allocation has not boosted overall market sentiment. The only glimmer of hope is the steady inflow of BTCETF, totaling $944.9 million since March 14, 2025.

In contrast, ETH ETF has seen outflows of $112.1 million during the same period. This shows a clear divergence, reflecting institutional beliefs. On-chain developments bring some hope for ETH. With Pectra successfully deployed on the Hoodi testnet and mainnet upgrade expected in the second quarter. Looking ahead to tomorrow's expiration, $12.2 billion in BTC options will expire, with the highest price at $85,000. BTC has started to decline from Monday's highs, with BTC and ETH front-end trading volumes down 10 trading volumes.

Spot trading is sideways, with OI continuing to decline, indicating a general lack of short-term optimism. As PCE index data will be released tomorrow, any upside will remain limited in the short term as the market awaits clarity on Trump's next move in this escalating trade war.