출처: Block Media
Bitcoin and Ethereum Rebound Amid Record Liquidations: Altcoin Market Faces Unprecedented Pressure
Historic Market Liquidation Triggers Investor Caution
The cryptocurrency derivatives market recently experienced a significant rebound following what has now been recorded as the largest single-day liquidation event in history. This dramatic event, which wiped out over $19 billion in leveraged positions, has left investors wary, focusing on mitigating further downside risk. Heavy buying of put options for Bitcoin (BTC) and Ethereum (ETH) in the options market suggests that sentiment remains cautious, with traders bracing for another potential downturn.
Data from analytics platform Derive.xyz revealed that this unprecedented liquidation surpassed notable past events, including the February 2025 market crash, the onset of the COVID-19 pandemic in March 2020, and the November 2022 implosion of crypto exchange FTX. The October 13 liquidation marked a critical point in the ongoing realignment of digital asset market risk.
Bearish Undercurrents Persist in Options Markets
Although Bitcoin has rebounded to approximately $115,700 and Ethereum to $4,254, the options market paints a picture of prolonged bearish sentiment.
In Bitcoin’s options market, put options targeting strike prices of $115,000 and $95,000 with October 31 expirations have seen sharp increases in demand. This signals growing investor apprehension about price declines. Meanwhile, call options with a $125,000 strike price are facing selling pressure, reflecting lowered expectations of a near-term bullish breakout.
Ethereum mirrors this trend, with heightened interest in put contracts for various price levels across multiple expiration dates. Popular strike prices include $4,000 for October 31, $3,600 for October 17, and $2,600 for December 26. The focus on lower strike price puts underscores a bearish outlook for Ethereum for the remainder of the year.
Altcoin Market Sees Severe Decline Amid Bitcoin Dominance
In contrast to Bitcoin's resilience, the altcoin sector has faced an outsized impact, with several high-profile assets suffering dramatic declines. For instance, HYPE plummeted by 54%, Dogecoin (DOGE) recorded a steep 62% drop, and Avalanche (AVAX) collapsed by over 70%. While some assets have managed partial recoveries, many remain entrenched in correction territory.
Bitcoin, often considered the digital gold of the cryptocurrency ecosystem, has emerged as a relatively more stable and resilient investment vehicle. This has driven increased capital flows toward Bitcoin at the expense of altcoins. On-chain analyst Willy Woo noted, “The continued inflow of capital into Bitcoin underscores its resilience compared to broader market declines. However, Ethereum and Solana are seeing slower capital inflows, while funds previously allocated to altcoins are being reallocated to Bitcoin rather than exiting the market entirely.”
The ongoing liquidity crunch has amplified the volatility typical of altcoins, which are seen as higher-risk instruments. Conversely, Bitcoin's "blue-chip asset" status is being reinforced by growing institutional interest and long-term investor participation, positioning it as a sanctuary during turbulent market conditions.
Market Analysts Call the Sell-Off a “Healthy Correction”
Despite the chaos, market experts view the recent turbulence as a "healthy correction" rather than a fundamental collapse in investor confidence. This market upheaval has forced the clearing of excessive leverage and the realignment of risk, which many believe will strengthen the overall market foundation in the long run.
According to Nic Puckrin, co-founder of Coin Bureau, “This crash served as an opportunity to clear excessive leverage and realign market risk. However, for Bitcoin to chart its path toward new highs, it must now overcome critical resistance levels.”
For the crypto ecosystem, this recalibration has set the stage for a more sustainable growth trajectory, but it also presents short-term challenges. Recovery across the broader market will hinge on the ability to rebuild momentum while navigating critical price resistance zones.
Conclusion: Crypto Market Resets Amid Uncertainty
As Bitcoin and Ethereum recover from the record-breaking liquidation event, the market remains in a phase of recalibration. Bitcoin has solidified its status as the dominant and more resilient asset in the digital ecosystem, attracting capital flows from both traditional and smaller crypto markets. Meanwhile, altcoins have suffered disproportionately, highlighting their vulnerability in times of liquidity shortages.
While fears of further downside persist, market analysts agree that the reduction in excessive leverage may bode well for the long-term health of the crypto sector. The focus now shifts to overcoming critical resistance levels and rebuilding investor confidence, as the market embarks on its next phase of evolution in an uncertain global economic climate.
