On the first day of December, the market gave everyone a heavy blow.

The US stock market couldn't hold on any longer— the Dow Jones plummeted by 0.9%, and the S&P and Nasdaq were not spared, retracting by 0.53% and 0.38% respectively. Tech stocks displayed a split performance: Broadcom dropped over 4%, and giants like Google and Microsoft also suffered losses. However, Nvidia and Apple managed to stay resilient, rising over 1%, but it was a drop in the ocean.

Cryptocurrency over here? Even worse.

Bitcoin directly plummeted from its high, smashing through the $84,000 support level, reaching a low of $83,800, with a decline of over 5%. Ethereum, XRP, and HYPE all fell by more than 7%, while DOGE dropped by 9%. The most outrageous was ZEC, which saw a direct halving drop of 21%, truly a bloodbath at the scene. Concept stocks were not spared: BMNR evaporated 12% in a single day, and Circle, Robinhood, along with a certain compliance platform, experienced declines in the range of 4%-5%, with panic spreading at an astonishing speed.

Behind this wave of sell-off, there are two fatal problems.

First, the inflow of funds into Bitcoin ETFs has already started to dry up, and incremental funds are unwilling to enter the market to take over. Second, buying on dips has completely disappeared, and those who made profits earlier are taking the opportunity to dump their holdings, creating a stampede effect that could happen at any moment. Currently, market sentiment and the funding situation are both at freezing point, making it difficult to see any reversal signals in the short term.

Everyone's eyes are now focused on a single point: $80,000. If this threshold cannot be held, the next stop may have to look for support at a deeper level. The market is undergoing a brutal test of confidence.