The cryptocurrency market entered a correction phase on the 28th (local time), with a broad-based decline. This downturn is the result of overlapping structural factors across the broader market rather than negative catalysts tied to individual coins.

Leverage Liquidation Domino... $326 Million Forcefully Liquidated in 24 Hours The direct trigger for the decline was leveraged liquidation volume. Over the past 24 hours, a staggering $326 million worth of long positions were forcefully liquidated across the entire market, with Bitcoin (BTC)-related liquidations alone reaching $29 million. The excessive leverage that had been built up unwound rapidly, effectively doubling the downward pressure.

Regulatory uncertainty also froze investor sentiment. The U.S. Senate prioritized other legislation and postponed the vote schedule for the 'Clarity Act,' a crypto market structure bill. The market's Fear and Greed Index dropped to 34, suggesting that capital is not rotating into specific themes but rather that the broader market is reducing its exposure to risk assets.

Hyperliquid (HYPE) Posts Notable Decline... Major Altcoins Show Broad Weakness Top market-cap assets Bitcoin and Ethereum (ETH) retreated to the $63,000 and $1,800 ranges, respectively. The downward trend spread across altcoins broadly. NEAR Protocol (NEAR) fell more than 8%, while SEC- and CFTC-related token groups and U.S. strategic reserve-themed coins also recorded declines in the 2% range. Major altcoins including Ripple (XRP), Solana (SOL), and Tron (TRX) similarly showed weakness.

In particular, Hyperliquid (HYPE) posted a pronounced decline. HYPE traded around $55 on the morning of the 28th, plunging nearly 8% in a single day, with its market capitalization shrinking to the $14 billion level. However, trading volume was tallied at $455 million, indicating that trading activity remained robust even during the downturn. Compared to its all-time high of around $76 recorded on June 16, the current price is approximately 28% lower.

Meanwhile, stablecoins such as Tether (USDT) and USDC maintained their pegs without significant fluctuation, and BNB showed a relatively smaller decline, demonstrating resilience during this correction.

Three Key Variables for the Market Going Forward: FOMC, Clarity Act, and Sector Strength The variables that will gauge the market's future direction have narrowed to three. First is the U.S. Federal Open Market Committee (FOMC) meeting, whose results will be announced on July 29. If Bitcoin holds the $64,200 support level, there is room for a rebound to the $65,500–$66,000 range. However, if this support breaks, a retest of $62,500 is being discussed. Second is whether the postponed Clarity Act vote schedule will be readjusted. Third, whether funding rates stabilize further and the chain reaction of derivatives liquidations subsides, as well as whether certain sectors such as Real-World Asset (RWA) and Artificial Intelligence (AI) tokens maintain relative strength even in a bearish market, will be key clues for a supply-demand recovery.

(*※ This article is provided for investment reference purposes only, and no responsibility is assumed for investment decisions made based on it or their outcomes. This article was partially assisted by AI.)