On December 30th midday, Bitcoin hovered around $87,209, with a 24-hour decline of 0.7%, seeming mild, but the real highlight was the intraday volatility of 4.05%—a straight plunge from the high of $90,394.5 to the low of $86,802.9. Such rollercoaster行情 has left many traders feeling uneasy.

Looking at the market data, the story becomes clearer. BTC surged early in the day, approaching the $90,000 mark, but faced significant selling pressure and quickly retreated, while strong support appeared above $86,800. This pattern of weakness at high levels and support at low levels essentially reflects a tug-of-war between bulls and bears at this price range. In comparison, Ethereum appears more weak, with the price at $2,933.9, losing the key $3,000 level, with a 24-hour decline of 0.58%. Behind this is a chain reaction of funds migrating from smaller altcoins to mainstream cryptocurrencies.

More noteworthy is the macro data. The total crypto market cap has fallen from its high to $1.75 trillion, down 0.8%, but the most interesting signal comes from BTC dominance—this indicator has surged to 60.5%, hitting a recent high. In other words, market funds are rapidly concentrating into leading assets, and liquidity for small coins is accelerating its depletion.

The Fear & Greed Index has been stuck in the "Extreme Fear" zone at 24 for over half a month. At this point, the market is either people cutting losses and fleeing or those eager to buy the dip. But in an environment with such high capital concentration and widespread declines among small coins, blindly buying small coins carries significant risks.