On December 6, the crypto world experienced another “bloodbath.”

Bitcoin plunged straight through the $90,000 mark, quoted at $89,689, dropping 3% in 24 hours. More than 130,000 people were liquidated across the network, with total liquidations soaring to $418 million—of which $349 million was wiped from long positions. Behind this wave of sell-offs were factors like cooling Fed rate cut expectations, profit-takers exiting, and leveraged longs collapsing, which combined to completely crush the bulls.

Grayscale is also making moves, having submitted the S-1 registration form for a SUI spot ETF to the SEC. The institution is getting deeper into the ETF race, and there’s speculation about whether SUI will take off as a result. The market is watching closely.

Even more dramatic, a whale address dormant for 14 years suddenly woke up—the address starting with 1Au1uZ transferred 1,000 BTC to a new wallet 6 hours ago. After Lookonchain monitored this move, many started speculating: is this a dump incoming, or is something big being planned?

While major coins are bleeding, altcoins are experiencing “a tale of two extremes.” LUNC surged 70% in a single day, LUNA jumped 35%, and ACE popped up 23%. On the flip side, SXP and BAT plunged 17%—the polarization is extreme. Interestingly, ETF funds are still flowing into coins like SOL, but the price dropped over 20%, showing a total disconnect between capital inflow and price action.

Regulators aren’t sitting idle either. The SEC updated the agenda for its December 15 roundtable, focusing on crypto, financial surveillance, and privacy, with industry leaders like Zcash founder Zooko Wilcox attending, likely to discuss regulatory frameworks again. In China, seven associations jointly issued a risk alert, explicitly banning financial institutions from engaging in virtual currency-related businesses, with regulation continuing to tighten.

Institutional attitudes are also splitting: BlackRock is bearish on altcoins, while Vanguard has opened up Bitcoin ETF trading. In such a market, position management and stop-loss settings are more important than ever—don’t let a single correction wipe you out.