**[4E: Bitcoin Drops to $90,000, Market Prepares for Deeper Decline]** November 18 news: According to 4E observations, Bitcoin is entering an extreme fear zone, having fallen below $91,000 on the morning of November 18, showing a free-fall style decline. Protective demand in the options market has surged dramatically, with total bets on put contracts targeting strike prices of $90,000, $85,000, and even $80,000 expiring by the end of November exceeding $740 million, indicating that traders are preparing for a deeper downturn in advance. Ergonia Research Director Chris Newhouse pointed out that positions purchased over the past six months are now deeply underwater, and the buying power of conviction bulls has significantly weakened. CoinMarketCap's sentiment index shows the market is in "extreme fear," with many investors suffering heavy losses, unable to add to their positions, yet unwilling to cut losses, creating downward price inertia. The pressure is most concentrated on so-called "crypto treasury companies." This year, companies that have hoarded large amounts of cryptocurrency have become the focus of sell-off risks. Although Michael Saylor's Strategy continues to increase its holdings with $835 million worth of BTC, other peers are facing balance sheet pressures and are being forced to consider selling assets. Amberdata's Greg Magadini stated that this selling pressure is particularly impacting Ethereum, as major ETH treasury companies are generally in a loss-making position. ETH has dropped to $2,975, down 24% since early October. Macro factors are further deteriorating risk appetite. The cooling of Federal Reserve rate cut expectations and discussions around the AI bubble are jointly suppressing the market. Kaiko analysts emphasized that these two factors will continue to pose major resistance through the end of the year. Since early October, the crypto market has wiped out approximately $19 billion in market capitalization, with futures open interest continuing to decline, and holdings of small-cap tokens like Solana have been halved. Kraken economist Perfumo noted that the current market panic is more driven by macroeconomic anxiety rather than structural issues within the crypto industry. **4E Commentary:** The speed of BTC's breakdown reflects the chain-clearing effect under liquidity tightening, with the options market already betting on the $80,000 range in advance. Short-term fragile sentiment, treasury sell-off pressure, and macro headwinds are overlapping, and the market needs to be cautious of a secondary deep decline. However, the core risk stems from macro factors rather than the fundamentals of the crypto industry itself.