#加密市场观察 The digital asset market is undergoing a comprehensive recalibration, characterized by weak demand for ETFs and DATS, a reset of leverage in futures and Decentralized Finance, and shallow Spot liquidity. These factors have suppressed prices, but they have also made the system healthier:

Lower leverage, more neutral positions, and fundamentals matter more.
At the same time, the macro environment remains challenging: factors such as weak AI tech stocks, fluctuations in interest rate cut expectations, and declining risk appetite continue to suppress market sentiment.
Only when the main demand channels (ETF fund flow, DAT accumulation, stablecoin supply growth) recover, coupled with a rebound in spot liquidity, is the market expected to stabilize and reverse. Before that, the market will continue to be caught between a "macroeconomic environment of declining risk appetite" and "structural changes within the cryptocurrency market."