#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 d