Today I finished reading the HTX SSR research report, and my biggest takeaway is one sentence: this round is not simply a decline, but a "cognitive reset."

In the past, relying on emotions and cycle-based market judgments was no longer sufficient.
After the ETF opened the channel, institutional funds entered the market, quantitative strategies and risk control began to dominate volatility, and macroeconomic changes triggered automatic fund responses, making the market more rational and colder.