Wu said he learned that Delphi Digital said actual yield is becoming the biggest headwind facing the crypto market. Although overall liquidity is still skewed toward risk assets, the market’s safety margin has clearly narrowed, and systemic fragility is rising.

It pointed out that this environment is more favorable for strong assets and continues to suppress the performance of altcoins, which is usually reflected in an increase in Bitcoin’s market share. Currently, the correlation between Bitcoin and actual yield has turned negative again.