Structurally, this round of adjustment has three layers of logic:
1️⃣ Macro Trigger - Trump's new tariff policy has caused global risk assets to resonate downward, and cryptocurrencies, as high Beta assets, are naturally the first to be affected.
2️⃣ Liquidity Collapse - The funding rates for perpetual contracts are persistently positive, and with leverage stacking, the liquidation chain reaction amplifies the decline when prices go down.
3️⃣ "Healthy Violence" in the Deleveraging Process - The mid-term trends of ETH and BTC remain (institutional inflows, ETF holdings, on-chain capital flo
View Original1️⃣ Macro Trigger - Trump's new tariff policy has caused global risk assets to resonate downward, and cryptocurrencies, as high Beta assets, are naturally the first to be affected.
2️⃣ Liquidity Collapse - The funding rates for perpetual contracts are persistently positive, and with leverage stacking, the liquidation chain reaction amplifies the decline when prices go down.
3️⃣ "Healthy Violence" in the Deleveraging Process - The mid-term trends of ETH and BTC remain (institutional inflows, ETF holdings, on-chain capital flo






















