The callbacks in the past two days look fierce, but the essence is very clear:
It's not a withdrawal of funds, but rather high leverage being concentrated and cleared.
After consecutive force liquidations, the price has stabilized instead—
BTC has repeatedly confirmed in the key range, while ETH and some altcoins have strengthened first,
This is a typical rhythm of 'deleveraging completion → market repricing.'
On a macro level, things are quietly shifting:
the U.S. dollar has weakened, giving a sigh of relief for risk assets.
Bitcoin is once again being used by the market as a tool to hedge against uncertainty, rather than merely a speculative target.
And against the backdrop of the upcoming Federal Reserve meeting,
Short-term volatility will still be amplified, but this volatility is more about liquidations rather than trend reversals.
What is truly noteworthy is the structural changes:
🟡 Stablecoin issuers are beginning to actively allocate hard assets
🟡 The regulatory level is releasing clearer and more coordinated signals
🟡 Cryptographic assets are converging towards 'basic financial infrastructure', rather than just trading targets.
These changes have limited impact on short-term prices,
But they are significant in terms of whether medium to long-term capital dares to enter the market.
In summary:
This round of decline has cleared leverage,
It’s not confidence;
The positions that survived,
Only then will they participate in the next market phase.
