According to a report by cryptocurrency analyst arndxt on X platform, there has been no real risk aversion, the retail industry has not yet surrendered, and ETF inflows are still strong. The market depth is slowly declining, and the damage to liquidity is amplifying the price trend - liquidity, rather than sentiment, is the real fragility of the market. However, once the low-price buy reflection fails again and the excess wealth expectations in the 2019-2024 cycle are challenged, real deleveraging begins. We are entering a stage where market trends will increasingly be affected by policies, not just data-driven. Please pay attention to the Fed's words such as "smooth operation", "temporary" and "facilities".