Gold Financial reported that encrypted analyst Matthew Hyland said that the encryption market may not be able to return to the level of December last year. He pointed out that "the largest liquidation event in the history of encryption" occurred on February 3, with a clear settlement of more than 2.24 billion US dollars within 24 hours. The co-founder and CEO Ben Zhou of Bybit estimates that the actual total liquidation may be as high as US $ 80,000 to US dollars. Hyland said that according to the experience of market turbulence in 2020 and 2022, the market's complete recovery usually takes more than 2 months.