According to online reports, according to cryptocurrency analyst arndxt in an article on the X platform, there has been no real risk aversion, the retail industry has not surrendered, and ETF inflows are still strong. Market depth is slowly declining, and impaired liquidity is amplifying price movements-liquidity, not sentiment, is the real vulnerability of the market. However, once the bargain-hunting reflex fails again and excess wealth expectations for the 2019-2024 cycle are challenged, real deleveraging will begin. We are entering a stage where market trends will be increasingly influenced by policies, not just data driven. Please pay attention to the Federal Reserve's terms such as "smooth operations","temporary" and "facilities".