According to online reports, TradingView data shows that the total market value of cryptocurrencies hovers above US$2.7 trillion, and has evaporated nearly US$1 trillion since reaching a peak in December 2024. Multiple indicators suggest Tuesday's sell-off could mark a partial bottom. Andre Dragosch, director of research at Bitwise Europe, emphasized that the crypto-asset sentiment index fell to its lowest level since August, coinciding with the unwinding of the yen carry trade and Bitcoin bottomed out at around $49,000. "The Cryptocurrency Asset Sentiment Index has just sent a large number of reverse buy signals for Bitcoin. General bearish sentiment on capital flows, on-chain data and derivatives suggests that downside risks are quite limited. At these prices, the risk-reward outlook seems quite favorable,"Dragosch pointed out.