#打榜优质内容# Today's Cryptocurrency Market Observation

Today's Focus
1. The cryptocurrency market is dragged down by the PPI plunge, with deleveraging taking the lead - bulls face "risk-off liquidation," making it difficult for short-term upward momentum to continue.
2. BTC/ETH both fell but still maintained technical support (BTC $115k, ETH $4.2k). After the liquidation wave, the structure has shown some stability.
3. ETF funds have not seen a large-scale withdrawal in the short term, but the structure still favors cautious re-entry, and market funds are awaiting stable signals.
4. Policies and macro factors remain key: Before the PPI and the Federal Reserve minutes, funds tend to be cautious; ETF support needs to continue.
5. The trading rhythm needs to be adjusted more cautiously: after the turnover ends, it is not advisable to chase highs for the time being. The layout should wait for support confirmation and capital inflow signals.
Interpretation of the Two Market Structures
1 This callback features "de-leveraging" and "liquidation pressure", belonging to a technical correction rather than a trend collapse.
2 The capital structure still supports high-level fluctuations: If the ETF continues to see net inflows and there are no significant risks of policy reversal, the market is expected to build a bottom for a short-term rebound.
3 ETH has higher leverage, a more fragile structure, possesses stronger rebound potential but also faces greater risks.
4 Key signals to pay attention to: ETF net inflow, recovery of leverage rates, stable basis between spot and futures, and weak release of macro risks.