Matrixport： In this round of market clearing, there has been a large amount, but the price of Bitcoin can still stabilize at the bottom, and the market dynamics are different from those in 2020-2021

According to BlockBeats news, on February 19th, Matrixport released a daily chart analysis stating that compared to the previous bull market, the clearing at that time often caused severe fluctuations, and even though there was a clearing volume of up to $600 million for Bitcoin and Ethereum in the short term, the price was still able to stabilize at the bottom and did not show a significant drop. This indicates that the overall leverage level in the market is relatively low, and traders are more cautious and confident when setting stop losses, possibly influenced by the SEC's approval of Bitcoin spot ETFs. Nowadays, the risk of Bitcoin resetting to zero has been largely eliminated, and the market's focus has shifted to its downside potential. However, historical data indicates that the downward pressure brought by liquidation is relatively limited. This is in stark contrast to the high leverage environment during the bull market period of 2020/2021.