Matrixport： The overall leverage level in the current market is relatively low, and the market's focus has shifted towards the downward space of BTC

According to Matrixport Market Dynamics, the clearing situation of Bitcoin and Ethereum in this round is significantly different from the bull market period of 2020/2021. At that time, liquidation often caused severe price fluctuations, but even with a liquidation volume of up to $600 million in the short term, the price was still able to stabilize at the bottom and did not experience a significant drop. This indicates that the overall leverage level in the current market is relatively low, traders are more cautious when setting stop losses, market confidence is stronger, or may be affected by the SEC's approval of Bitcoin spot ETFs. In addition, the risk of Bitcoin zeroing has been largely eliminated, and market attention has shifted towards its downside potential. However, historical data shows that the downward pressure brought by liquidation is relatively limited, which is in stark contrast to the market in the high leverage environment of 2020/2021.