according to cryptocurrency analyst arndxt on X platform, there has not yet been any real risk aversion behavior, the retail industry has not surrendered, and ETF inflows remain strong. Market depth is slowly declining, liquidity damage is amplifying price trends - liquidity, not emotions, is the real vulnerability of the market. However, once the reflex to buy on dips fails again, and the expected excess wealth for the 2019-2024 period is challenged, true deleveraging will begin. We are entering a phase where market trends will be increasingly influenced by policies, not just data-driven. Pay attention to the Federal Reserve's wording such as "smooth operation," "temporary," and "facilities."