according to Matrixport analyst Markus Thielen's report, despite the recent peak of $600 million in liquidation volume for Bitcoin and Ethereum, the market has shown clear resilience, with prices still able to stabilize at the bottom. This is in stark contrast to the violent fluctuations caused by liquidation during the bull market of 2020/2021.

The report points out that the overall leverage level in the current market is relatively low, traders' stop-loss strategies are more cautious, and market confidence is increasing, which may be related to the approval of Bitcoin spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Analysis shows that the risk of Bitcoin going to zero is basically eliminated at present, and the downward pressure from liquidation is relatively limited.