In eight weeks, 1.2 trillion dollars just disappeared.

Some analysts say this is a "carefully designed collapse" - it sounds quite conspiratorial, but upon closer inspection, the speed at which leveraged players were wiped out is indeed outrageous. A single day's liquidation of $19 billion is a staggering figure for any market.

Interestingly, when the price of cryptocurrencies crashed, the number of users actually increased. Now, there are over 560 million crypto users worldwide, and institutions haven't been idle either—big players like BlackRock and MicroStrategy have accumulated over 1 million Bitcoins. On the regulatory front, new rules like GENIUS and CLARITY are also being implemented, at least making the regulations clearer.

The fundamentals haven't actually collapsed. The scale of DeFi lending remains stable at 39 billion USD, and over 8 billion USD worth of real assets have also been brought on-chain. Liquidation due to leverage is a technical issue; the underlying logic is still functioning.

This round of decline seems more like a consolidation rather than an end.