Analysis: Market sentiment improves after the sharp decline, and BTC begins to rebound after hitting the bottom.

Mars Finance News: The crypto market has experienced a phase of recovery after a sharp sell-off, rebounding from its lowest levels to above $65,000. Ethereum has also recovered from a low of around $1,750 to approximately $1,900. On the macro level, the overall risk asset environment remains under pressure. Recently, technology stocks have weakened, risk appetite among investors has declined, and precious metals and cryptocurrencies have moved in tandem, further accelerating the market’s deleveraging process. However, panic sentiment has not fully dissipated. Previously, the options market saw extreme protective buying, with some traders even purchasing put options with strike prices as low as $20,000, indicating that the market is still hedging against extreme tail risks. Overall, this round of sharp decline mainly reflects a phase of correction following leverage unwinding and reduced risk appetite. A short-term technical rebound may have already occurred, but the medium-term trend still depends on macro liquidity, the performance of technology stocks, and institutional capital flows.