After analyzing the recent decline in the cryptocurrency market, it can be seen that it is primarily driven by two factors: the liquidation event on October 11 and the increasingly severe macroeconomic environment. This liquidation triggered a chain reaction, exposing issues of excessive leverage and poor risk management in the market. At the same time, macroeconomic indicators such as inflation and employment performed poorly, further fueling investor concerns.

From on-chain data, large holders have slowed their accumulation, while small retail investors are accelerating their buying. This divergence typically occurs towards the end of a market cycle and may indicate larger volatility in the short term. Notably, short-term holders are experiencing a surge in losses, reflecting a reset in market sentiment.

Overall, the market is currently in a sensitive period. While data from trading platforms and stablecoins still show some buying power, potential selling pressure cannot be ignored. Investors should closely monitor on-chain indicators and macroeconomic data to better understand market trends.