Experiencing a sharp decline is a "system reset" ➜ After cleaning out leverage and bubbles ➜ The market will welcome a healthier and more sustainable upward cycle.

EgyHash, an analyst from CryptoQuant, published today: Bitcoin’s Biggest Reset: Pain Today, Gain Tomorrow?

1️⃣ Structural "de-leveraging" in the market;

Bitcoin's open interest plummeted from $47 billion to $35 billion, marking the largest contraction in recent years. The forced liquidation or voluntary closing of leveraged positions means that the bubble has been squeezed out.

2️⃣ After the cleaning of leveraged funds, initial sentiment recovery appears;

The funding rate briefly turned negative during the crash and then returned to positive, indicating that panic sentiment has temporarily eased, and there is a partial sentiment reset in the market. The short-term phase of "excessive panic" has passed, and a new balance between bulls and bears is forming.

3️⃣ Increase in stablecoin ratio → Potential buying power accumulates;

The Stablecoin Supply Ratio (SSR) has dropped to its lowest level of the year, indicating an increase in the supply of stablecoins relative to Bitcoin.

Implication: Off-exchange funds are accumulating purchasing power, and potential bottom-fishing capital is waiting on the sidelines to enter.

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