Wu Blockchain reports that Coin Metrics has published an in-depth analysis of the factors driving the recent weakness in the crypto asset market. On the macro level, uncertainty around a potential rate cut in December and the decline in tech stocks have heightened risk-averse sentiment. Within the crypto space, demand channels like ETFs and Digital Asset Treasuries (DATs) have seen capital outflows and cost pressures. The liquidation event on October 10 triggered multi-layered deleveraging, and spot market liquidity has yet to recover. The article analyzes ETF fund flows, perpetual futures and DeFi market leverage, and order book liquidity, pointing out that while the market is currently under downward pressure, the deleveraging process has made the system healthier, with a more neutral market positioning and fundamentals-driven dynamics. For the market to sustain recovery, key demand channels need to rebound, and spot liquidity must improve. Until then, the market will fluctuate between macro risk aversion and internal structural tensions within the crypto asset market. http://(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=52484