Agent of "1011 Insider Whale": Multiple structural factors constrain ETH and BTC from rising with other risky assets Garrett Jin, the agent of "1011 Insider Whale", stated in an article on X platform that multiple structural factors have constrained ETH and BTC from rising with other risk assets, mainly due to trading cycles, market microstructure, and market manipulation by some exchanges, market makers, or speculative funds. In terms of market background, the deleveraging decline since October has caused serious losses to leveraged participants, especially retail investors. From a time cycle perspective, although BTC and ETH performed poorly within three years, they still outperformed most assets within a six-year cycle, and short-term poor performance can be seen as a mean regression over the long-term cycle. As long as BTC's "digital gold" and ETH as the core narratives of AI and RWA infrastructure are not falsified, there will be no basis for long-term underperformance. At present, the futures trading volume of BTC and ETH is close to historical lows, indicating that the deleveraging process is nearing its end. Labeling BTC and ETH as purely risky assets is one-sided. BTC and ETH also have hedging properties, and the real reason for their poor performance lies within the cryptocurrency market: the market is at the end of the deleveraging cycle, and participants are highly sensitive to downside risks; The market is dominated by individual investors, with institutional participation being passive; Speculative funds utilize the high leverage of individual investors and market microstructure to create volatility through concentrated selling during periods of thin liquidity, triggering chain liquidation.