[Analysis: Recent cryptocurrency market downturn is a 'traditional financial event,' not an 'industry crisis'] Deep Tide TechFlow reports, on February 11, according to CoinDesk, multiple industry insiders have pointed out that the recent cryptocurrency market downturn is a 'traditional financial event,' rather than an 'industry crisis.' With the rise in Japanese yen interest rates, borrowing costs have increased, and heightened volatility has led to higher margin requirements—for example, margin requirements for metal trading have risen from 11% to 16%—forcing some traders to liquidate positions, creating downward pressure on risk assets across markets, not limited to crypto assets. Although Bitcoin ETFs have seen active trading during the market downturn, industry insiders believe this does not indicate a complete institutional withdrawal. Emma Lovett, Head of Market DLT Credit at JPMorgan, stated that the more relaxed policy environment in the U.S. is driving experimentation from private chains to public chains and stablecoin settlements. She predicts that by 2026, the integration of traditional finance and crypto infrastructure will deepen further.