[Analysis: Macro uncertainties intensify recent cryptocurrency market volatility, but no obvious signs of leverage overheating observed] Deep Tide TechFlow reports, on March 6, according to The Block, Bitcoin retreated again after its recent rebound and fell below the $70,000 threshold. The macro environment remains cautious, and the market continues to face uncertainties. Analysts pointed out that since the escalation of the Iran conflict, spot market buying has significantly increased, but ETF fund flows reversed after three consecutive days of net inflows. The current market is simultaneously digesting multiple uncertainties, including the escalation of geopolitical conflicts, profit pressures in the tech industry, and vulnerabilities in the private credit market. If oil prices remain high and push up yields, it may limit the rebound potential of risk assets. In terms of derivatives, no obvious signs of leverage overheating have been observed. Open interest growth is generally in sync with spot demand, and funding rates remain at moderate levels. Overall, the cryptocurrency market is still in a delicate balance between improving spot demand and macro pressures.