[CryptoQuant Analyst: SpaceX IPO Shakes the Market, Bitcoin Enters 'Recovery + Selling Pressure' Parallel Phase] According to a report by Jinse Finance, CryptoQuant analyst Axel Adler Jr stated in an article that this week’s market has been significantly impacted by SpaceX’s large-scale IPO, sparking cross-asset risk concerns. Although the overall risk appetite indicator remains in a deviation range, market pressure has been somewhat alleviated on the sentiment level. For Bitcoin, this week marks a recovery phase following the drop from the $60,000 low, but structural selling pressure still persists. Data shows a net outflow of approximately 20,900 BTC from exchanges this week, indicating that the ongoing selling pressure has not been fully alleviated. The short-term rebound is primarily driven by short covering, as short positions accumulated over the past month are being liquidated in concentration, providing temporary price support. Additionally, miner pressure has started to emerge, and overall risk appetite has yet to turn significantly positive. The market is currently in a transitional state of 'recovery and deleveraging running in parallel.'