According to cryptocurrency analyst Arndxt in a post on the X platform, there is no real risk aversion yet, the retail industry has not capitulated, and ETF inflows are still strong. Market depth is slowly declining, and liquidity damage is amplifying price movements - liquidity, not sentiment, is the real vulnerability of the market. But once the dip-buying reflex fails again, and the excess wealth expectations of the 2019-2024 cycle are challenged, the real deleveraging will begin. We are entering a phase where market movements will be increasingly policy-driven, not just data-driven. Note the Fed's phrases of "smooth operation", "interim" and "facilities".