Under the resonance of macro and technology, the encryption market has started the process of depth de-risking.

The current encryption market is facing a "dual pressure resonance"—the uncertainty of the macro environment and the internal chain liquidation of the market are overlapping, jointly driving depth risk reduction. Compared to past local sector rotations, the breadth and intensity of this systemic sell-off have significantly escalated, with its core triggers pointing directly to three major events: the Federal Reserve's hawkish shift, the sudden collapse of the AI sector, and the breach of ETH's key support level.

On a macro level, after the Federal Reserve announced a 25 basis point rate cut, it immediately released a more hawkish signal than expected, clearly stating that a rate cut in December is "far from a certainty," directly shattering the market's optimistic expectations for policy easing. This statement quickly raised the capital costs and volatility premiums of risk assets, fundamentally suppressing market risk appetite.

The micro trading end and the transmission of macro sentiment have triggered a collective collapse of previously high-beta sectors: the AI sector has dropped more than 8% within 24 hours, followed closely by the Layer 2 sector with a decline of over 7.5%. The leading project Mantle has seen a daily drop exceeding double digits. Meanwhile, ETH has fallen below the critical level of $3900, marking that selling pressure has penetrated the market's psychological defense line for core assets, further spreading panic sentiment.

The funding data more intuitively confirms the depth of the market adjustment: BTC ETF recorded a net outflow of 490 million USD in a single day, while the liquidation scale of long positions across the entire network exceeded 1 billion USD on the previous trading day. These two key sets of data clearly outline that the current market is in a stage of efficient "de-leveraging" and asset "value reset" in parallel, with short-term adjustment pressure still being released.