Crypto Assets Market Pullback Analysis: Resonance of Macro and Micro Factors

Recently, the Crypto Assets market has experienced significant adjustments, mainly influenced by two factors:

Micro Level: Continuous Occurrence of Large Capital Loss Events

Last week, Bybit and Infini were successively attacked by hackers, resulting in huge financial losses. These incidents have shaken the confidence of traditional investors, leading to capital outflows. The flow of funds from BTC ETFs shows a significant outflow of capital since the attack incidents, indicating that traditional investors are concerned about the industry's prospects. These hacking events have become the catalyst for this round of pullback.

Macroscopic Level: Changes in Global Landscape and Migration of Liquidity

1. U.S. fiscal situation: The Trump administration is restructuring the industry through strategic contraction, but is facing pressure from fiscal deficits. Attention should be paid to changes in government spending cuts, employment data, and other indicators.

2. Stagnation concerns: DeepSeek's open-source achievements impact the valuation of the US AI industry, while the valuation of Chinese tech stocks returns to normal. The progress of US sovereign fund construction and tariff policies are also worth noting.

3. Dollar Trend: There are differences in dollar policy, which may present a trend of strength followed by weakness in the future. This will affect dollar-denominated assets, including Crypto Assets.

The current market has high uncertainty, and investors can adopt a barbell strategy to enhance the anti-fragility of their portfolios. On one hand, allocate blue-chip Crypto Assets, and on the other hand, take small positions in high-volatility assets. Although there is price pressure in the short term, no significant structural risks have been observed, and moderately building positions during excessive pullbacks is also an option.