Currently, I am not considering bottom-fishing, mainly based on the following factors:
The dual effect of low leverage - although a lower leverage ratio means that market risk is relatively controllable, it also reflects weak buying interest. Combined with the recent sharp pullback, this sentiment resonates with prices and may further exacerbate downward pressure.
Insufficient liquidity - the market lacks support from new funds, and the upcoming crypto summit has not brought the expected benefits, leading to an overall tight liquidity situation.
Risk of emotional outbursts - if market sentiment gets out of control again, extreme market conditions may reappear, and a situation similar to the "deep retreat" of 2024 may play out once more.
This is my current overall assessment of the market.