#加密市场回调 ### 1. Common Reasons for Callback

1. **Technical Adjustments**: Profit-taking after a sharp rise

2. **Macroeconomic Influence**:

- Changes in Federal Reserve monetary policy

- Transmission of volatility from the US stock market

- Strengthening of the US dollar index

3. **Regulatory Dynamics**: Such as SEC lawsuits and the introduction of new regulations in various countries

4. **On-chain Data Alerts**:

- Increase in exchange inventory (selling pressure signal)

- Large transfer anomalies

5. **Derivatives Market Liquidation**: Excessive leverage leading to a chain liquidation

### 2. Current Market Characteristics (2023-2024)

- Bitcoin ETF fund flow volatility

- Decreased correlation between altcoins and BTC

- Options open interest hits a historic high

- Miner reserves drop to multi-year lows