Analysis: Increased macroeconomic uncertainty has intensified recent cryptocurrency market volatility, but there are currently no clear signs of excessive leverage

According to ChainCatcher, as reported by The Block, bitcoin has retreated again after a recent rebound, falling below the $70,000 mark. The macro environment has become more cautious, and the market still faces uncertainty. Analysis points out that since the escalation of the Iran conflict, spot market buying has significantly increased, but ETF capital flows have reversed after three consecutive days of net inflows. The current market is simultaneously digesting multiple uncertainties, including the escalation of geopolitical conflicts, profit pressures in the technology sector, and vulnerabilities in the private credit market. If oil prices remain high and continue to push up yields, it may limit the further rebound space for risk assets.