Is the crypto market really facing a "bear market"? Beware! The chain reaction of risk avoidance in the gray industry! 📉

Currently, there is a pervasive concern in the crypto market about a "bear market." Some believe this is part of the market cycle and a phase of consolidation. However, we must acknowledge an undervalued factor: the global risk avoidance regarding the flow of funds in the gray industry is affecting the liquidity of the crypto market with unprecedented intensity. Is it too simplistic to attribute the liquidity depletion solely to the market cycle while ignoring the significant withdrawal of invisible funds under regulatory pressure? 🔍 When these "non-mainstream" funds exit, both the depth and breadth of the market are impacted, which fundamentally differs from the capital rotation in traditional bull and bear cycles. Do you think this regulatory-driven capital outflow will be the main reason for this round of market decline? Share your thoughts! 👇 #Market Cycle #流动性