Before the market officially enters a bull market, there will be a decent deleveraging market on the market, such as 3.12 before 2021, when BTC fell 70% in one day; another example is the 9.4 round in 2017. Some deleveraging factors are off-market, such as policies, emergencies, etc., and some are pure market behavior. This time it came late, but it still came. 2024.7.5.