According to a report by Matrixport analyst Markus Thielen, despite recent Bitcoin and Ethereum clearing volumes reaching highs of $600 million, the market has shown clear resilience and prices can still stabilize at the bottom. This is in sharp contrast to the sharp fluctuations caused by clearing during the bull market of 2020/2021. The report pointed out that the current market overall leverage level is low, traders are more cautious stop-loss strategies, and market confidence is strengthening, which may be related to the approval of bitcoin spot exchange traded funds (ETFs) by the Securities Exchange Commission (SEC). The analysis shows that the risk of bitcoin zero is basically eliminated at present, and the downward pressure brought by liquidation is relatively limited.