On February 19, Matrixport released a daily icon analysis, saying that compared with the previous bull market, the liquidation at that time often caused violent fluctuations, and this round of the market even if there is as much as 600 million US dollars of Bitcoin and Ethereum settlement volume in the short term, the price can still stabilize at the bottom, and there is no significant follow-up. This shows that the overall level of leverage in the market is low, traders are more cautious when setting stop losses, and their confidence is stronger, or affected by the SEC's approval of Bitcoin spot ETFs. Now, the risk of Bitcoin going to zero has been basically eliminated, and the focus of the market has turned to its downside space. However, historical data shows that the downside pressure brought by liquidation is relatively limited. This is in sharp contrast to the highly leveraged environment of the bull market in 2020/2021.