#加密市场观察 Today's Interpretation

The current market is very much like a major surgery without anesthesia. Bitcoin has fallen below $80,000, triggering $2.5 billion in liquidation bloodshed. This is not just a number; it marks the bubble inflated by the “institutional bull” narrative since last year officially bursting.
Ironically, the previously “guaranteed win” BlackRock IBIT investors now have a negative overall return. This means that those institutional elites who were frantically calling for a breakout at the $100,000 mark have already led their most conservative funds into a trap. In plain terms, the market is experiencing a “liquidity fracture,” and the controversy over the aftermath of liquidations further exposes the lack of market depth on trading platforms during extreme conditions.
Interestingly, while the secondary market is in dire straits and SunYuchen is once again caught in regulatory reports, the Ethereum Foundation is working on a form of “defensive evolution.” They have elevated post-quantum security to a strategic priority, developing leanVM and PQ signatures.
The message behind this is very clear: core developers are no longer concerned with the ups and downs of this bull-bear cycle. They are even predicting a “dimensionality reduction strike” that could occur in the next decade. While everyone is still debating whether Ethereum at $2,300 is the bottom, the technical layer is already laying the groundwork for infrastructure reconstruction in the quantum computing era. This kind of “foresight” in technology starkly contrasts with the market’s “short-sightedness.”
The real highlight is the complete shift in regulatory logic. The U.S. Treasury directly bypasses traditional legal battles, using sanctions to cut off transactions suspected of being linked to Iran. This “long-arm jurisdiction” has become so granular that it targets every specific node and flow. Coupled with over $400 million in security losses in January, we see a harsh reality: the security boundaries of Web3 are collapsing.
If you still think this is just another “technical correction,” you are being naive. This is actually a “switch in the main logical thread.” The old logic relied on liquidity overflow and institutional entry to push valuations higher, but now that path is blocked by liquidations and negative returns.
A new logic is growing from the ruins: on one side, foundational restructuring like Ethereum’s leanVM, aiming to achieve true “invincibility” technologically; on the other, regulatory authorities are forcibly stripping out gray leverage within the industry through sanctions and manipulation accusations. For hardcore investors, the focus is no longer on guessing when Bitcoin will rebound to $100,000, but on who can preserve the core technological moat during this “purge of falsehood and preservation of truth.” Ultimately, when the tide recedes, we find that not only are some people swimming naked, but even the pool’s foundation is being reconstructed.