The current market is facing liquidity pressure caused by funding gaps from one or two market makers, and this structural risk often leads to increased short-term market fluctuations. Market makers play a key role in providing liquidity and maintaining market stability in the crypto assets market. If their balance sheets experience significant gaps, it can easily trigger a chain reaction, such as forced liquidation of leveraged positions and a vicious cycle of price falls.

The core contradiction is the mismatch between the short-term liquidity crisis and the long-term value narrative. Rational investors should avoid overreacting while closely monitoring the capital conditions of market makers, changes in leverage levels, and macro liquidity indicators to assess the actual progress of market repair.