After experiencing a sharp decline on October 11th, the crypto market seems to have entered a prolonged "cooling-off period." For most investors, rather than predicting price increases or decreases, it might be more important to understand how the current market liquidity has recovered following the heavy blow on 10.11. Additionally, from the perspective of the dominant market funds, how do they view the future market direction?



In this regard, PANews attempts to analyze the current capital landscape of the market through data such as order book depth, options market, and stablecoins. The final conclusion is: the market does not appear to have experienced a true recovery but instead has fallen into a structural split characterized by continuous liquidity decay and accelerated defensive positioning by institutional funds.
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