Market analysis points out that the recent cryptocurrency market decline is a "traditional financial event" rather than an "industry crisis." Rising yen interest rates have increased borrowing costs, while increased volatility has led to higher margin requirements; for example, margin requirements for metal trading have risen from 11% to 16%, forcing some traders to liquidate their positions. This has created downward pressure on risky assets across markets, not just crypto assets. Although Bitcoin ETFs saw active trading during the market downturn, industry insiders believe this does not represent a complete withdrawal of institutional investors. Emma Lovett, Head of DLT Credit at JPMorgan Chase Markets, stated that the more relaxed policy environment in the US is driving experiments to expand from private blockchains to public blockchains and stablecoin settlements, and the integration of traditional finance and crypto infrastructure is expected to deepen further by 2026. (CoinDesk)