In response to yesterday's sharp drop in the crypto market, many institutional analysts believe that this is a manifestation of market deleveraging. FalconX Global Derivatives Director Griffin Sears said that the latest wave of decline is a controllable deleveraging event in the cryptocurrency market. However, compared with a year ago, the increase in leverage in the cryptocurrency market still leaves ample room for abnormal and large fluctuations. Chris Newhouse, research director of decentralized financial research company Ergonia, said that Ethereum's sharp drop reflects excessive leverage meeting insufficient liquidity, rather than any fundamental catalyst. Orbit Markets co-founder Caroline Mauron believes that the market is consolidating after yesterday's sharp correction, but sentiment still feels quite nervous. If Bitcoin falls below $110,000 or Ethereum falls below $4,000, it may lead to further selling. (Jinshi)