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10x Research: Recent dumping is driven by Spot rather than Margin Trading, market demand remains weak.
According to ChainCatcher news and the latest report from 10x Research, the recent dumping has been mainly driven by Spot selling rather than Margin Trading, indicating that even as the falling momentum slows down, demand remains weak. The volume remains high, and the slowing rise of stablecoins (especially the outflow of USDC) suggests that funds continue to flow from Crypto Assets to fiat currency. Among them, Bitcoin faces further pressure from liquidation, distribution by large holders, outflows of ETF funds, and changes in macro policy expectations. Ethereum weakened, as outflows of ETF funds and a collapse in derivatives positions offset positive news such as BlackRock's staking ETF application.