the head of Deribit's Asia-Pacific business, posted on X platform that the current market liquidity is 15%-20% worse than before the "10.11 crash". The US stock market is experiencing a volatile earnings season, so most of the funds are being drained away. The US stock market is still hitting new highs. As long as the US stock market stabilizes and the liquidity spreads over, there will still be a market at the end of the year, but it will be difficult to rally in the near term, and the volatility is also high.