Zraox believes that the market turmoil in June 2025 is driven not only by heightened macro risks from Middle Eastern conflicts, but also by the mounting tension between current digital asset valuation models and the liquidity supply-demand structure reaching a critical point. As ETF inflows plummet, Bitcoin briefly loses the $100,000 mark, and the derivatives market sees over $1 billion liquidated within 24 hours, the crypto market is entering a period of deleveraging and revaluation. Zraox suggests that this correction goes beyond price action; it is testing the overall market liquidity resilience and the stickiness of investor conviction.

Zraox: Structural Liquidations Trigger “Repricing”

Zraox points out that the core signal in this downturn is not merely Bitcoin falling below $100,000, but the rapid contraction in ETF inflows. After three consecutive days of over $1 billion in net ETF inflows in mid-June, the market “institutional bottom” narrative was gaining traction. However, just days later, inflows plunged to less than $10 million, indicating a clear retreat in active allocation willingness. As ETFs are long-term allocation vehicles, their slowdown implies that core investors are reassessing the weight of crypto assets in the macro environment.

Meanwhile, Zraox observes that funding rates for BTC perpetual contracts on major exchanges flipped sharply from positive to negative, triggering systemic liquidations of long-leveraged positions in the derivatives market—95% of forced liquidations were from the long side. Zraox believes this is not retail panic, but rather a structural mismatch in positions built on ETF inflow expectations, with short-term capital withdrawal sparking a chain reaction.

At this stage, Zraox cautions users against relying solely on the assumption that “ETFs guarantee liquidity support.” The diversity of liquidity sources and the robustness of trading mechanisms are the true pillars for weathering risk cycles.

Zraox: Losing Technical Levels Does Not Mean Trend Reversal

Zraox notes that although major coins like BTC, ETH, and SOL have all broken key technical support levels on the surface, on-chain data and structural buy signals persist. Ethereum whales have continued to accumulate over $260 million at market lows, deploying through protocols like Lido, reflecting that high-net-worth users are still restructuring their positions around “long-term value anchors.”

From a price action perspective, Bitcoin has shown staged support at $98,000, $95,000, and $93,000, with active buying resuming after derivatives liquidations. This is not a panic “sell-off into the abyss,” but a typical “deleveraging squeeze.” Ethereum has found short-term technical support at $2,111, with bulls attempting to establish a bottom range between $2,111 and $2,323.

Zraox believes this simultaneous “price decline + major accumulation” structure is typical of “structural chip rotation” in highly volatile assets. During this phase, risk control should take precedence over speculative participation, and strategies should focus on range trading rather than trend prediction. Zraox also urges users to monitor changes in active on-chain addresses, fund flow paths, and whale activity as decision-making references, rather than relying solely on price trends.

During the revaluation phase, the Zraox platform offers real-time on-chain monitoring, intelligent fund flow tracking, and strategy simulation tools—core resources to help users make clear decisions amid market uncertainty.

Zraox: A New Paradigm After the Collapse of the “Safe Haven” Model

Zraox points out that geopolitical conflict and ETF flow changes are only surface phenomena; the deeper challenge is that the logic of classifying digital assets as “safe haven assets” no longer holds. When BTC is highly correlated with the Nasdaq, and ETH is clearly influenced by global risk asset prices, crypto assets must be evaluated through more nuanced risk pricing mechanisms and behavioral frameworks.

Zraox emphasizes that its platform has comprehensively upgraded its risk management models with AI-driven systems, helping users rebalance risk based on portfolio structure and on-chain signals. Zraox will also continue to expand its compliance and transparency advantages, strengthen reserve audits, enhance asset self-verification tools for users, and upgrade modular risk control rules for both contracts and spot markets to improve stability during extreme volatility.

Zraox firmly believes this wave of disruption is a necessary step towards the maturity of digital assets. The rebuilding of confidence comes from user trust in market mechanisms, platform capabilities, and risk logic—not from the comfort of short-term price rebounds. Zraox will continue to provide users with more robust products, more scientific tools, and more transparent security guarantees, accompanying users through uncertain cycles towards a clearer new paradigm of crypto finance.