"Increased volatility and slowing growth are intertwined, and the current situation is more like a correction than a bearish turn."

This discussion focused on the macro drivers behind gold's record rise, and how tokenized gold, represented by XAUm, can accelerate the application of RWA in DeFi and CeFi.

Over the past week, the crypto market experienced unusually high volatility, with both BTC and ETH prices experiencing sharp price corrections. Following the short-term panic sell-off, on-chain and institutional signals are suggesting the market may be entering a new bottoming phase.

The upward momentum has been realized, and new funds and interest rate cycles will determine the height of the bull market.

Last week's flash crash marked the most dramatic liquidity drain in the crypto market in nearly two years. The BTC price briefly approached $100,000, and global margin calls totaled approximately $19.1 billion over a 24-hour period, with leveraged positions across the market systematically liquidated. Despite significant short-term volatility, on-chain capital flows and institutional holdings suggest a market bottom may have been reached, and the release of risk is building momentum for the next wave of gains.

Entering October, the crypto market rebounded strongly, driven by macro easing and risk abatement. Bitcoin approached new highs, and Ethereum broke through $4,900. The market is currently experiencing a volatile upward trend, and investors can achieve both offensive and defensive returns through structured products.

高位回调后情绪谨慎修复；BTC/ETH临关键支撑；宽松预期托底风险资产；链上长钱增持；IV低位+Skew偏空，策略宜卖波动防尾部。

未平仓合约居高、资金费率走低，期权偏向防御，短期波动或放大。

美联储降息落地，BTC与ETH高位回调，流动性紧缩与机构再平衡成主要因素。

局部山寨币升温，资金轮动加剧，合理利用结构化工具稳健参与、严控风险。

黄金创新高，BTC临支撑考验，市场或将迎连锁反应。

BTC震荡整理期延续，受宏观数据与政策预期交织影响，市场波动性或进一步上升。

债务扩张、季节性因素和链上结构变化正共同作用于市场，部分关键指标如今出现明显分化

在2025年三季度，数字资产市场正处于宏观环境与资金流动双重因素的博弈之中。

美国市场正进入新一轮流动性释放周期，结构性资金支持或将驱动 BTC 等风险资产持续上行