Market Reflection | A Reasonable Scenario for the Current Crypto Market Selling Pressure

Pantera partner Franklin Bi mentioned a perspective worth considering:
The recent sell-off may not originate from traditional crypto-native institutions but rather from large entities in Asia with relatively low crypto exposure.

One possible chain of events is:
Leverage and market making on Bn → Reverse JPY carry trade → Extreme liquidity shock → Approximately 90-day buffer period → Failed attempts to replenish through gold/silver → Forced to accelerate deleveraging this week.

This can also explain:
• On-chain/community sentiment previously “unaware”
• Selling pressure driven more by liquidity than fundamental collapse
• Certain key liquidation zones were not completely breached in one go

Of course, this is just a hypothesis, not a conclusion.
The real market risk often comes from off-chain variables rather than the K-line itself.

📌 Next focus points:
Whether liquidity continues to contract, whether macro arbitrage has fully unwound, and changes in the correlation of risk assets.

For reference only, not investment advice.