Analysis: Macroeconomic uncertainty is exacerbating volatility in the cryptocurrency market, but there are currently no obvious signs of excessive leverage.

PANews reported on March 7th that, according to The Block, Bitcoin has fallen back after a recent rebound, dropping below the $70,000 mark, as the macroeconomic environment becomes more cautious and the market continues to face uncertainty. Analysis indicates that since the escalation of the conflict with Iran, spot market buying has significantly strengthened, but ETF inflows reversed after three consecutive days of net inflows. The market is currently digesting multiple uncertainties simultaneously, including escalating geopolitical conflicts, profit pressures in the technology sector, and the fragility of the private credit market. If high oil prices continue to push up yields, it may limit further upside potential for risk assets. Derivatives data shows no obvious signs of over-leveraging; open interest growth is largely in line with spot demand, and funding rates remain at a moderate level. Overall, the crypto market remains in a delicate balance between improving spot demand and macroeconomic pressures.