The recent pullback has indeed been a bit uncomfortable. It's hard to pinpoint the exact trigger for the market's fall, but it is likely related to two factors: first, some regions' regulatory stance on encryption assets remains stringent, but the market has seen this before and is quite adaptable; second, the interest rate issue in Japan has started to ferment—this is the more tricky aspect at the moment.

Japan's real interest rates have been rising, and the central bank governor Kazuo Ueda recently stated that he is weighing the timing and impact of interest rate hikes, indicating that if conditions are right, the policy interest rate may be adjusted. This indeed puts significant pressure on risk assets that rely on a low interest rate environment. In the short term, market sentiment may still be driven by these macro factors.