The downside potential of this market correction is actually quite limited now. The key is to view the market from a rebound perspective. After Japan raised interest rates, the market trend truly changed—the downward logic was interrupted.

The main reason is the counteracting forces at play: while Japan's rate hike was implemented, the US launched the RMP (Savings Management Purchase) mechanism. When these two forces meet, they directly alter the market’s trajectory. The expected trend of decline was "supported," turning instead into sideways consolidation.

In early December, the US officially ended QE, but this does not mean liquidity will tighten. In fact, the way liquidity is released has simply changed. Starting from January next year, the US will release liquidity through the RMP, injecting about $400 billion into the market each month. The difference is clear: QE involves buying long-term government bonds, while RMP involves buying short-term government bonds.

Since the 2008 financial crisis, the market’s perception of QE has been labeled as "massive liquidity injection," and public opposition has grown. In contrast, as a new liquidity tool, RMP has fewer of these noises. Therefore, although QE has ended, the market has not experienced the systemic decline everyone anticipated.

Another noteworthy phenomenon is that many altcoins have entered a "no longer falling" stage. The performance shows a significant decrease in trading volume during declines, with selling pressure repeatedly absorbed, making it difficult to push prices down further and deplete liquidity. Some coins are even showing clear signs of capital accumulation and price manipulation.