#加密市场观察 In the liquidity dilemma, can the rebound continue?
On-chain + macro: dual signals reveal the market essence
This rebound is not driven by endogenous forces within the crypto market but relies on macro sentiment transmission, combined with a decline in on-chain activity, further confirming the "weak rebound" characteristic.
Macro linkage: risk sentiment dominates short-term trends The core driver of this rebound is the global risk appetite recovery: Trump’s Davos statement easing US-EU trade tensions, NATO framework agreement implementation, boosting US tech stocks and a slight 0.2% ri