K33: The crypto market will be healthier after deleveraging, and currently holds a "constructive bullish" view.

On October 15, after experiencing the severe deleveraging wave that swept through the derivatives market last week—one of the largest series of liquidations in recent years—research brokerage K33 pointed out that the cryptocurrency market has entered a healthier phase. Although the company's research director Vetle Lunde called for patience in the latest report, he described this market reset as "constructively bullish," emphasizing that the excessive leverage risks that have persisted for months have been eliminated, laying the foundation for a new round of pump. "The structural effects of deleveraging mean that liquidity may remain thin during the recovery period from forced dumping by market participants," Lunde analyzed. "Historically, such deleveraging phases often lead to short-term stagnation and cautious trading, but they also often mark the bottom of the market, creating fertile ground for long-term recovery."