这一次币圈寒冬，底层基建没有崩

Group 1 - The core viewpoint is that despite recent sell-offs in Bitcoin and a potential market winter, the underlying infrastructure supporting the cryptocurrency market remains intact, providing confidence to bullish investors [1] - Unlike previous cycles, the current market mechanisms are functioning well, with cryptocurrency exchanges operating normally and custodians maintaining good solvency, while many U.S. banks are actively developing cryptocurrency products, effectively preventing a systemic collapse [1][2] - Resilience in funding further limits downside risks in the market, as most assets remain in the market despite concerns over ETF fund outflows, with institutional buyers holding their ground and no panic selling observed [1] Group 2 - The resilience of the infrastructure is evident as the market did not experience systemic collapses like in 2022, where notable institutions such as FTX and Celsius failed, indicating significant improvements in market mechanisms [2] - The supply-demand structure of Bitcoin is undergoing substantial changes, with Bitcoin ETF assets being held steadily during price declines and a reduction in the free trading supply of Bitcoin [2] - This structural change alters the physical mechanism of potential recovery, suggesting that if market sentiment shifts, buying pressure will be transmitted through narrower channels, potentially generating greater momentum for market rebounds [3]