#加密市场回调 According to recent market dynamics and search results, the correction in the encryption market in September 2025 is primarily triggered by a combination of multiple factors, including macroeconomic conditions, market structure, industry events, and technical adjustments. The following is a specific analysis of the reasons:

1. Macroeconomic and Policy Pressure
The expectation for the Federal Reserve to cut interest rates has weakened.
The US July PPI data exceeded expectations (soaring 3.3% year-on-year), leading the market to lower its bets on a Fed rate cut in September (the probability dropped from 98% to 84%). US Treasury yields rebounded, and the attractiveness of risk assets declined. In addition, the positive effect of a 25 basis point rate cut by the Fed in September has already been priced in by the market, resulting in a "buy the rumor, sell the news" effect.
Global trade friction intensifies
The Trump administration announced tariffs on Canada and Mexico, raising market concerns about a trade war, increasing risk aversion, and causing funds to pull out of risk assets like Bitcoin. Meanwhile, the European Union has for the first time included cryptocurrency exchanges in its sanctions list against Russia, restricting the flow of funds.
2. Market Structure and Liquidity Risk
High leverage and liquidation chain reaction
Decentralized derivatives exchanges (such as Aster and Hyperliquid) offer extremely high leverage (up to 40 times or even 1000 times), accumulating a large number of long positions as the market overheats. A pullback triggers forced liquidations, leading to a surge in liquidation amounts (over $1 billion in a single day), further amplifying price volatility. For example, after Bitcoin dropped below $111,000 on September 23, $1 billion was liquidated within 4 minutes.
Token unlocking and liquidity pressure
The token unlocking plan for popular tokens (such as HYPE) which releases $500 million monthly far exceeds the market's absorption capacity, raising concerns about sell-offs. In addition, the decline of the Digital Asset Treasury (DAT) model has led to funds shifting towards new sectors such as DeFi and RWA, weakening the support for mainstream coins.
3. Industry Events and Sentiment Shocks
Security incidents and trust crises
Bybit exchange has suffered the largest hacker attack in history (losing $1.46 billion in ETH). Although it debunked rumors about user fund safety, panic spread, exacerbating sell-offs. Similar incidents have occurred frequently (such as the Bybit theft case in February 2025), undermining market confidence in the security of exchanges.
Regulatory dynamics and policy uncertainty
The US SEC has suspended investigations into institutions like Coinbase and Binance, and is promoting stablecoin legislation (such as the GENIUS Act), which has temporarily triggered market concerns over tightening regulation. The EU's sanctions against Russia and the delay of state-level Bitcoin investment bills in the US have also affected capital inflows.
4. Technical Aspects and Market Cycle Adjustment
Technical correction requirements
After reaching historical highs, Bitcoin and Ethereum's RSI indicator shows overbought conditions (such as the top divergence in ETH), and short-term profit-taking pressure has led to a pullback. For example, the failure of the daily moving average support for ETH may indicate a trend reversal.
The season of altcoins is retreating.
The previously driven "Altcoin Season" by Meme coins and the Solana ecosystem has cooled down, with funds flowing back to Bitcoin, resulting in altcoins experiencing a decline far greater than mainstream coins (such as SOL dropping 7% in a single day, and DOGE dropping 11%).
5. Long-term Perspective: Market Cycles and Healthy Adjustments
Industry cycle characteristics
The encryption market has significant characteristics of phase corrections, and short-term volatility is a result of tightening liquidity, policy pressure, and the resonance of on-chain leverage liquidation, representing a normal adjustment rather than a trend reversal.
Fundamentals support long-term prospects
Despite short-term pressure, regulatory clarity (such as the SEC's change in attitude), increased institutional participation (such as sovereign funds allocating to Bitcoin ETFs), and technological innovation (such as DePIN projects) continue to provide long-term support for the market.
Summary and Outlook
This pullback is the result of the combined effects of macro policies, market structure, industry events, and technical adjustments. In the short term, one should be cautious of high leverage risks and emotional fluctuations; however, in the long run, improvements in market fundamentals (such as regulatory optimization and institutional entry) may lay the foundation for the next round of increases. Investors should pay attention to the fund flows of Bitcoin ETFs and signals from the Federal Reserve while also being wary of the liquidity risks of altcoins.