A recent report from ChainCatcher reveals that the cryptocurrency market is currently facing pressure, primarily driven by spot sales rather than leveraged trading. While downward momentum has eased, demand remains weak, as indicated by high trading volumes and a slowdown in stablecoin growth, particularly with USDC outflows, which suggests capital movement away from cryptocurrencies towards traditional fiat currencies. Bitcoin faces additional pressure from factors like liquidations, large holder distribution, ETF fund withdrawals, and shifts in macroeconomic policy expectations. Ethereum also weakens due to similar factors, including the decline of derivative positions and the impact of ETF fund withdrawals.