PANews reported on February 7th, citing CoinDesk, that the crypto market has seen a temporary recovery after a sharp sell-off, rebounding above $65,000 after hitting its lowest level since October 2024. Ethereum, in particular, has recovered from a low of around $1,750 to around $1,900. On a macro level, overall pressure on risk assets remains the primary backdrop. Recent weakness in tech stocks, decreased risk appetite, and synchronized fluctuations in precious metals and crypto assets have further exacerbated the deleveraging process, although panic has not completely subsided. Previously, the options market saw extreme protective buying, with some traders even placing put options with strike prices as low as $20,000, indicating that the market is still hedging against extreme tail risks. Overall, this round of plunge reflects more of a temporary recovery following deleveraging and a contraction in risk appetite. A short-term technical rebound may have occurred, but the medium-term trend still depends on macro liquidity, the performance of tech stocks, and institutional fund flows.