The anticipation of a rate hike by the Bank of Japan (BOJ) has led to global market deleveraging, impacting the cryptocurrency sector. Bitcoin experienced a temporary decline, while gold prices rose, indicating a shift of safe-haven funds towards gold. Over the past two weeks, the crypto market has generally declined, with AI, DePIN, and L2 sectors experiencing significant drops. Market structure analysis reveals that leverage levels have fallen to cyclical lows, funding rates have turned neutral or negative, and the proportion of spot trading has increased. Despite macroeconomic factors continuing to dominate market trends, the vulnerability of mainstream assets has decreased, suggesting the market may be entering a potential consolidation phase.