The recent decline in Bitcoin contracts has been quite severe, and the ranking of the decline suggests the situation isn't very optimistic. The Q1 contract (0327) for BTCUSDT has already fallen to 15.01%, and the Q2 contract (0626) isn't much better, with a drop of 13.87%, making it the leader on the decline list. This wave of decline reflects significant short-term price pressure, and the leverage positions on the contracts are also facing considerable liquidation risks.

The performance of altcoins also provides a good illustration. ZAMAUSDT has fallen to 9.38%, ZEREbROUSDT (6.32%), and KAITOUSDC (5.22%) may not seem as dramatic, but overall small and medium-cap coins are also in a correction. This indicates a phenomenon — market panic has spread from major coins to smaller ones, with funds fleeing.

From the current perspective, the crypto market is in a phase of adjustment. The sharp decline in mainstream contracts is mostly a direct reflection of short-term capital withdrawal and decreased market risk appetite. In the coming period, the market may continue to oscillate and consolidate. Traders need to be vigilant about the risks of leverage liquidations, especially whether Bitcoin can hold its key support levels and where the funds for small and medium-cap coins are flowing.