On-Chain Signals Indicate Market Pressure
Recent data from on-chain analytics show Bitcoin has fallen below the True Market Mean, a key level historically separating expansion from contraction phases. This breakdown reflects growing caution among market participants.
ETF Outflows Add to Downside Risk
At the same time, US spot Bitcoin ETFs are experiencing renewed net outflows. This reverses earlier support from institutional inflows and increases downside vulnerability in the short term.
Derivatives Sentiment Turns Neutral
In derivatives markets, panic indicators have eased but remain neutral. Implied volatility has dropped from peaks, suggesting traders are unwinding bearish hedges but haven't yet taken substantial bullish positions, leaving markets in a观望 phase.