<div class="share___SVvtl"><div><section><section><section><section><section><p style="text-align: left">Over the past week, Bitcoin has pulled back to around $85,000, and the upward momentum has clearly weakened.</p><p style="text-align: left">While spot trading volume hasn't collapsed, it's been relatively quiet. This further confirms that we're currently in a tedious period of consolidation, and it's not yet time for a major directional move.</p></section></section></section></section></section><p style="text-align: left"></p><section><section><h3 style="text-align: left">Bitcoin Enters Consolidation Phase</h3><p style="text-align: left">With BTC falling back to around $85,000 last week, the upward momentum has clearly weakened, as evidenced by the 14-day RSI indicator sliding lower.</p><p style="text-align: left">Spot trading volume looks decent, but it's actually very quiet; everyone is watching and waiting, hesitant to make any big moves.</p><p style="text-align: left"> This is typically a typical &#34;grinding market&#34; (consolidation period), and a major surge is unlikely in the short term. Price Momentum (RSI): Represents market enthusiasm. The RSI, which measures price strength, has slipped from 51.3 to 42.4 (a drop of 17.3%). Simply put, the bullish momentum has weakened considerably. The current low level of this indicator suggests that market sentiment is shifting towards a defensive stance, with no one daring to lead the charge. </p><figure><p style="text-align: center"><img alt="OWIHNbezlFycNUhWNStMy8gNel0V3zbfls5PpjLB.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428529_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428529" width="600" height="325" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428529_image3.png"/></p><figcaption style="text-align: center">Price Momentum</figcaption></figure><ul><li><section>Spot Trading Volume: How much real BTC has been bought and sold during this period?</section></li></ul><p style="text-align: left">The volume of real money buying and selling Bitcoin has slightly decreased from $8.98 billion to $8.83 billion.</p><p style="text-align: left">This volume isn't a collapse, but it also lacks excitement, indicating that the market is currently lacking in activity.</p><p style="text-align: left"> </p><h3 style="text-align: left">Large investors are running away</h3><p style="text-align: left">The spot market looks rather grim right now. The spot CVD indicator has turned sharply negative, confirming that sellers are completely in control, with dumping far more aggressively than buying.</p><p style="text-align: left">Net capital flow has also undergone a dramatic reversal, going directly from inflow to significant outflow.</p><p style="text-align: left">This indicates that large institutional funds are withdrawing, putting real pressure on recent prices.</p><ul><li><section>Spot net trading margin: This indicator reflects who is more proactive, buyers or sellers.</section></li></ul><p style="text-align: left">The data plummeted from a positive $54.2 million to a negative $194 million.</p><p style="text-align: left">This means that sellers are desperately selling off their holdings, gaining absolute control.</p><p style="text-align: left"> </p><figure><p style="text-align: center"><img alt="g21f6PXbppkmxn9eBGNdFXktBL8gFejkbtRrVQGD.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428530_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428530" width="600" height="302" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428530_image3.png"/></p><figcaption style="text-align: center">Net Spread Between Spot Trading</figcaption></figure><ul><li><section>Spot ETF Fund Flows: Reflecting Whether Wall Street's &#34;Big Money&#34; is Entering or Leaving the Market.</section></li></ul><p style="text-align: left">Previously, there was a weekly inflow of $1.6 billion, but now it has become a weekly outflow of $1.6 billion.</p><p style="text-align: left">This dramatic reversal indicates that traditional funds entering the market through ETFs are leaving to seek safer havens.</p><p style="text-align: left"> </p><figure><p style="text-align: center"><img alt="WfDkNz5aP1KbZuswvU5NKbgjDiaJCX02htkQUwJk.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428531_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428531" width="600" height="307" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428531_image3.png"/></p><figcaption style="text-align: center">Spot ETF Fund Flow</figcaption></figure><h3 style="text-align: left">Bullish sentiment remains strong</h3><p style="text-align: left">Contract traders are quite divided now.</p><p style="text-align: left">The decrease in futures open interest indicates that some people felt the situation was unfavorable, closed their positions, and reduced leverage.</p><p style="text-align: left">The decrease in futures open interest indicates that some people felt the situation was unfavorable, closed their positions, and exited the market, resulting in a decrease in leverage.</p><figure><p style="text-align: center"><img alt="Wr9PDbzglKSnpXEk6eqrJgjFxRlecdzfiKcj7mxE.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428532_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428532" width="600" height="325" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428532_image3.png"/></p><figcaption style="text-align: center">Futures Open Interest</figcaption></figure><ul><li><section>Funding Rates: Reflect Market Sentiment.</section></li></ul><p style="text-align: left">Buyers are very eager and willing to spend a lot of money to bet on a rebound. But this is usually also a danger signal, indicating that the bulls are a bit too crowded and are easy to target.</p><p style="text-align: left"> </p><figure><p style="text-align: center"><img alt="B3WE0OtdHr0dRAO9wlvYDNCTSCE7IaeNBa7O0GYb.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428533_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428533" width="600" height="325" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428533_image3.png"/></p><figcaption style="text-align: center">Funding Rate</figcaption></figure><ul><li><section>Perpetual Contract Net Buy/Sell Spread: In a leveraged market, are those who go long more aggressive, or those who go short more aggressive?</section></li></ul><p style="text-align: left">This indicator's sharp drop indicates that there are many people actively dumping shares in the contract market, which is a very obvious sign of distribution.</p><figure><p style="text-align: center"><img alt="4taBWa4pd4oH1hbcRaSEEBTDh5MTnShUuphLVjeX.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428534_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428534" width="600" height="301" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428534_image3.png"/></p><figcaption style="text-align: center">Net Spread of Perpetual Contracts</figcaption></figure><h3 style="text-align: left">Options Market: Scared into Buying &#34;Insurance&#34;</h3><p style="text-align: left">Options players are now extremely cautious.</p><p style="text-align: left">Open interest has decreased slightly, and although volatility spreads have narrowed, they remain high (meaning everyone believes prices will continue to fluctuate wildly in the future).</p><p style="text-align: left"> The most obvious sign is the sharp rise in the 25-delta skew. A surge in this indicator usually means everyone is rushing to buy put options for protection. In short, everyone is afraid of a drop and is frantically buying insurance. Option open interest: This reflects how much is currently tied up on the market. The total amount of outstanding options has slightly decreased to $32.9 billion, indicating a slight cooling down. </p><figure><p style="text-align: center"><img alt="ee4MYp2sBg7HF1Ikj0lOOlpfhrtcmpb8LQRNtFbi.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428535_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428535" width="600" height="308" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428535_image3.png"/></p><figcaption style="text-align: center">Option Open Interest</figcaption></figure><ul><li><section>Volatility Spread: Measures the degree of confusion in market expectations.</section></li></ul><p style="text-align: left">Although the volatility spread has decreased slightly, it is still at a high level. This indicates that option traders perceive the market risk to be greater than it appears.</p><p style="text-align: left">The volatility spread has decreased slightly, but it is still at a high level. This indicates that option traders perceive the market risk to be greater than it appears.</p><p style="text-align: center"> </p><figure><p style="text-align: center"><img alt="Thdzw65aTyt7ADDOt2fPEd9bPoPB904Vbdj9tWN2.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428536_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428536" width="600" height="299" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428536_image3.png"/></p><figcaption style="text-align: center">Volatility Spread</figcaption></figure><ul><li><section>Option Bias: Measures whether more people are buying &#34;call insurance&#34; or &#34;put insurance&#34;. </section></li></ul><p style="text-align: left">Option skew jumped from 5.94% to 10.77%. This indicates that the demand for &#34;hedging against a fall&#34; is currently more prevalent than betting on a significant price increase. The market is genuinely worried about prices dropping.</p><figure><p style="text-align: center"><img alt="iguecFWquMN57EjP77KiRDojvs8mKS5eV6Qs8txg.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428537_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428537" width="600" height="308" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428537_image3.png"/></p><figcaption style="text-align: center">Option Bias</figcaption></figure><h3 style="text-align: left">On-chain Activity is Quiet</h3><p style="text-align: left">The BTC network is currently lacking in activity.</p><p style="text-align: left">The number of active addresses has fallen below the lower limit of normal levels, transaction amounts are also at a low level, and transaction fees have also decreased.</p><p style="text-align: left">This indicates that people are not transferring or trading much. If there is no congestion on the chain, it proves that people's desire to trade is not strong.</p><p style="text-align: left"> Active addresses: decreased by 4.8%, indicating fewer people are participating in transactions. On-chain transaction volume: decreased by 1.5%, reflecting weakening economic activity on the network. Total transaction fees: decreased by 12.4%. With fewer people rushing to transfer funds, transaction fees are naturally lower, reflecting a sluggish market. </p></section><figure><p style="text-align: center"><img alt="Q1vTpJ13dZteGbbrBtmOBPHJqYTKKqOXCiV450Hs.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428538_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428538" width="600" height="169" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428538_image3.png"/></p><figcaption style="text-align: center">On-chain activity</figcaption></figure><h3 style="text-align: left">More people are cutting their losses</h3><p style="text-align: left">Everyone's wallets are shrinking. The proportion of tokens in a profitable state is decreasing, while realized losses are increasing.</p><p style="text-align: left">This means that many token holders are now in a loss-making state, or have simply been unable to withstand the pressure and have cut their losses and left the market. This is usually a signal that market pressure is accumulating.</p><p style="text-align: left">This means that many token holders are now in a loss-making state, or have simply cut their losses and left the market. This is usually a signal that market pressure is accumulating.</p><ul><li><section>Profitable Holdings Ratio: Reflects the percentage of people currently holding coins who are making money.</section></li></ul><p style="text-align: left">The ratio has dropped to 66.9%. This means that less than 70% of BTC holdings are currently profitable, a significant decrease compared to before.</p><figure><p style="text-align: center"><img alt="gbRzv7MIe8ELeqXOy4ZIKPaGVYyfAMH3dabRe9Bl.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428539_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428539" width="600" height="325" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428539_image3.png"/></p><figcaption style="text-align: center">Profitable Holdings Ratio</figcaption></figure><ul><li><section>Realized Profit/Loss Ratio: It records whether those who actually sold their coins made a profit or a loss on average.</section></li></ul><p style="text-align: center">Profitable Holdings Ratio</p><ul><li><section>Realized Profit/Loss Ratio: It records whether those who actually sold their coins made a profit or a loss on average.</section></li></ul><p style="text-align: left">This indicator has flipped to a negative value (-1.0). Simply put, among those selling coins in the market now, the amount of money lost (cutting losses) has exceeded the amount of money taken profits (making money). This is usually an early sign of market panic.</p><figure><p style="text-align: center"><img alt="6wVeJRrOioRsiEFt6PafauMHk8wdbmidKlcP8wFu.png" src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428540_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" title="7428540" width="600" height="304" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7428540_image3.png"/></p><figcaption style="text-align: center">Realized Profit/Loss Ratio</figcaption></figure><h3 style="text-align: left">Summary</h3><p style="text-align: left">Whether it's spot trading, futures trading, or on-chain data, the market is shifting to a defensive mode.</p><p style="text-align: left">While the situation is slightly better with high leverage, sellers remain aggressive, and everyone is busy hedging against potential price drops. This indicates the market is currently very fragile. Stabilizing prices requires either new funds entering the market or the exhaustion of those trying to dump shares.</p></section></div></div>

<p>Bitcoin has recently pulled back to around $85,000, entering a consolidation phase with weakened upward momentum. Spot trading volume has decreased slightly, indicating a lack of market activity. Large investors are withdrawing, leading to a negative net capital flow. Futures open interest has decreased, reflecting cautious sentiment among traders. The options market shows increased demand for put options, indicating fear of price drops. Overall, market sentiment is shifting towards a defensive stance, with participants hesitant to make significant moves.</p>

- Bitcoin has retraced to approximately $85,000, indicating a weakened upward momentum and a current consolidation phase.  
- Trading volumes remain subdued, with large investors withdrawing funds markedly impacting the market, pushing sellers to dominate.  
- Overall market sentiment is defensive, with a significant drop in the number of profitable holdings, signifying panic among holders amid a lack of trading activity.

Bitcoin enters "grinding mode": Is it time to defend or buy the dip?