#Gate广场圣诞送温暖 The crypto market rebound has cooled: BTC is attracting capital alone, and extreme panic has not subsided.

Today the crypto market has seen a slight rebound, but the "extreme fear" market sentiment remains unchanged, with funds concentrated in Bitcoin (BTC), while altcoins continue to be under pressure, and savvy investors are mostly in a wait-and-see mode. BTC has returned to test the support at the 88000 USD mark, while Ethereum (ETH) has also rebounded to above 2800 USD. In the past 24 hours, although nearly 50 billion USD has flowed into the market, 60% (about 30 billion USD) has gone into BTC, highlighting its "safe-haven" property dominating the current market trend. As a result, the altcoin seasonal index has dropped 3 points to 39 points, and the overall market index (TOTAL) has also decreased by 0.38% during the session, with the rebound not forming a broad-based rally.
(Data source: TradingView)
Institutional trends and sentiment indicators reveal cautious signals. BlackRock has transferred 2,822 BTC and 36,000 ETH to Coinbase Prime, indicating a selling action; the inflow of funds into BTC and ETH ETFs is steady, with no large capital entering the market.
The Fear and Greed Index rose slightly by 2 points to 12, still deeply trapped in the "Extreme Fear" range, with 95% of liquidations coming from long positions within 24 hours, reflecting that bearish sentiment still dominates the market.
However, the market also hides optimistic signals. 560,000 BTC have flowed out of centralized exchanges, and the BTC reserves of exchanges have dropped to an eight-year low. At the same time, the number of whales holding over 10,000 BTC has reached a five-month high, indicating that long-term funds are buying on dips. (Data source: TradingView)
In addition, Grayscale's Dogecoin (DOGE) and Ripple (XRP) ETFs have attracted institutional attention, and some analysts have also questioned the "market top" viewpoint, preserving confidence in the market.
In summary, today's rebound is more of a support effect from the single asset of BTC, lacking broad capital entry and clear institutional catalysts. Although there are bullish signals such as large whales increasing their holdings, the extreme panic sentiment and issues of capital centralization remain unresolved, making it premature to assert that the market has bottomed out.