#比特币价格走势分析 Market sentiment has taken a sharp turn downward, which is truly enough to make people break out in a cold sweat. On-chain data shows that over 25% of supply is already at a loss, ETF capital flows are negative, spot buying is weak, and these signals are warning us that risks are accumulating. However, based on capital momentum and long-term holder behavior, a complete collapse is not imminent. The key is to hold the 96K-106K range, otherwise the downside risk will significantly increase. Currently, the derivatives market is relatively calm, but implied volatility is underestimated, and going long Gamma could yield good returns. Overall, although the situation is not optimistic, there is no need to panic excessively. Staying vigilant and moderately reducing positions or hedging risks is a wise choice. After all, markets always fluctuate in cycles, and enduring the winter means spring is coming.