on-chain analysis firm glassnode points out that Bitcoin has fallen below the "True Market Mean," which historically serves as the dividing line between expansion and contraction cycles. The current structural support below may be around $54,900.

In addition, the net flow of the US spot Bitcoin ETF has turned to a continuous outflow again, weakening the support previously provided as a marginal source of demand. In the derivatives market, panic sentiment has eased but has not turned optimistic. Implied volatility has fallen from a high level, indicating that traders are unwinding downside protection positions but have not yet established large-scale long exposure.