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Let's take a look at the market first. BTC reported 62476 U, down 2.30% in the past 24 hours, and briefly reached around 62200 during the day. ETH followed suit and fell to 1784 U, a decrease of 2.20%. SOL is the weakest, having fallen 8.37% in 7 days, and today it is at 75.36 U, ranking last among mainstream currencies. The emotional surface continues to be cold. Today, the Panic and Greed Index fell to 22, officially entering the extreme panic zone. The discussion volume of BTC and ETH on Twitter has simultaneously fallen to a 12-month low, basically equivalent to the low point of 2020. The activity of short-term trading has significantly declined, the implied volatility of options remains high, and the long short ratio of contracts has dropped to around 0.87. The story on the chain is different. In the past 6 hours, the three major players on Hyperliquid have been continuously increasing their BTC holdings, with a cumulative nominal value exceeding $30M 0x431f... a6cee opens at 63799 with over $12.8M BTC 0x10b4... 7d439 opens at 63076 for over $7.56M BTC 0xec4a... cf62 opens at 62811 $5.52M BTC+ The total of 3 long orders is close to $26M. Short positions have also taken action -0x8c96... bca57 opened a $18.3M BTC short at 63805, which is the largest order during this period. Long and short positions are repeatedly pulling and pulling at the 63000 line, but the total amount of long orders is dominant. More noteworthy is that addresses 0xa445... 329d opened $6.16M ETH empty and $12.2M BTC high at the same time. This is a structural difference where BTC is stronger than ETH in the short term, not just a simple rebound. The rapid decline in funding rates from 0.01% to around 0.0015% indicates that market pricing power has returned to the hands of bears, but smart money on the chain has begun to reverse its layout. Key position. BTC Pressure Zone: 64000-64500 U BTC support: 60000/58000 U The line of 60000 has not been broken, and the clearing map is almost a vacuum zone downwards. The explosive prices of these multiple orders of Giant Whale are all between 49K and 61K, which is far enough from the current price. This line is worth paying attention to in terms of logic. In history, every time the panic index fell below 25, the average return of BTC in the following 30 days ranged from+15% to+20%. 22 this time is the lowest in nearly six months. Although gold fell below 4000, Circle issued 500 million USDC on Solana without any liquidity issues, purely a risk off. Operate on three lines. Steady strategy: BTC 60000-65000 will be drawn low in batches, with a stop loss of 60K and a total position of ≤ 30% Advanced strategy: The current IV is high, sell 60K Put to collect premium, wait for exercise or zero return Conservative Strategy: USDT/USDC Wealth Management with an annualized rate of 4% -8%, waiting for emotional recovery before adding positions SOL and other high beta knockoffs, with a 7-day drop of 8%, indicate that funds have not returned yet and are temporarily avoided. The last sentence. The market is cutting meat, while the chain is sweeping goods. The panic index is 22, and this kind of window can only be opened a few times a year. Risk Warning: The views, conclusions, and recommendations presented in this article are for reference only and do not constitute investment advice. The market is risky, and investment needs to be cautious.
