Everyone is shouting "panic buying the dip," but don't rush in just yet.

Seeing the Fear and Greed Index drop to 11, the screen is filled with analyses claiming "a signal of a historic bottom." But from a different perspective, $BTC at the price of 69,011 has only dropped 1%, with a volatility of just 3.3%. What kind of panic is that?
What truly confuses me is that the perpetual funding rate remains at a neutral level of 0.0074%. If it were truly extreme panic, the futures longs would have been liquidated long ago, and the funding rate should be deeply negative. The current state seems more like a divergence between emotional panic and cautious real funding conditions.
Most people haven't noticed that within 24 hours, the highest point approached 70k, and the lowest was just 67,732. What does this price behavior under "extreme panic" indicate? Either the support at the bottom is very strong, or this decline hasn't fully played out yet.
The daily trading volume of 1.15 billion isn't particularly large; genuine liquidation usually involves massive volume. In this situation, it seems more like waiting for a clear directional decision.
When everyone is preparing to buy the dip, the market often gives an unexpected answer. It doesn't necessarily mean prices will fall further, but this "consensus panic" itself is worth questioning.