The most tense part of the market is here: Fear index is only at 12, and the market is already in extreme panic; but $BTC long positions still account for 66%, indicating that leverage positions have not completely given up.

Side A is that liquidations are already very heavy.
In the past 24 hours, the entire market has been liquidated over $1.12 billion, which means that leverage unwinding is not a small-scale stampede.
Among them, long liquidations amount to $949 million, indicating that this round of decline mainly targeted chasing gains and bottom-fishing positions.
Side B is that positions are not fully emptied yet.
$BTC open interest still stands at $6.51 billion, indicating there is still enough leverage fuel in the market.
The active buy-sell ratio is 1.21, suggesting short-term active buying is rebounding, but this is more like liquidity grabbing after a fall, not an indication that the trend has been repaired.
Funding rates have not fully flipped negative either, with $BTC rate at 0.0034, meaning longs are still paying to hold their positions.
The news is putting direct pressure on the market.
The market is watching the $60,000 support level; if this level is broken, it’s not just about a round number, but a re-pricing of the long defense line.
The total crypto market cap is said to have evaporated $2 trillion from its high, indicating that this round is not just a single-coin correction, but a cooling-off of risk assets overall.
Strategy’s unrealized loss is about $11 billion, and Saylor attributes the decline to capital rotation into AI, which shows institutional narratives are also starting to face price pressure.
The market’s focus is very narrow.
$BTC current price is about $63,681, not far from $60,000, meaning a volume-driven dip could quickly test the core defense line again.
$ETH rate at 0.0052, hotter than $BTC, indicating some altcoins and mainstream contracts have not fully cooled down yet.
Above $60,000 is the tug-of-war after panic.
Below $60,000 is another set of pricing.
$BTC $ETH #Crypto Market
This content is assisted by Claude Opus 4.8 and is for informational purposes only. Please verify independently.