Today, the most eye-catching thing is not $BTC breaking below $60k, but Zcash being exposed to a vulnerability that could potentially allow "infinite coin creation," once again dealing a heavy blow to trust in this pillar.

The impact of such news is not limited to a single project but causes the market to re-question whether "on-chain assets are being secretly diluted."
$BTC is currently quoted at $59,359.9, falling back below $60k, meaning the market is treating the psychological support level as resistance in trading.
At the same time, in the past five days, crypto leverage positions have been liquidated to $60k.
This figure indicates not just a single-day spike but a round of continuous deleveraging, pushing out high-leverage traders in batches.
However, $BTC open contracts still amount to $6.21 billion, suggesting that the chips on the table haven't been truly cleared.
What’s more frustrating is that the Fear and Greed Index is only at 12, indicating extreme panic.
But $BTC long positions still account for 68%, meaning many traders are still betting on a rebound rather than giving up completely.
The active buy-sell ratio is only 0.78, indicating that active selling clearly outweighs active buying, and the order book hasn't shown signs of strong accumulation.
Another point is that the U.S. Congress has released seven crypto tax bills, with tax issues starting to move from slogans into detailed provisions ahead of hearings.
The simultaneous appearance of these seven bills suggests that regulators are not only focusing on exchanges but also on long-term costs like holding coins, reporting, and tax compliance.
The most specific question now is: if $BTC continues to stay below $60k, will the 68% long positions hold out first, or will they turn into fuel for the next round of liquidations?
$BTC $ZEC
was generated using the Claude Opus 4.8 model. Claude is AI and can make mistakes. Please double-check responses.