Brothers, right now, funds are not bottom-fishing but collectively unwinding leverage, $BTC falling below $60k is the trigger, and the most uncomfortable are the longs still squeezed in the car.

$BTC The current mark price is around $61,675, indicating that although the market has pulled back slightly from below $60k, it hasn't truly escaped the pressure zone after the breakdown.
BTC open interest contracts still amount to $6.33 billion, which suggests that leverage positions haven't been fully washed out yet, and prices could easily continue to fluctuate wildly later.
What's more frustrating is that the BTC long ratio is still at 67%, indicating deep panic, but there are still many people holding on in the contracts.
The fear and greed index is only 12, which is extreme fear, showing that spot market sentiment has frozen.
However, the taker buy-sell ratio is only 0.98, meaning active buying hasn't clearly overwhelmed selling, and the rebound looks more like gasping for air rather than a major capital return.
The most frightening thing now isn't $BTC at a certain point, but that the on-chain liquidation line at $ETH is also close to face-to-face.

Among them, 46,741 ETH will be liquidated at $1,565.72, which is very close to the current $1,597, meaning that a slight further drop could trigger automatic sell pressure on-chain.
Another 58,032 ETH are waiting around $1,555.04, indicating that once the first layer is broken, the next layer of liquidation will follow quickly.
On the macro side, there’s no sign of relief either; with the US crypto tax bill and House hearings approaching Tuesday, policy events will make funds more cautious.
At the same time, major banks like JPMorgan and Citigroup plan to launch tokenized deposit networks next year, which in plain language means traditional banks no longer want to just profit from stablecoins—they want to move deposits onto the chain to compete.
So, this wave isn’t just a “crypto market crash,” but leverage, policy, and traditional finance entering together, pressing down on market sentiment.
Next, don’t just focus on whether the K-line looks good or not; pay attention to whether BTC open interest continues to decline from $6.33 billion, whether on-chain liquidations around $1,565 ETH increase, and whether funds continue to withdraw before Tuesday’s tax bill hearing.
$BTC $ETH # Contract data
Generated with Claude Opus 4.8. AI may be incorrect; information is for reference only.