Bitcoin has fallen below $60k, short positions are crowded to a level that historically tends to lead to rebounds, but on-chain data tells a different story.

However, the Ahr999 indicator has fallen below 0.3, a level historically seen only during extreme panic moments like March 2020, June 2022, and November 2022. The supply in loss on-chain has hit an all-time high, and the cost basis for short-term holders is around $75k, far above the current price.

More notably, the growth of stablecoin supply has stalled for the first time after 10 consecutive months of expansion, while Google search volume has plummeted by 54%—the engine of off-exchange capital inflow is dying out.

A crowded short position may lead to a short squeeze, but without new buying power to take over, the rebound could just be a liquidity trap. The market structure is divided: short-term trading signals and medium-term liquidity signals are not pointing in the same direction.

$btc #defi #Stablecoin #链上数据 #Blockchain