Last night, the market dropped again to around 58,000, and the overall trend was basically in line with yesterday's judgment. The current market is still very weak, failing to firmly reclaim even 60,000, indicating that the rebound momentum is clearly insufficient and bears remain in control.

From the current trend, the market is still in a downward channel, with no clear signs of stabilization for now. Therefore, today is likely to remain mostly volatile and weak. In terms of contract strategy, I personally still favor shorting on rebounds, waiting for a bounce before positioning, rather than blindly chasing shorts at low levels.

As for when a real bottom will form, as previously mentioned, I will first focus on the 55,000 area to see if an effective bottom can be established there. If there is subsequent volume-based stabilization, then consider whether there is potential for a phased rebound; otherwise, further downside risks must still be guarded against.

Now let's look at the current market data:

1. The fear and greed index has dropped to 12, which is in the extreme fear zone, indicating that market sentiment remains very poor. The liquidation heatmap of the past 7 days also shows shorts clearly dominating, and the overall shorting sentiment is still quite strong.

2. In terms of institutional funds, yesterday's crypto ETF net outflows were about $450 million, indicating that institutions continue to reduce positions and hedge, showing a short-term lack of optimism for the market.

3. In options, BTC's max pain point is at $71,000, with a notional amount of about $9.24B; ETH's max pain point is at $2,000, with a notional amount of about $1.58B.

4. For funding rates, BTC's average 8-hour rate across the entire network is +0.002%, slightly positive but nearly zero, indicating weak bullish sentiment. ETH's average rate across the network is -0.0033%, with major exchanges mostly negative, showing stronger bearish pressure and a market leaning more toward shorting ETH.

Today's key support levels to watch: BTC around 57,000, ETH around 1,470, and SOL around 62.5.

Overall, the market has not shown clear signs of stabilization. Institutional capital continues to flow out, market sentiment is extremely fearful, and it is still recommended to be cautious in short-term operations. Before the trend truly reverses, try to trade with the trend and avoid rushing to buy the dip just because of the large drop.
$BTC ‌$ETH ‌$SOL ‌