Recent market data has released several key signals, and many investors are paying attention to whether the market will truly recover after the significant drop in October. Observing data from multiple dimensions such as buy and sell depth, options positions, and stablecoin flows, the current market is not in a stage of building strength for a rebound, but rather shows characteristics of gradually shrinking liquidity. In short, the market's support strength has weakened, and large funds are simultaneously making strategy adjustments.

Specifically, the active buying power of Bitcoin perpetual contracts has significantly weakened compared to previous periods, and the trading volume and position size of altcoins have also shrunk in tandem. This indicates that even though prices have retreated from high levels, there has not been a large-scale influx of funds seeking to buy the dip.

The structure of the options market is even more noteworthy. On the surface, the proportion of call options positions is relatively high, but their strike prices are mostly concentrated above $100,000, resembling a long-distance bullish expectation configuration. In contrast, put options with strike prices below $85,000 have absorbed significant funds, which typically reflects that institutional investors are hedging against downside risks rather than simply being bearish on the market.

The flow of stablecoins is also showing a differentiated trend. USDT remains concentrated in exchanges, indicating that retail funds are in a wait-and-see state, seeking opportunities to enter at lower levels. Meanwhile, USDC has recently shown a net outflow trend, generally indicating that compliant institutions are shrinking their risk exposure. The different movements of these two types of funds together outline the current market pattern of "retail investors waiting for opportunities, while institutions focus on defense."

Facing such a market environment, how should ordinary investors respond? It is recommended to avoid rushing into full positions and there is no need to panic excessively. Some funds can be kept temporarily to patiently observe the effectiveness of the support around $85,000.

The market currently lacks sustained upward momentum, and before the direction becomes clear, maintaining calm and gradually positioning may be a more prudent choice.

Remember, the market always develops amid hesitation, and retaining strength is essential to seize truly good opportunities. Follow Niu Ge and participate in every offensive! #BTC走势分析 #加密市场观察