#打榜优质内容# Half a month ago, Bitcoin had just broken through the $120,000 mark to set a new historical high. Now, however, the market's total market capitalization has evaporated by 6.6% in 24 hours, shrinking to $3.8 trillion. The fear index has suddenly dropped by 6 points to 65, at the critical point between greed and fear, the collective collapse of leveraged long positions has turned the exchange into a bloody meat grinder!

In-depth data reveals a more severe crisis. Short-term holders (STH) are the first to collapse - data from July 15 shows that over 50,000 BTC are in a state of loss, and by July 25, there are still 37,000 BTC "drowning"; panic selling has spread to retail investors.
CryptoQuant analyst Maartunn has discovered an astonishing trend: 223,000 BTC have flowed into short-term speculative wallets in the past month, reaching a new high since 2024, which is usually a sign of profit-taking.
Technical indicators are synchronously deteriorating, with the average Relative Strength Index (RSI) of the cryptocurrency market dropping to 18. The total amount of open contracts in the derivatives market has decreased by 3% to $193 billion, indicating that funds are accelerating their withdrawal from high-risk leveraged positions.
On-chain analyst Murphy's observation is more intuitive: Bitcoin has a support level of $117,000 with a massive accumulation of 720,000 BTC, forming a "high and narrow" fragile structure. Once it breaks down, the market will fall into the "fault zone" between the $116,000-$119,000 and $102,000-$109,000 chip ranges, with a potential rebound bottom forming around $112,000-$113,000.

In the face of severe shocks, a layered defense strategy is crucial:
short-term hedging
Convert part of the position to stablecoins to avoid volatility risk. Set a stop-loss order below $95,000 for position management to control maximum drawdown.
buy on dips
Use dollar-cost averaging (DCA) to dilute costs, focusing on the bottom support formed by the $78,000 mining machine shutdown price.
Institutional movements provide key clues: support has appeared below $95,000. If the government really sells 70,000 BTC, the market may digest this selling pressure within a week.
The intensity of daily accumulation by whales around $114,000 has reached its peak since December 2024, indicating that some large funds are hedging against short-term volatility.

On-chain data confirms the fragmentation of the market - when retail investors panic sell, on July 31, whales were transferring over $900 million worth of ETH out of the exchange, and the silence of cold wallets suggests a true assessment of capital regarding the future market.