#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, but now the market's total market capitalization has evaporated by 6.6% within 24 hours, shrinking to $3.8 trillion. The fear index has dropped sharply by 6 points to 65, at the critical point of greed and fear, the collective collapse of leveraged long positions has turned the exchange into a bloody slaughterhouse!

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 small and medium-sized 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 observations are more intuitive: the $117,000 support level for Bitcoin is stacked with a massive 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 pullback 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 positions to stablecoins to avoid volatility risk. Set stop-loss orders below $95,000 for position management to control maximum drawdown.
buying on dips
Adopt a dollar-cost averaging (DCA) strategy to reduce 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 absorb this selling pressure within a week.
The intensity of single-day accumulation by whales near $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 - while retail investors panic sell, on July 31, whales were transferring over $900 million worth of ETH out of exchanges, and the silence of cold wallets suggests a true assessment of capital regarding the future market.