According to Gate's analysis, on August 27, the momentum in the physical Bitcoin market weakened, the RSI indicator fell to an oversold condition, and although trading volume remained stable, it lacked strength, revealing a lack of confidence among buyers.

In the futures market, the number of open contracts has decreased, and the leverage ratio has fallen. Funding costs have risen, expanding the advantage of long positions.

In the options market, a cautious stance is strengthening, with a slight increase in open contracts. The volatility spread is narrowing, and traders are showing a tendency to seek protection against downward movement.

The market structure is shifting from strong to weak, and on-chain indicators suggest a weakness in demand. The pace of capital inflow is slowing down, and profitability is also declining.

The future developments will depend on whether liquidity stabilizes or whether selling pressure increases, leading to a correction phase.

This analysis is based on the market conditions as of September 26, 2025. The cryptocurrency market is highly volatile, so it is essential to exercise caution when making investment decisions.