PANews February 12th News: According to Glassnode analysis, Bitcoin’s price remains trapped between the real market average (approximately $79,200) and the realized price (around $55,000), reflecting a defensive stance after a structural breakdown. The current demand corridor between $60,000 and $72,000 continues to absorb selling pressure, but there is significant unrealized loss in the ranges of $82,000 to $97,000 and $100,000 to $117,000, posing potential resistance during rebounds. Short-term holders are still in profit-negative territory, highlighting recent buyer confidence is fragile and limiting upward price momentum. Digital asset institutional fund flows have shifted to net outflows, indicating that institutions are generally adopting risk-off strategies, with limited capacity in the spot market. Spot trading volume surged during sell-offs but failed to sustain, showing market participation is mainly passive rather than actively building positions. Perpetual contract open interest has cooled, with directional premium compressing, reflecting leveraged traders exiting and declining speculative momentum. Implied volatility and skew indicators show ongoing demand for downside hedging, consistent with a defensive market posture. Market maker gamma and options position structures have intensified price volatility responses, leading to short-lived trends amid fragile liquidity.
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