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Viewpoint: The sharp decline in Bitcoin has not triggered panic selling among short-term holders, with $68,000 becoming the main support level

Crypto analyst Murphy stated that after the significant drop in Bitcoin yesterday, the high-positioned chips of short-term holders only slightly loosened. Data shows that in the range of $73,000 to $86,000, there are approximately 1.48 million Bitcoins, accounting for 68% of the total short-term holders, currently all in a state of unrealized loss. However, the net decrease of chips in this range yesterday was only 34,000 coins, accounting for about 2.3%, indicating that most short-term holders did not panic sell due to the drop.Specifically, the cost ranges of $75,000, $80,000, and $85,000 saw decreases of 7,282 coins, 8,481 coins, and 5,441 coins respectively, with selling pressure relatively dispersed. At the same time, the total number of short-term holders increased by 17,500 coins that day, meaning some long-term holders were also distributing chips during the decline. The chip absorption was mainly concentrated at $68,000, with approximately 42,200 new Bitcoins added in that price range alone.In terms of profitable chips, the range of $62,000 to $64,000 holds about 480,000 Bitcoins, making it the only large-scale profitable chip range among short-term holders currently, with only about 3,100 coins reduced yesterday, less than 1%. Murphy believes this range is the nearest chip support below; if Bitcoin falls into it, the profitable chips of short-term holders will essentially drop to zero, and market sentiment pressure may further increase. Conversely, if the upper trapped positions remain stable, there may still be opportunities for prices to regain support.

Grayscale: The various sectors of cryptocurrency are gradually decoupling from Bitcoin's trend, with volatility generally higher than that of Bitcoin

According to a report by Crypto Briefing, Grayscale's research indicates that the correlation between crypto assets and Bitcoin is decreasing, with Bitcoin currently explaining only about 50% of the return volatility across various crypto sectors.The report breaks down the annualized volatility and the impact of Bitcoin-related factors by sector: the annualized volatility of the currency sector is 49%, with 43% attributed to Bitcoin; the annualized volatility of the smart contract platform sector is 58%, with 38% attributed to Bitcoin; the annualized volatility of the finance sector is 59%, with 30% attributed to Bitcoin; the annualized volatility of the utilities and services sector is 67%, with 30% attributed to Bitcoin; the annualized volatility of the consumer and culture sector is 76%, with 46% attributed to Bitcoin; the artificial intelligence sector has the highest annualized volatility at 85%, with only 35% attributed to Bitcoin.The research points out that Bitcoin's own annualized volatility has recently been around 43%, while the volatility of all sectors tracked by Grayscale is higher than that of Bitcoin. The report suggests that lower correlation does not imply lower risk, but the fact that Bitcoin explains only half of the return volatility means that the other half is driven by factors specific to each sector, providing investors with a reference for assessing which sectors can offer true diversification.
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