ChainCatcher message, CryptoQuant research director Julio Moreno stated: "Bitcoin plummeted to $88,000 yesterday, mainly driven by deleveraging in the futures market, but spot demand remains strong. As prices fell, the number of open contracts decreased, indicating that long positions in the futures market were liquidated. The funding rate also declined."

According to ChainCatcher news and analysis from OKG Research at OKLink, based on the top 300 wealthy addresses holding BTC, since BTC dropped below $50,000 at 2:25 PM on August 5, the inflow to the top 300 wealthy addresses (inflows from other addresses to wealthy addresses) was 1,582.7 BTC, while the outflow (outflows from wealthy addresses to other addresses) was 1,605.66 BTC, resulting in a net outflow of 22.96 BTC.