Analysis: BTC Falls Below Key On-Chain Valuation Level Amid Tight Liquidity, Support May Be at $54,900

PANews, February 21 — According to The Block, on-chain analytics firm glassnode has pointed out that bitcoin has fallen below the "True Market Mean." Historically, this indicator has often served as the dividing line between expansion and contraction cycles, and the current structural support below may be around $54,900. In addition, net flows for US spot bitcoin ETFs have once again turned into sustained outflows, weakening the support that previously came from marginal demand. In the derivatives market, panic sentiment has eased somewhat but has not yet turned optimistic. Implied volatility has retreated from its highs, indicating that traders are unwinding downside protection positions, but have not yet established large-scale long exposure.