PANews February 21 News, according to The Block, on-chain analysis firm Glassnode 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. Currently, the structural support level below may be around $54,900. Additionally, the net flow of US spot Bitcoin ETFs has resumed a continuous outflow, weakening the support previously provided by marginal demand. In the derivatives market, panic sentiment has eased but has not turned optimistic. Implied volatility has retreated from its high levels, indicating traders are unwinding downside protection positions but have not yet widely established long positions.
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