Analysis: Some funds are attempting to enter the market to absorb the selling pressure of BTC, and market panic has not further escalated

On-chain analyst Murphy released BTC data analysis. As the U.S. government shutdown comes to an end, market panic has eased slightly, but BTC has not shown a rapid rebound. The on-chain data for BTC presents two positive aspects: the BTC balance within Binance has started to decline, indicating that some funds are beginning to gradually enter the market, digesting potential selling pressure; yesterday, after BTC's price rebounded to $105,000, it fell back again, with a realized loss of $170 million for the day.

Compared to the $540 million loss on November 4 and $350 million on November 7, the BTC price is similar, but the realized loss amount has significantly decreased. Market sentiment is gradually adapting to the weak performance of the market, and panic has not further intensified. However, the on-chain data for BTC shows two unfavorable aspects: according to the purchasing power monitoring data on the Binance platform, the market has not yet entered an effective recovery phase, and bottom signals have not yet appeared; on-chain data indicates that new investors in BTC are slowing their pace from previously rushing in to now gradually easing.

Based on long-term experience, new investors in this cycle are one of the core drivers of BTC price. When new demand begins to slow down, it indicates that investors' risk appetite is declining. Overall, market confidence is being repaired, but it requires time. Currently, the market is in a fragile and sensitive emotional period, where any news impact will be amplified. Analysts believe that BTC is likely to maintain a weak performance for some time.