$BTC BTC On-chain data shows that the Bitcoin miner position index (MVRV) has dropped to 0.98, indicating that most miners are in a loss state, which may trigger short-term fluctuations in hash rate. Key support level to watch is the weekly MA120 (approximately 59,200). If it effectively breaks down, it may test the May low of $56,500. Positive signals have appeared in the derivatives market: the funding rate for Bitfinex perpetual contracts has turned negative (-0.003%), which usually indicates a rebound opportunity after excessive short positioning. Notably, the German government began transferring 43,000 BTC this week, but only 12% of it has moved to exchanges, with the majority going to custody addresses, possibly in preparation for institutional-level OTC trading. How do you view the changes in the liquidity structure of BTC in the third quarter?