BTC: Yesterday, the daily candlestick formed a "small bearish candle" with a long upper shadow, indicating significant selling pressure above $84,000, accompanied by considerable volume, showing strong market selling power.

Overall, considering macro data, the net outflow of 3,450 bitcoins (approximately $278 million) from the U.S. spot Bitcoin ETF yesterday reflects a cautious attitude from institutional funds; the long-short ratio is above 2.6, indicating that long positions are too high, and any short-term rebound from oversold conditions may be limited, or it may only be a dead cat bounce. It has not yet hit the bottom, suggesting that there may still be room for decline. Historically, Bitcoin shows obvious characteristics of a local bear market, and the bottom may not yet be determined.