#数字资产市场动态 **Market Volatility Review | On-Chain Data Insights into Current Market Sentiment**

In the past 24 hours, $BTC faced significant pressure, briefly falling below the $90,000 mark and touching a low of $87,500. The Fear Index dropped to 24 points, indicating an extreme fear zone.

Liquidation data reflects intense market volatility — over $1 billion in total liquidation across the network in 24 hours, nearly 180,000 traders were liquidated, with long positions accounting for 90%. This is driven by a large-scale retail sell-off.

An interesting contrast has emerged: while retail investors panic and cut losses, on-chain whales are accumulating against the trend. In the past 5 days, whale accounts have increased their holdings by 34,000 BTC. Meanwhile, massive BTC transfers that have been dormant for 12 years have also triggered market activity, adding to selling pressure.

The macro environment continues to exert pressure. The Davos Forum is focusing on asset tokenization, with the total RWA (Real-World Asset) market surpassing $21 billion, with Ethereum hosting over 65% of tokenized assets. This indicates that compliance has become a core focus for institutional deployment. However, in the short term, policy adjustments by Trump (proposed tariffs on Europe) and delayed expectations of Federal Reserve rate cuts are driving global risk-averse capital away from risky assets.

The market is at a crossroads between sentiment and fundamentals, and observing the next move in the battle between bulls and bears is crucial.