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According to ChainCatcher, analyst Murphy pointed out that based on current data, it is not difficult for BTC to return to $90,000, and $90,000 is not a strong resistance level. The average cost of short-term holders indicates that BTC may only encounter significant selling pressure when entering the $92,000 to $99,000 range. At the same time, options market data shows that Call activity at the $92,000 strike price is significantly higher than at $90,000, especially the sell Calls at $92,000 far exceed those at $90,000, which will create strong resistance in the market. Murphy emphasized that the key battle for BTC above $92,000 is the core area that will determine the trend, especially near the $98,000 level, which is the "fair value" line for BTC over the past decade. However, the market has recently suffered a blow to confidence due to massive realized losses, making it difficult to generate effective buying power in the short term. The future trend of BTC still depends on market sentiment and the performance of key resistance zones. .

According to Jinse Finance, on-chain analyst @ai_9684xtpa has monitored that the top short position on Hyperliquid MON has an unrealized loss of $1.23 million: address 0xd47...51a91 currently holds a short position of 1.81 million MON, valued at $7.67 million, with an entry price of $0.03566. In addition, he also shorted ZEC, with a $33.23 million short position currently at an unrealized loss of $6.08 million. However, he holds positions in a total of 13 tokens and remains overall profitable with an unrealized gain of $2.08 million.