1. Top Global Institutional Movements

• BlackRock IBIT: Nearly 3 hours recorded a net outflow of $38 million, continuing the previous exit trend, with institutional funds steadily flowing out and retail investors' share rising to 30%.

• Grayscale GBTC: Nearly 3 hours net outflow of $9 million, redemption pressure remains high, with outflows narrowing by 25% compared to the previous hour ($12 million), and the spot ETF conversion progress remains at 13%.

• Fidelity FBT: No new allocations, institutional fund share remains at 90%, holdings stable, long-term allocation demand unchanged.

2. Market Maker Movements

• Market makers' "short gamma" position continues to intensify, Delta hedging demand surges, the scale of forced BTC sales during price declines increases, and volatility widens.

• Order book depth decreases by 12%, bid-ask spread widens from 0.18% to 0.22%, significantly increasing the risk of liquidity vacuum and causing serious quote distortions.

• Market makers' orders in the $67,500-$68,500 range decrease, indicating a significant weakening of confidence in support at this level.

3. Whale and Mid-Size Whale Movements

• Whale movements: In the past 3 hours, a cluster of whale addresses that were liquidated on Hyperliquid transferred 320 BTC (about $2.167 million) to exchanges, suspected of preparing to sell; another whale address sold 180 BTC (about $1.219 million), with sell points concentrated around $68,500.

• Mid-Size Whale movements: The long-short ratio among mid-size whales (holding 100-1000 BTC) fell from 0.78:1 to 0.72:1, with many mid-size whales shifting from long to short, selling mainly in the $68,000-$68,500 range.

4. Long-Short Battle Indicators

• Perpetual Contract Funding Rate: Latest at **-0.022%**, shorts pay longs, indicating a more bearish sentiment compared to the previous hour (-0.018%), with market sentiment turning extremely pessimistic.

• Liquidation Data: In the past 3 hours, approximately $290 million was liquidated across the entire network, with longs accounting for 82% and shorts 18%. Longs were forced to close positions, with shorts holding an absolute advantage.

• OKX Long-Short Position Ratio: 0.68:1, dominated by shorts, with a significant widening gap, indicating market sentiment turning extremely pessimistic.