BTC 24H Market Review | Breakdown of the Multi-Factor Sell-Off Logic📊

【External Macro】
A U.S. inflation rebound suppresses rate-cut expectations, U.S. Treasury yields rise, and geopolitical risk aversion related to the Middle East emerges—global risk assets weaken across the board, with capital flowing out of the crypto sector.

【In-Market Drivers】
Strategy makes its first reduction of BTC holdings in four years, breaking the belief in “hold-to-accumulate coins”; the ETF sees consecutive large-scale redemptions. BTC dips to 6.14W intraday (a new phase low), falls 5.3% over 24H, and a total of $1.738B is liquidated across the network, with severe long liquidation—panic intensifies.
The fear index falls into the “extreme fear” range; near-term support sits at 60,500–61,000, while the rebound faces pressure at 64,500.