Analysis: Some funds are trying to get on board to digest the BTC sell pressure, and market panic has not further intensified.

On November 13, on-chain analyst Murphy released a BTC data analysis. As the U.S. government shutdown came to an end, market panic eased somewhat, but BTC has not seen a quick rebound. The favourable information presented by BTC on-chain data has two aspects: BTC balances within CEX are starting to decline, indicating that some funds are beginning to gradually get on board and are digesting potential selling pressure; yesterday, after BTC's price rebounded to $105,000, it fell again, with a realized loss of $170 million for the day. Compared to the $540 million loss on November 4 and the $350 million loss on November 7, BTC's price is similar, but the realized loss amount has significantly decreased. Market sentiment is gradually adapting to the weak performance of the market, and panic sentiment has not further amplified. There are two aspects of BTC's on-chain data that are still not good: according to the purchasing power monitoring data within CEX platforms, the market has not yet entered an effective recovery phase, and bottom signals have not yet appeared; on-chain data shows that new BTC investors are slowing down from the initial rush to gradually easing their pace. Based on long-term experience, new investors in this cycle are one of the core driving forces of BTC's price. When new demand begins to slow down, it indicates that investors' risk appetite is declining. Overall, market confidence is being restored, but it takes time. The market is currently in a sensitive phase of weak sentiment, and any impact from news will be amplified. Analysts believe BTC will likely maintain a weak performance for some time.