#加密市场情绪分析 analyzed the recent sharp drop in Bitcoin prices. According to on-chain data, this downturn was mainly triggered by spot selling, including ETF outflows and long-term holders cashing out. Notably, the options market has also amplified price volatility. When BTC fell below the key $85,000 level, a large number of put options were concentrated around that strike price, forcing market makers to hedge their positions and further intensifying selling pressure. Currently, market sentiment is pessimistic. It is recommended to closely monitor subsequent capital flows and the actions of major holders to determine whether the decline will continue.