Foreign media commentators believe that after Bitcoin's rapid decline in early June, market bets on further drops have increased significantly. The article mentions that BTC nearly gave back about 20% and fell below $60,000 for the first time in nearly four months, with the chain reaction of liquidations in the derivatives market amplifying pessimistic expectations.
Nearly $500 million in long positions were liquidated in the past 48 hours.
The article cites CoinGlass data stating that after Bitcoin fell below $60,000, nearly $500 million in long positions were liquidated in the past 48 hours. Panic also intensified, with the Crypto Fear and Greed Index entering the "extreme fear" zone.
The article points out that such emotional phases have often coincided with concentrated selling. However, market panic does not necessarily mean that prices will continue to decline unilaterally. Previously, when Bitcoin fell back to similar levels, there were short-term rebounds in March and April.
Marginal buying is believed to be weakening.
The core argument of this commentary is that this round of decline is not merely a fluctuation in sentiment, but rather a repricing of risk by the market. The article specifically mentions that the prices of some Bitcoin-related funding and holding instruments have weakened, indicating that the strength supporting buying is waning.
The article cites STRC, a Strategy-related financing instrument, as an example, noting that its price has fallen below $92, widening the discount to its $100 face value. This is interpreted as pressure on the Strategy financing model, and also means that Bitcoin may lose some marginal buying power.
Position size and passive selling pressure dominate short-term price movements.
The article argues that the current market is more focused on changes in position structure, liquidity, and passive selling pressure than on single sentiment indicators. Short-term holders' concentrated stop-loss orders, coupled with the liquidation of leveraged positions, have further amplified price volatility.
Within this framework, foreign media believe that the market's expectation of Bitcoin falling below $50,000 is not entirely driven by panic, but rather related to the current funding structure and the process of releasing selling pressure. The article concludes that with weakening buying pressure, short-term price movements are increasingly driven by position adjustments and forced liquidations.
