Under macroeconomic shocks, traders are exiting the market en masse, and market risk sentiment has significantly heated up. Opening interest (OI) decreased by 5% month-on-month, reflecting a substantial contraction in leveraged trading.

BTC dropped to $86,961, a 0.5% decline; ETH fell to $2,932, a 1% decrease. More notably, institutional movements are worth monitoring—last week, both BTC and ETH spot ETFs continued to experience redemptions, with a total net outflow approaching $1 billion, directly reflecting cautious attitudes among institutional investors.

Market sentiment indicators have sharply deteriorated: the Fear & Greed Index fell from average levels to 24, entering the extreme fear zone. The total market capitalization of the entire crypto market has fallen back to $3.02 trillion, while the 24-hour global liquidation scale reached $225 million, with frequent forced liquidations. In such an environment, risk management has become the top priority.