Analysis: Some funds are trying to enter the market to absorb BTC selling pressure, and market panic has not escalated further.

On November 13th, on-chain analyst Murphy released BTC data analysis. With the conclusion of the U.S. government shutdown, market panic eased somewhat. However, BTC has not yet witnessed a rapid rebound. There are two bullish aspects in the on-chain data of BTC: the balance of BTC within Binance has begun to decline, suggesting that some funds are starting to gradually enter the market and digest potential selling pressure. Yesterday, after BTC's price rebounded to $105,000, it fell again, resulting in a loss of $170 million on that day. Compared to $540 million on November 4th and $350 million on November 7th, although the BTC price is similar, 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 intensified. There are still two unfavorable aspects in BTC's on-chain data: according to the purchasing power monitoring data within the Binance platform, the market has not yet entered an effective recovery stage, and bottom signals have not yet emerged. On-chain data shows that new BTC investors are transitioning from the previous rush into the market to gradually slowing down. Based on long-term experience, new investors in this cycle are one of the core driving forces of BTC price. When the increase in demand starts to slow down, it indicates that investors' risk appetite is decreasing. Overall, market confidence is recovering, but it takes time. Currently, we are in a sensitive period of fragile market sentiment, where the impact of any fundamental news will be magnified. Analysts believe that BTC is likely to maintain a period of weak performance for a while.