Analysis: Currently, approximately 8-9 million BTC are in a "locked-in" state, with overall trading subdued ahead of the Easter holiday.

Odaily News Bitcoin has fallen below the $66,000 mark. On-chain data indicates that while spot demand has begun to absorb selling pressure, it is not yet sufficient to support sustained upward movement, and the market remains in a transitional phase. Approximately 8 to 9 million BTC are in a "locked-in" state, with overhead selling pressure forming persistent resistance. Simultaneously, long-term holders are still realizing losses at relatively high levels, suggesting that the redistribution of chips is not yet complete. On the liquidity front, Bitcoin ETFs briefly saw two consecutive days of net inflows at the end of March, but subsequently reverted to outflows. On April 1st alone, U.S. Bitcoin funds experienced net outflows of $174 million. In the options market, declining implied volatility and a skew shift towards downside protection indicate that investors are more inclined to hedge risks rather than bet on a breakout. Overall market sentiment remains cautious, with subdued trading activity ahead of the Easter holiday. (The Block)