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

Odaily reported that Bitcoin fell 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 momentum, and the market remains in a transitional phase. Approximately 8 to 9 million BTC are in a "locked-in" state, with overhead selling pressure creating persistent resistance. Simultaneously, long-term holders are still realizing losses at relatively high levels, suggesting that the redistribution of holdings 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 a net outflow of $174 million. In the options market, implied volatility has declined, and skew has shifted towards downside protection, indicating 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 Easter. (The Block)