10x Research, in an analysis published on its X platform, points out that Bitcoin has fallen below the key price level of $69,000, indicating a significant shift in market structure and marked adjustments in trader positions. Futures traders have significantly closed out long positions, with funding rates turning deeply negative. Simultaneously, options funding flows have clearly shifted towards downside protection, short-term volatility has rebounded to the mid-range, and skewness remains negative, reflecting the market's continued demand for hedging against downside risk. 10x Research adds that the market is no longer trading around the expectation of breaking through $75,000. Faster-reacting traders in the derivatives market have already adjusted their positions, and the overall market is preparing for uncertainty and even greater volatility. On a macro level, the market is beginning to price in interest rate hikes, while the Federal Reserve continues to release guidance on rate cuts; this divergence is unlikely to last. If the oil price shock further evolves into a growth shock, risk assets may come under pressure. The key price range has entered a sensitive phase; once breached, the downward trend may accelerate.