Bitcoin fell below the $66,000 mark. On-chain data shows that while spot demand has begun to absorb selling pressure, it is insufficient to support a sustained rise, and the market remains in a transitional phase. Approximately 8 to 9 million BTC are "trapped," with upward selling pressure forming continuous resistance. Meanwhile, long-term holders are still incurring significant losses, indicating that the redistribution of tokens is not yet complete. In terms of funding, Bitcoin ETFs briefly saw net inflows for two consecutive days at the end of March, but subsequently turned to outflows again, with US Bitcoin funds experiencing net outflows of $174 million on April 1st alone. Implied volatility in the options market has decreased, and skewness has shifted towards downside protection, indicating that investors are more inclined to hedge risks rather than bet on breakouts. Overall market sentiment is cautious, and trading is generally thin ahead of Easter. (The Block)