🔔10x Research: Bitcoin Falls Below $69,000, Derivatives Market Turns Defensive, Downside Risks Intensify According to Mars Finance, 10x Research published an analysis on its X platform pointing out that Bitcoin has fallen below the key price level of $69,000, indicating a significant shift in market structure and substantial signs of trader position adjustments. 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 risks. 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 hike expectations, while the Federal Reserve is still releasing guidance on rate cuts. This divergence is unlikely to be sustainable in the long term. 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; if it is breached, the downward trend may accelerate.