Analysis: Currently, about 8 to 9 million BTC are in a "locked" state, with overall trading activity remaining subdued before Easter.

ME News Report, April 2nd (UTC+8), Bitcoin falls below the $66k mark. On-chain data shows that although spot demand has begun to absorb selling pressure, it is not yet sufficient to support a sustained rally, and the market remains in a transitional phase. Approximately 8 to 9 million BTC are in a “locked-in” state, with selling pressure above creating ongoing resistance, while long-term holders are still realizing losses at relatively high levels, indicating that chip redistribution has not yet concluded. In terms of capital flow, Bitcoin ETFs experienced a brief two-day net inflow at the end of March, but then shifted back to outflows, with net outflows from U.S. Bitcoin funds reaching $174 million on April 1. Implied volatility in the options market has decreased, and skew has shifted to downside protection, indicating that investors are more inclined to hedge risks rather than bet on a breakout. Overall market sentiment remains cautious, with trading activity before Easter being subdued. (Source: ODaily)