Today's Crypto Market: Bitcoin falls back to $91,000, ETF fund outflows intensify anxiety! The rebound at the beginning of this week came to a sudden halt, with Bitcoin sliding from a high of $93K to around $91K, down over 2% in 24 hours, and the total market capitalization shrinking to $3.1 trillion. The trigger: BlackRock's IBIT ETF saw an outflow of $113 million on Thursday, totaling over $2.7 billion in cumulative outflows over five weeks, setting a record for the longest outflow in history, with institutional risk aversion remaining high. On the derivatives front: the open interest in futures contracts fell to $21 billion (down from $25 billion a month ago), the basis remains stable at 4%-5%, and funding rates hover at low levels of 5%-6%, with deleveraging proceeding in an orderly manner. Options still lean bullish, with call option transactions accounting for 57%, but there was a liquidation of $280 million in 24 hours, causing long positions to lose $200 million, with $90,600 becoming a liquidation hotspot. Altcoins fell broadly: Ethereum wiped out the gains from the Fusaka upgrade, dropping 2.62% to $3,150; the CD20 index fell in tandem, and the meme coin index CDMEME dropped 5.8%. TAO, HYPE, and NEAR plummeted over 6.5%. The Fear and Greed Index is stuck at 25 (Fear), not breaking the neutral line of 40 for over a month. Exception: ZEC rose 4.7% (RSI oversold rebound), TRX rose 1.8% (multiple consecutive positive cycles). Macro uncertainty + ETF chill, the short-term $91K support tests the bullish bottom line. Can we make it through the leverage, what are the chances of a rebound by the end of the year?
