10xResearch: Bitcoin loses $69,000, derivatives market turns to defend against increased downside risks

10xResearch published an analysis on platform X and pointed out that Bitcoin has fallen below the key price level of US$69,000, the market structure has undergone significant changes, and traders have shown significant adjustments in positions. Futures traders have significantly closed their long positions, and the funding rate has turned deeply negative. At the same time, the flow of options funds has clearly shifted to downward protection. The short-term volatility has rebounded to the mid-range range, and the skewness has remained negative, reflecting the market's continued need for hedging against downside risks. 10xResearch added that the current market is no longer trading around exceeding expectations of US$75,000. Faster-responsive traders in the derivatives market have taken the lead in adjusting their positions, and the overall market is preparing for uncertainty and even greater fluctuations. At the macro level, the market has begun to take into account interest rate hikes expectations, while the Federal Reserve still releases guidance on interest rate cuts. This deviation is difficult to last in the long run. If the oil price shock further evolves into a growth shock, risky assets may be under pressure. The key price range has entered a sensitive stage. Once it falls, the downward trend may accelerate.