Analysis: Bitcoin is trapped in a "structural deadlock," with demand corridors bearing selling pressure but a large amount of trapped capital limiting the upside potential.

According to ME News, on February 12th (UTC+8), Glassnode analysis indicates that Bitcoin's price continues to be trapped between the real market average (approximately $79,200) and realized price (approximately $55,000), reflecting a defensive stance following a structural breakdown. The current demand corridor between $60,000 and $72,000 continues to absorb selling pressure, but the $82,000-$97,000 and $100,000-$117,000 ranges above contain a large amount of unrealized losses, posing potential resistance for any rebound. Short-term holders' profitability remains negative, highlighting recent fragile buyer confidence and limiting the sustainability of upward price movement. Institutional fund flows in digital assets have turned into synchronized net outflows, indicating that institutions are generally adopting risk-averse strategies, limiting the spot market's absorption capacity. Spot trading volume surged during the sell-off but failed to sustain, showing that market participation was primarily passive rather than active position building. The cooling of perpetual contract open interest and the compression of directional premiums reflect the exit of leveraged traders and a decline in speculative momentum. Implied volatility and skewness indicators suggest a persistent demand for downside hedging, consistent with a defensive market stance. Market maker gamma values and option open interest exacerbate price volatility, leading to short-lived price movements in a context of fragile liquidity. (Source: ME)