PANews reported on February 12th that, according to Glassnode analysis, 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 after a structural breakdown. The current demand corridor between $60,000 and $72,000 continues to absorb selling pressure, but the $82,000 to $97,000 and $100,000 to $117,000 ranges above contain a large amount of unrealized losses, forming potential resistance for any rebound. Short-term holders' profitability remains negative, highlighting recent fragile buyer confidence and limiting the sustainability of price increases. Institutional fund flows in digital assets have turned into synchronized net outflows, indicating that institutions are generally adopting risk-averse strategies, and the spot market's absorption capacity is limited. Spot trading volume surged during the sell-off but failed to sustain, showing that market participation was mainly passive rather than active position building. Perpetual contract open interest cooled, and directional premiums compressed, reflecting the exit of leveraged traders and a decline in speculative momentum. Implied volatility and skewness indicators show a continued demand for downside hedging in the market, consistent with a defensive market posture. Market maker gamma values ​​and option position structures exacerbate price volatility, leading to short-lived price movements in a context of fragile liquidity.