The market data is quite interesting: it's becoming more and more like the early stages of the 2022 bear market.

[On-chain Note] I recently went through a weekly report from a certain on-chain analytics platform and noticed an interesting phenomenon—the current market situation is actually quite similar to the early stage of the bear market in 2022.

From November to December, open interest has been dropping steadily, indicating a clear decrease in risk appetite among participants. Especially after that liquidation flash crash on October 10, the entire market has become much more cautious. The options market tells the story even better: investors are now more willing to sell protection rather than bet on upside potential. Earlier this week, when Bitcoin fell to around $80,000, put buyers dominated, but as the price stabilized, panic subsided quite a bit and capital started flowing back into call options.

Perpetual contract funding rates have basically remained neutral, occasionally dipping briefly into negative territory, and funding premiums have also dropped significantly. Honestly, this kind of environment is actually healthier—there’s less speculative frenzy and the market is relatively balanced.

The worst part is on the ETF side. A certain spot Bitcoin ETF has seen outflows for the sixth consecutive week, which is the longest losing streak since its launch in January last year. Over the past five weeks, total redemptions have exceeded $2.7 billion—a staggering figure.

Derivatives data further confirms that market risk appetite is indeed declining. Where things go from here will require continued observation.