Matrixport reports that Bitcoin's price fell sharply from $85,000 to near $60,000 before stabilizing near $66,000, with implied volatility spiking then partially retreating. Despite some easing in short-term pressure, market liquidity continues to flow out and participation declines, placing the crypto market at a crucial inflection point. Historically, this combo of extreme sentiment, high volatility, and liquidity outflows often precedes major directional moves.

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