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BTC $74,981.60 +0.11%
ETH $2,337.21 -0.64%
BNB $628.87 +0.81%
XRP $1.43 +1.76%
SOL $88.15 +3.13%
TRX $0.3259 +0.13%
DOGE $0.0980 +1.54%
ADA $0.2553 +1.88%
BCH $448.89 +1.46%
LINK $9.44 +1.35%
HYPE $43.60 -3.93%
AAVE $113.41 +6.23%
SUI $0.9853 +0.78%
XLM $0.1660 +3.30%
ZEC $333.95 -2.87%

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Analysis: The Bitcoin bear market has entered its later stage, with $64,000 being an important support level

According to Cointelegraph, Bitcoin has once again fallen below $70,000, with multiple on-chain and technical indicators showing that the current bear market is entering its later stages.In terms of on-chain data, Bitcoin's Net Unrealized Profit/Loss (NUPL) has dropped below 0.25, placing it in the "hope/fear zone." CryptoQuant analyst The Enigma Trader pointed out that this means about 40% of the circulating supply of Bitcoin is in a state of loss, compounded by the Fear and Greed Index falling to 15, indicating "extreme fear," which "reflects pain and uncertainty." He added that if NUPL rises above 0.25, it will mark the entry into the optimistic zone, a transition that historically often coincides with an increase in price momentum.Glassnode stated that the 7-day moving average of relative unrealized losses has stabilized at 15%, noting that "historically, resolving this level of embedded losses requires time, further price declines, or a sustained influx of fresh capital within a compressed timeframe." Additionally, Bitcoin's entity-adjusted realized profit has fallen from a peak of $3 billion per day in July 2025 to now less than $100 million, a decline of over 96%. Glassnode described this as "further evidence of demand exhaustion" and a "textbook characteristic of the transition to the later stages of a bear market."In terms of key price levels, Bitcoin has recently been in a range-bound consolidation, with support at $64,000 and resistance at $72,000. Glassnode pointed out that Bitcoin is struggling to hold the 1-week to 1-month cost basis of $70,200, but the accumulation of buy orders at this level is not robust enough, making "the probability of breaking below this level non-negligible" until more solid buying support is established. The main support below is referenced at Bitcoin's realized price of about $54,000; the upper resistance is at the 1 to 3-month cost basis of $82,200, as well as a dense area of short-term positions above $84,000.Technical analyst CryptoPatel stated that Bitcoin's recent rise to $76,000 is merely a lower high, and the higher time frame structure "points to lower," with below $50,000 being the next truly noteworthy area to watch.

Vitalik: DeFi is an important part of Ethereum's core values, and in the future, it will regain the spirit of early DeFi

Ethereum founder Vitalik expressed on social media that DeFi is an important component of Ethereum's core values. Financial empowerment is a key dimension for achieving autonomy and freedom in today's world. While finance is far from the only use of Ethereum, it is crucial. Current DeFi has opened up the world's best savings, risk management, and wealth creation opportunities in a permissionless manner. The Ethereum Foundation needs to continue building on this foundation.The greatness of the early DeFi era of Ethereum lies in its courage to dream, innovate, and create entirely new paradigms. Future DeFi will reclaim this spirit; it should not only focus on "creating a better stablecoin," but also delve deeper into underlying issues and propose better solutions. The Ethereum Foundation's support for "on-chain finance" and even "DeFi" is not indiscriminate.There is a clear vision for DeFi: a permissionless, open-source, privacy-first, and security-centric global financial system—maximizing user control over their own assets, minimizing centralized bottlenecks and trusted third parties, and democratizing risk management and wealth accumulation. The foundation hopes that the protocol can pass the "exit test": even if the founding team suddenly disappears, the system can continue to operate, and achieving this vision requires a lot of work.
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