#加密市场情绪 Recent market sentiment has shown obvious fluctuations. ETF fund outflows continue, and derivatives data indicate a decline in risk appetite, all of which are typical safe-haven signals. However, after Bitcoin prices stabilize, investor panic sentiment has eased, and funds are beginning to shift toward bullish options, which may suggest that market confidence is gradually recovering. From on-chain data, changes in open interest and financing rates also confirm that the market environment is becoming more balanced. Overall, the current market situation does resemble the early stages of the 2022 bear market, but investor sentiment seems to be shifting from extreme pessimism to cautious optimism. Moving forward, close attention should be paid to large fund movements and on-chain activity to determine whether this improvement in sentiment can be sustained and lead to substantial capital inflows.