According to Huoxun Finance, the supply of Bitcoin at breakeven levels has reached typical bear market levels. Currently, approximately 11.2 million Bitcoins are still profitable relative to their purchase price, not far from the lowest profit level during the last bear market (9 million Bitcoins). On the other hand, approximately 8.2 million Bitcoins are currently at a loss, compared to approximately 10.6 million Bitcoins lost during the last bear market. This indicates that the market is significantly undervalued, similar to the situation during the last bear market.

According to Huoxun Finance, the Bitcoin Position Index is a comprehensive indicator measuring the aggressiveness of long and short positions in the derivatives market, reflecting the actual opening direction of positions by futures market participants. The index's 30-day Simple Moving Average (SMA-30d) reached a local high of +3 on March 17th when Bitcoin's price was $73,925, and subsequently fell to -3.1, reflecting the continued accumulation of short positions. During the same period, Bitcoin's price fell from $74,883 to $66,603, and the SMA-30d declined in tandem with the price, further confirming the weakening market structure. The Liquidation Oscillator has been rising steadily since mid-March, rebounding from 2.9%, and is currently at 18.6%, indicating that long positions continue to face forced liquidation, and the structure is unlikely to recover. The red histogram reflecting short liquidation has not appeared since October 2025. As long as the 30-day moving average (30DMA) remains high and there is no significant return of red bars, the pressure from long positions will continue; if the 30DMA reverses downwards, it will be the first signal that the liquidation balance is beginning to recover, with the two indicators reversing synchronously and mutually confirming each other. Bitcoin's price has fallen approximately 11% from its peak of $74,883. The current derivatives market structure lacks a basis to support a sustained reversal: short sellers dominate, long positions are being continuously liquidated, and a short squeeze is barely evident. Our recommended strategy is to mitigate risk. The main downside risk lies in: if liquidation pressure persists and the 30-day moving average (SMA) remains below the zero line, the bearish trend will solidify further, and the downward pressure on Bitcoin's price to fall below $66,000 will intensify.

According to an article by CryptoQuant analyst Axel Adler Jr., as reported by Odaily Planet Daily, "The Bitcoin Position Index is a comprehensive indicator measuring the aggressiveness of long/short positions in the derivatives market, reflecting the current actual opening direction of positions by futures market participants. The index's 30-day Simple Moving Average (SMA-30d) reached a local high of +3.0 on March 17th when Bitcoin's price was $73,925, and has since continued to decline, reaching -3.1 today. This reflects the continued accumulation of short positions. During the same period, Bitcoin's price fell from $74,883 to $66,603, and the SMA-30d declined in tandem with the market price, further confirming the weakening market structure. The liquidation oscillator has rebounded from 2.9% since mid-March and has continued to rise, reaching 18.6% as of today. This means that the market is experiencing continuous forced liquidation on the long side, preventing structural recovery. A red histogram reflecting short liquidation has not appeared since October 2025. As long as 30..." The 30-day moving average (DMA) remains high, and the prominent red histogram has not returned, indicating continued pressure from long positions. A downward reversal of the 30-day DMA would be the first signal that liquidation equilibrium is beginning to recover. The reversals of these two indicators occur simultaneously and corroborate each other. Bitcoin's price has fallen approximately 11% from its peak of $74,883, and the current derivatives market structure offers no basis for a sustained reversal: short sellers dominate, long positions are being continuously liquidated, and short squeezes are virtually nonexistent. Current trading stance: risk aversion. The main downside risk lies in: if liquidation pressure persists and the open SMA-30d remains below the zero line, the bearish pattern will solidify further, and the downward pressure on Bitcoin's price to fall below $66,000 will intensify.

According to Huoxun Finance, in the first quarter of 2026, hackers stole over $168.6 million in crypto assets from 34 decentralized finance (DeFi) protocols, a significant decrease from $1.58 billion in the same period of 2025—the latter being largely due to the $1.4 billion theft from Bybit. The largest single attack of the quarter was the Step Finance private key breach in January, resulting in a loss of approximately $40 million; followed by the Truebit smart contract vulnerability attack on January 8th, which resulted in a loss of $26.4 million in ETH; and thirdly, the private key theft from stablecoin issuer Resolv Labs on March 21st.

According to Huoxun Finance, in the first quarter of 2026, hackers stole over $168.6 million in crypto assets from 34 decentralized finance (DeFi) protocols, a significant decrease from the $1.58 billion stolen in the same period of 2025, when the substantial losses were primarily due to the $1.4 billion Bybit theft. The largest single attack this quarter was the Step Finance private key breach in January, resulting in a loss of approximately $40 million; followed by the Truebit smart contract vulnerability attack on January 8th, which resulted in a loss of $26.4 million in Ethereum; and thirdly, the Resolv Labs stablecoin issuer private key theft on March 21st.