Opinion: Bitcoin market selling pressure hit a new high since August on November 5, and panic sentiment may take weeks to digest.

November 7 - Crypto analyst Murphy posted that on November 5, significant panic emerged in the market, with the spot active trading volume difference (SVD) on trading platforms severely skewed toward sellers, and selling pressure reached the highest level since the start of this market cycle in August, even exceeding the active selling pressure triggered by the Binance security incident on October 30.

Murphy pointed out that the continuously strengthening active selling pressure pushed prices further down, but it is currently not possible to determine whether buyers' absorption capacity has strengthened. Only when the next round of active selling pressure of similar scale occurs but prices no longer drop significantly can it be indicated that buyer order depth may have improved.

He believes that the Binance black swan event and the sharp decline in US stocks have successively hit the market in the short term, significantly dampening bullish confidence. It may take weeks or even one to two months for the market to digest the panic sentiment, and the probability of a direct V-shaped rebound in the short term is not high. Next, focus should be on observing changes in investor behavior, market sentiment, and chip structure.