**[Analysis: Some Funds Attempt to Enter the Market to Absorb BTC Selling Pressure, Market Panic Not Further Amplified]** BlockBeats News, November 13 – On-chain analyst Murphy released a BTC data analysis. With the U.S. government shutdown coming to an end, market panic has slightly eased, but BTC has yet to show a rapid rebound. There are two positive signals from BTC on-chain data: the BTC balance on Binance has started to decline, indicating that some funds are attempting to gradually enter the market and are absorbing potential selling pressure; yesterday, after BTC's price rebounded to $105,000, it fell back again, with realized losses for the day amounting to $170 million. Compared to $540 million on November 4 and $350 million on November 7, BTC's price is similar, but the realized loss amount has significantly decreased. This suggests that market sentiment is gradually adapting to the weak performance of the market, and panic has not been further amplified. There are two aspects of BTC on-chain data that remain unfavorable: according to purchasing power monitoring data on the Binance platform, the market has not yet entered an effective recovery phase, and bottom signals have not appeared; on-chain data shows that new BTC investors are slowing down their pace, transitioning from the previous rush to enter the market to a more cautious approach. Based on long-term experience, new investors in this cycle are one of the core drivers of BTC's price. When new demand begins to slow, it indicates that investors' risk appetite is declining. Overall, market confidence is recovering but requires time. Currently, the market is in a fragile and sensitive emotional period, where any news impact will be amplified. Analysts believe that BTC is highly likely to maintain a period of weak performance.