[Analysis: BTC breaks below key on-chain valuation level amid liquidity stress, potential support at $54,900] According to The Block, on-chain analytics firm Glassnode pointed out that Bitcoin has fallen below the 'True Market Mean,' a metric historically regarded as the dividing line between expansion and contraction cycles. Currently, the structural support below may be at $54,900. Additionally, the net flow of U.S. spot Bitcoin ETFs has turned back to sustained outflows, weakening the previous marginal demand source as a support factor. In the derivatives market, panic sentiment has eased but has not shifted to optimism. Implied volatility has retreated from its highs, indicating that traders are unwinding downside protection positions but have yet to establish significant long exposure.