The Fear & Greed Index drops to 22, and the market sentiment remains very depressed.

Yesterday’s options expiration was like throwing a stone into still water — not a single ripple. Why? Simply put, we’re in a standoff — both bulls and bears have their defenses set up, and whoever jumps first will get hit.

**BTC’s Deadlock**

The price is stuck around 87,436, bouncing within the corridor of 86,000 to 89,000. The liquidation data above shows what “short accumulation” looks like — between 88,500 and 89,000, the short defenses are densely packed, terrifyingly so. Once it pushes upward, the bears immediately push back. The area between 86,000 and 86,500 is also tough — long stop-loss orders are everywhere. The result is: major players are repeatedly trading within this range, eating up restless short-term traders. Without any unexpected events, this zone is a meat grinder.

**ETH’s Suffocation**

At the price of 2,943, Ethereum is even more immobilized. Both sides are tightly blocked — the short positions around 2,941 to 3,000 are enormous, not just a technical pressure but also a psychological barrier. Although there is support below at 2,900, it seems lacking in confidence. If Bitcoin drops further, ETH is likely to test whether 2,900 can hold.

The current market is all about the “waiting” game.