ChainCatcher Message, CryptoQuant Research Director Julio Moreno pointed out that Bitcoin's price plummeted to $88,000 yesterday, mainly due to deleveraging in the futures market. Nevertheless, demand in the spot market remains strong. As prices fell, the number of open contracts decreased, indicating that long positions in the futures market were forced to close. Additionally, the funding rate has also shown a downward trend. This series of data suggests that the market is undergoing an adjustment, and investors need to closely monitor changes in on-chain data to better understand market dynamics.