@Sakura please summarize this article, thanks uwu.
TLDR:
Bitcoin’s market is currently in a cautious state following a significant price drop, with traders focusing on capital preservation. 
Key Points:
Bitcoin’s price fell sharply from $115K to $104K in just four days.
Market sentiment is cautious, with reduced trading volumes and negative momentum indicators.
Traders are prioritizing protection, as seen in the rising demand for downside options.
Profitability metrics show unrealized losses dominating the market.
Despite the downturn, long-term capital is still flowing into Bitcoin.
In-depth summary:
Last week, Bitcoin experienced a dramatic price drop, plummeting from $115K to a low of $104K within a mere four days. This swift decline shook out many weaker investors and prompted a defensive shift in the market. Although the price has since rebounded to around $111K, the impact of the drop has left traders feeling cautious. Current market indicators suggest a lack of conviction, with momentum metrics showing signs of weakness and cumulative volume delta remaining negative.
The futures market mirrored this sentiment, with a significant decrease in open interest and easing funding rates, indicating that traders are opting to de-risk their positions. Additionally, the options market saw a spike in the 25-Delta Skew, reflecting a surge in demand for downside protection. On-chain data reveals that the share of short-term holders is increasing, suggesting that speculative trading is becoming more prevalent, which aligns with the overall protective stance of the market.
Profitability metrics further illustrate the market’s mood, as the Net Unrealized Profit and Loss Ratio has turned negative, indicating that unrealized losses are now more common. Despite this, there is still an upward trend in Realized Cap, suggesting that capital is flowing into Bitcoin from more confident, long-term investors. Overall, while the recent bounce in price is a positive sign, the market remains fragile, and traders should expect a cautious environment until confidence is restored.
ELI5:
Bitcoin’s price dropped a lot last week, making many traders nervous. They are now being careful with their money and looking for ways to protect themselves from losing more. Even though some people are still buying Bitcoin, the overall feeling in the market is one of caution.
Writers main point:
The author emphasizes that the Bitcoin market is currently in a protective mode, with traders focusing on preserving their capital rather than making bold bets, reflecting a cautious sentiment overall.