Ah, the fickle nature of fortune! In a most disheartening turn of events, the short-term holders of Bitcoin (BTC), those who cling to their digital dreams for a mere 155 days, have found themselves in a veritable quagmire. Nearly 80,000 BTC, a staggering sum, have been dispatched to exchanges, all while the BTC/USD pair languishes at a dismal 15-week low. What a spectacle! 🎭
According to the latest revelations from the oracle of onchain analytics, CryptoQuant, we are witnessing what may very well be the most catastrophic sell-off of 2025. A tragedy, indeed, for those who dared to dream of riches! 💸
The Great Capitulation of Bitcoin Speculators
In the face of this market tempest, our beleaguered Bitcoin short-term holders have capitulated, their hearts gripped by fear as the price plummeted to a mere $86,000 on that fateful day of February 25. In a frenzy reminiscent of a scene from a Dostoevskian novel, they sent forth a colossal 79,300 BTC—equivalent to $7 billion—into the abyss of exchange wallets within a mere 24 hours. Oh, the humanity! 😱
“This is the largest Bitcoin sell-off of 2025,” lamented Axel Adler Jr., a contributing analyst at CryptoQuant, as he shared this grim data on the platform known as X. The chart, a harrowing depiction of loss, reveals that the rolling 24-hour transactions of despair have eclipsed all previous records this year. While it remains uncertain whether these unfortunate souls actually sold their coins, the atmosphere of dread among the newer market participants is palpable. 🥴
“Yesterday’s price drop likely triggered panic selling,” mused Avocado_onchain, another contributor to CryptoQuant, in a “Quicktake” blog post that could only be described as a modern-day oracle’s lament. “If further corrections occur, similar behavior could reemerge.” Indeed, the specter of panic looms large! 👻
In a further analysis of the spent output profit ratio (SOPR), which tracks the ratio of coins moved in profit or at a loss, it was revealed that the STH-SOPR had plummeted to 0.964 on February 25, its lowest since the tumultuous days of August last year. A most disheartening statistic! 📉
Yet, amidst this chaos, the long-term holders remain steadfast, their resolve unshaken by the recent plunge. They cling to their holdings like a man clings to his last shred of dignity in a Dostoevskian tale, providing a bulwark against further declines. Avocado_onchain observed this curious phenomenon with a mix of admiration and disbelief. 🛡️
“Nothing to be Bearish About”
In a twist of irony, James Check, the creator of the onchain data resource Checkonchain, posited that crossing the aggregate breakeven point for the STH cohort at $90,000 would be a pivotal moment. “It’s kind of interesting that we’ve got this support level, which should hold, at around $90,000, but below it there’s just not much,” he remarked in a podcast episode recorded just before the crash. How delightfully absurd! 🤔
Check noted that “very little” of the BTC supply had changed hands between the old highs and the current local lows. A curious observation, indeed! 🧐
As the market spiraled into panic, the voices of reason emerged, calling for a more measured approach. Digital asset lawyer Joe Carlasare lamented the euphoria that had gripped the masses ever since Bitcoin soared beyond its previous all-time highs of $73,800. “The panic is palpable,” he declared. “In December, everyone swore Bitcoin couldn’t go down. ‘Nation state bid is here, bro!’ Now they’re convinced it can’t go up.” How delightfully ironic! 😅
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2025-02-26 13:14