Dire Bitcoin: The Agony and the Ecstasy of a Price Correction 😱

Oh, Bitcoin (BTC), that heavy burden weighing on the souls of men. Down 8% this bleak February, its price staggers aimlessly, gasping like a drowning man clawing at a phantom’s shadow. Less than a week remains for it to escape registering its first February loss since the grim winter of 2020. 📉 With the average February return lounging lazily at 14%, the dream of Bitcoin ascending gloriously to a new all-time high (ATH) seems akin to hoping for spring flowers in Siberian frost. Bleak!

Realized Cap to the Rescue? A Distant Candle Bears Weak Light

Lo! Since smashing through (albeit sluggishly) the $92,000 wall last November, this weary traveler spent 65 days struggling, floundering between $92,000 and $100,000—a range as dull as an old Dostoevsky manuscript, if such a thing exists. For most of 2025, Bitcoin paces like a brooding Nihilist, refusing to make any bold strikes forward after triumphantly obliterating its previous ATH of $74,000. That moment now feels like a tale the old men tell. 🍵📜

Yet, dear reader, not all is despair. In the face of stagnation, 21st Capital’s vastly optimistic co-founder, Sina G, beamed with the blinding intensity of a Russian stove, insisting that Bitcoin’s realized cap—a metric as enigmatic as life itself—has grown by $160 billion. ‘Progress!’ he exclaims, though there’s a distinct air of someone trying hard to sound optimistic at a disastrous poetry reading. 🧐

Let us not mince words. This “realized cap,” indicating what the poor souls actually *paid* for Bitcoin and not its fugitive selling price, hints at “new net money.” Progress, though one might liken it to adding gold embroidery to a beggar’s rags. A lovely touch, but still a beggar’s garb.

Meanwhile, the price wallows in misery. 76%—yes, 76%—of daily transfer volume has perished from this earth, leaving wallets as inactive as a nihilist smoking his pipe in some grimy corner. 😶‍🌫️ One Axel Adler Jr., a Bitcoin researcher as stoic as the Siberian winds, mourned this fact in his newsletter. However, there’s respite: long-term holders, bless their patient hearts, have refused to panic-sell, even as the ‘coin days destroyed’ metric sinks to depths that Samara herself would despair to see. Bravo, hodlers! 🤝

The Murky Shadows Below $95,000

And now, a troubling narrative. Bitcoin narrowly avoided an underworld plunge in February, scraping a flash crash from $102,000 to $91,100 early in its cursed days. Yet, each flickering candle manages to gasp an existence above $95,000. Hopeful? Foolish optimism, perhaps. That $95,000 support line is getting weaker, like a Dostoevskian hero’s grasp on reality. Tested three times, beaten and bruised—how much more can it endure before succumbing to the existential abyss below $91,000? Mitigating strategies? The absence of bullish sparks? Darkness looms. ⚡

Meanwhile, the flood of outflows—not inflows—render any dreams of salvation increasingly ridiculous. Feb. 20 delivered yet another dagger: $364 million in ETF outflows. Will February bury Bitcoin’s bullish hopes entirely? Will it claw its way back from this existential void? Only time shall judge—mercilessly, as ever. ⏳

2025-02-24 21:34

Realized Cap to the Rescue? A Distant Candle Bears Weak Light

The Murky Shadows Below $95,000

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