Bitcoin is hovering around the $68,000 level, without any clear macro or structural catalyst to drive the broader crypto market.
Notable stats:
- Data from Coinglass shows that 93,334 traders were liquidated in the last 24 hours for $249.32 million.
- Data from SoSoValue shows net inflows of $15.2 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net inflows of $10.3 million.
- Over the past 24 hours, top gainers include Stable, MemeCore, and Nexo.
Notable developments:
Trader Notes: CryptoQuant analyst Maartunn noted that major Bitcoin dips do not form instantly due to the large supply of overheads.
Around 9.31 million BTC, or around 46% of the total supply, is currently held above market price. Many of these holders are likely waiting to sell at break-even or modest profit levels.
Before a sustainable fund can form, this supply must be absorbed and redistributed into stronger hands, a process that historically takes time and consolidation.
Technical analyst CryptoCon said Bitcoin’s last major move reached “level 2” on the magic bands around $65,000, aligning with previous cycle structures. Previous Tier 2 dates include February 26, 2014, February 3, 2018, January 23, 2022, and February 7, 2026.
According to the data, the historically accurate lower band of the cycle currently sits near $28,200 and is gradually rising, implying that patience may still be required before establishing a definitive long-term bottom.
Crypto trader Kaleo suggested that current market conditions could represent the strongest buying opportunity since the start of 2020. He warned that trying to wait out one last drop could lead to missing the move entirely.
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