The #BTC bear market rages on as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Options continue to price elevated downside risk.
BTC Breakdown: Bitcoin has confirmed a decisive breakdown, slipping below key structural support levels. Market participants remain firmly on the defensive as downside momentum persists.
Profitability Reset: On-chain profitability has sharply deteriorated. The MVRV Z-Score has compressed to its lowest level since October 2022, signalling a major reset in unrealised gains
Rising Realised Losses: Sustained sell pressure suggests many holders are being forced to exit at a loss. Downside momentum continues to accelerate realised losses
Futures Deleveraging: Futures markets have entered a forced deleveraging phase. The largest long liquidation spikes of the drawdown are amplifying volatility and pushing the market further down
Weak Spot Demand: Spot volume remains structurally weak. Sell-side flows are not being met with meaningful absorption, creating a demand vacuum
Outlook: With leverage being flushed but spot demand still absent, the market remains vulnerable. Any relief rallies are likely to be corrective rather than trend-reversing. #bearishmomentum $BTC
The Royal Government of Bhutan moves 184 BTC ($14M) to exchanges after 3 months of wallet inactivity.
Ethereum Founder Vitalik Buterin has sold 2,972 $ETH for $6.69 million over the past 3 days.
Vitalik Buterin posted that there is no need for more copy-paste EVM chains or L1s, as #Ethereum L1 is scaling and will provide a large amount of blockspace.
He called for building truly innovative solutions, such as privacy, app-specific efficiency, or ultra-low latency. Vitalik expressed support for app chains deeply connected to L1 or "institutional L2s" that can bring algorithmic transparency.
