Is the crypto winter upon us? Bitcoin falls below $86,000, and the market enters a 'bleeding' mode
In the past 24 hours, the market has experienced another round of 'cooling down'. Bitcoin ($BTC) has once again fallen below $86,000, and Ethereum ($ETH) has also failed to hold the $2,900 mark, with the entire market shrouded in risk-averse sentiment.
However, amidst all the red, a key change is happening: the selling pressure from long-term holders may be nearing its end!
1. Who is selling off? The answer is unexpected.
The source of this decline is not short-term speculators, but rather the most steadfast 'holders'. On-chain data shows that in the past month, long-term holders' selling volume has reached a five-year high, and this 'slow bleeding' is the main reason for the continuous pressure on the market. The good news is that this reactivated supply is nearing an important threshold, and the selling wave may weaken.
2. A huge contrast: funds are quietly flowing into this area.
While Bitcoin and Ethereum ETF funds are showing net outflows, there is one sector that is attracting capital against the trend — the $XRP ETF has achieved net inflows for 30 consecutive days, with total assets quickly exceeding $1.18 billion. This clearly tells us that smart money has not exited the market; it is just adjusting its layout and seeking structural opportunities.
3. Current market conditions and my views.
$BTC: Pay attention to the critical support at $86,000. If it can hold, market sentiment is expected to recover; if it fails, further downside risks should be watched.
$ETH: Weak performance, needs to follow the overall market stabilization.
Market structure: Binance continues to dominate market liquidity, while the decline in open contracts for derivatives indicates that fervent leverage is retreating, which is beneficial for market health.
In summary: The short-term market is dominated by pessimistic sentiment, but two positive signals have emerged: the selling pressure from long-term holders may have peaked, and funds are seeking alternative routes (such as XRP ETF). For investors, now is not the time for panic, but a moment to remain calm and gradually position in quality assets.
The market falls in fear, building a bottom amidst divergence. Are you ready to embrace the next cycle?
