Market Analysis

According to Glassnode data, during Bitcoin's recent decline, over 400,000 BTC were accumulated in the $60,000 to $70,000 range, with supply increasing from 997,000 to 1,430,000, a 43% increase. This range forms a dense cost basis for holding, while the $70,000 to $80,000 range is considered a low trading volume zone.

ONDO price sits at $0.24 after sliding from $0.34 in late January. That drop came during a broader market pullback, with Bitcoin under pressure and ETF flows turning negative. ONDO now trades about 88% below its December 2024 peak. On the surface, the chart looks heavy. The deeper story,

F2Pool Co-founder Wang Chun pointed out that the cryptocurrency market is cyclical and warned investors not to panic over short-term fluctuations. He emphasized that Bitcoin's mining mechanism is crucial, with miners playing a central role in network governance and security, and mentioned the key role miners have played in past controversies.

SUI has declined by 3%, with bearish sentiment growing as long liquidations outpace shorts. Technical analysis indicates a potential drop to $0.70, as traders favor short positions amid weak retail demand. Stability requires closing above $0.88.

BlockBeats News, February 24 — Crypto analyst Ted Pillows posted on social media that "Filecoin generated only $4 in revenue yesterday, while its fully diluted valuation (FDV) is as high as $1.716 billion. The FIL token has fallen 99.8% from its all-time high, which means that if you had invested $10,000 at that time, you would now have only about $20."

The essay examines Shiba Inu's market dynamics, emphasizing that its market capitalization of $3.6 billion is more meaningful than its low token price. Analysts argue that focusing on unit price misrepresents the asset's potential, as significant increases would require unrealistic valuations. As the market evolves, SHIB's sustainable growth hinges on fundamentals rather than hype.

The US Dollar strengthened, reaching 97.810 on the index, while cryptocurrencies fell by 3.06% in market cap, and gold dropped over 1%. Uncertainty in macroeconomic conditions and geopolitical tensions are influencing these trends.

Dogecoin remains above $0.10 amidst increased demand in the meme token sector. A cup-and-handle formation hints at potential breakout above $0.12, supported by rising whale activity and positive market sentiment, with analysts eyeing $0.20 as a target.

Prominent investor Fred Krueger predicts a bullish outlook for Bitcoin in 2026, echoing fellow trader Willy Woo's sentiment that bear markets strengthen BTC. Meanwhile, Michael Saylor's strategy faces significant losses but continues to accumulate Bitcoin, highlighting contrasting approaches in the current volatile market.

Recently, market risk aversion has increased, the US dollar is strong, long-term government bond yields are rising, and gold has hit new highs. Cryptocurrency assets have declined, with significant net outflows from BTC and ETH, and market sentiment is extremely fearful. Traditional derivatives institutions and mining companies are adjusting their strategies, and market funds are becoming more cautious.

EMJ Capital founder Eric Jackson stated that Bitcoin ETF investors are experiencing "institutional exits," but this does not mean the end of the bull market; rather, it is a market cleansing process, and in the future, it will be replaced by long-term capital such as sovereign wealth funds. He believes that market pessimism is intensifying, but in the future, there will be a recovery in stablecoin supply and stronger holding capital.

Ark Invest founder Cathie Wood reiterated her confidence in Bitcoin during a Bloomberg interview, believing that Bitcoin is superior to gold and has the ability to resist inflation and deflation. Although Bitcoin has performed poorly this year, Wood remains focused on its long-term structural adoption trend rather than short-term price fluctuations.

U.S. Customs announced the suspension of illegal tariffs imposed by Trump under the International Emergency Economic Powers Act, but the newly imposed 15% global tariffs will take effect on February 24. The market reaction was lukewarm, and Bitcoin prices declined again. Analysts warn that if the $60,000 support level is broken, further declines may occur. In the short term, a tax refund is unlikely, and the market remains under pressure.

February 24 News, Bitcoin has recently been on a continuous decline, sparking market attention on the recovery timing. According to Glassnode data, the 90-day realized profit and loss ratio has fallen below 1 for the first time since 2022, indicating that the market has entered an oversold phase. Historical experience shows that this state typically lasts about six months, suggesting that Bitcoin may remain at low levels until the end of the third quarter of this year. The realized profit and loss ratio reflects the proportion of profits and losses in on-chain transactions. When the ratio is below 1, losses dominate, and investors are mostly capitulating. Past bear market cycles—2015, 2018, and 2022—have all shown this pattern. During these lows, market panic is common, but it also presents potential buying opportunities.

February 24 News, Strategy announced an additional $40 million investment in Bitcoin, despite the current market being somewhat pessimistic about Bitcoin price forecasts. The company currently holds Bitcoin worth $55 billion, with an average cost of approximately $76,020. At Bitcoin's current price of $63,000, unrealized losses amount to nearly $10 billion. Executive Chairman Michael Saylor stated that the company employs a dollar-cost averaging strategy and is not concerned about short-term price fluctuations. Recently, Bitcoin has been affected by geopolitical tensions, economic uncertainties triggered by developments in artificial intelligence, and policy changes by the Trump administration, leading to consecutive price declines. Matt Howells-Barby, Vice President of Growth at CEX, pointed out that Bitcoin could potentially drop to $50,000 in the short term. Data from DefiLlama shows that investors sold over $1 billion worth of Bitcoin ETFs in February, bringing the total ETF decline since November last year to $7 billion. Data from CF Benchmark indicates that major hedge funds reduced their Bitcoin ETF holdings by 28% between the third and fourth quarters.