Market behavior in early 2026 shows a clear slowdown in activity from long term holders compared to the intense spending seen in the latter half of 2025. Profit taking has eased to levels that are typically associated with shallow bear market phases.
This change points to rising uncertainty and a more defensive mindset among investors. Historically, this kind of environment often appears during pauses within a larger bull cycle, although it can also represent the initial stage of a deeper market downturn as confidence temporarily fades.
The flow of long held #Bitcoin into the market is losing strength. After a period of heavy distribution, net outflows have eased back from extreme levels, signaling that much of the older supply has already changed hands.
Buyers are gradually absorbing coins from long term holders, reducing the amount of supply sitting above current prices. With this overhang thinning out, overall market pressure appears more balanced.
#Bitcoin is trading in a fragile range between the Short Term Holder Cost Basis near $102.7k and the True Market Mean around $81.3k. Recent on chain data shows weakening demand, cautious derivatives positioning, and overall softening market strength, a setup that looks similar to early 2022. Although price is still holding slightly above the True Market Mean, unrealized and realized losses are rising, and long term holders are spending at elevated levels, adding pressure to the market.
The first important upside level to watch is the 0.75 quantile near $95k, followed by the STH Cost Basis. Until these levels are reclaimed, the True Market Mean remains the most likely support zone and potential bottom, assuming no major macro or liquidity shock hits the market.
Aggressive Käufer haben die Kontrolle über den Handel von #bitcoin mit #bybit übernommen, wobei das Taker-Kauf/Sell-Verhältnis auf 30,33 anstieg. Dies zeigt überwältigenden Kaufdruck, da Marktteilnehmer Geschwindigkeit gegenüber Preis bevorzugen, um Long-Positionen zu sichern. Solches Verhalten weist oft auf starke Überzeugung großer Händler hin.
Wenn Taker-Käufe in diesem Maße dominieren, haben Verkäufer Mühe, den Preis nach unten zu drücken. Dennoch können Extreme wie diese Volatilität auslösen. Wenn der Preis nicht höher brechen kann, könnten überfüllte Long-Positionen schnell zurückgenommen werden. Die Beobachtung der Preisreaktion, der offenen Zinssätze und der Finanzierungsquoten wird helfen, zu bestätigen, ob dieser Kaufdruck halten kann.
#BTC moved from $80K to $90K, and UTxO Loss Supply dropped from 7.5M to 6.1M BTC. This does not mean new money entered the market or that the bottom was heavily bought. The drop happened because of a mark to market effect.
Each #UTXO has a creation price. When BTC trades above that price, the UTxO automatically shifts from loss to profit without any on chain transaction. So around 1.4M BTC moved out of loss on paper only, driven by price recovery, not real buying pressure.
In den letzten 24 Stunden sah der Markt starke Liquidationen, bei denen 71.713 Händler aus ihren Positionen verdrängt wurden. Die Gesamtverluste durch Liquidationen betrugen 169,51 Millionen US-Dollar. Der größte Schlag entstand durch einen einzigen Trade auf Hyperliquid im Wert von 2,51 Millionen US-Dollar, der die Nummer #BTCUSD trägt.
#walrus $WAL Elevate your DeFi journey with @Walrus 🦭/acc . $WAL is creating innovative ways to manage crypto securely and efficiently. Don’t miss out on the #walrus wave today.
At the moment, the VDD Multiple for #Bitcoin remains positioned in the lower band, highlighting a phase of steady accumulation. Long term holders are largely inactive on the selling side, keeping distribution pressure muted.
Rather than showing signs of exhaustion, the market is smoothly absorbing earlier gains. This behavior points to a solid underlying structure, where supply is being taken up gradually and the overall setup stays supportive for further upside if buying interest remains consistent.
Since January 2023, #Bitcoin’s on chain transfer volume has been steadily declining and this weakness has continued even as price moves higher, the current rally is not supported by a recovery in real network activity. Instead, the move is largely driven by FOMO, shaped by political backing for Bitcoin in the U.S., the launch of spot ETFs, accumulation by corporate treasuries, and an increasingly bullish media narrative promoted by major KOLs.
Most market participants are not actively transacting but are holding their coins, waiting for higher price levels where selling becomes more attractive. This behavior keeps on chain activity low while pushing prices up through reduced circulating supply, making the rally more narrative driven than fundamentally supported and increasing the risk of heightened volatility once sentiment shifts or profit taking begins.
#Bitcoin is trading around $89.9K, sitting below the short term holder cost basis at $98.9K, which keeps short term sentiment under pressure. Price is hovering near the Active Investors Mean at $87.7K, a zone that often reflects fair value during consolidation.
The True Market Mean around $81.0K remains an important support level, while the realized price at $56.2K shows that long term holders are still comfortably in profit. Overall, the structure looks more like consolidation than weakness.