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BTC Starts the Year on a Sour Note, Plunging and Then Drifting Lower; Is the Market Bottoming? | Bee Network - AI智能索引
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BTC Starts the Year on a Sour Note, Plunging and Then Drifting Lower; Is the Market Bottoming? | Bee Network

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BTC Starts the Year on a Sour Note, Plunging and Then Drifting Lower; Is the Market Bottoming? | Bee Network Login الأخبار الشائعة منصة إطلاق ميمي وكلاء الذكاء الاصطناعي ديسي مستكشف السلسلة الأعلى لنوبي 100x عملات معدنية لعبة النحل المواقع الأساسية يجب أن يكون لديك التطبيق مشاهير التشفير ديبين الناشئين الأساسية كاشف الفخ الأدوات الأساسية المواقع المتقدمة التبادلات أدوات NFT أهلاً، خروج عالم الويب 3 ألعاب تطبيق خلية نحل منصة النمو إعلان يبحث إنجليزي إعادة شحن العملات تسجيل الدخول تحميل ويب 3 يوني ألعاب تطبيق خلية نحل إعلان بيت•تحليل•النص الرئيسي BTC Starts the Year on a Sour Note, Plunging and Then Drifting Lower; Is the Market Bottoming?تحليلمنذ 5 أيامجديدوايت 2٬888 11 ملخص طويل In February, the correction in تشفير assets widened due to rising risk aversion and insufficient liquidity, making the market more vulnerable to shocks; سوق demand weakened, with negative Coinbase Premium Index, ETF outflows, and slowing stablecoin growth indicating declining institutional participation; Amid valuation repricing, structural trends continue to advance, with increased tokenization activity and deeper integration of on-chain infrastructure with traditional markets. Market Performance February began with intense volatility. During the sell-off on February 5-6, Bitcoin briefly fell below $61,000, marking one of the worst starts to a year for crypto assets in over a decade. The entire crypto asset market has been in a sustained correction from its October 2025 highs: Bitcoin has retraced nearly half its value, while Ethereum and Solana have fallen back to levels seen before the approval of spot ETFs in 2024.

Meanwhile, the performance of various asset classes has diverged sharply: gold is up 15% year-to-date, supported by safe-haven demand and its role as a non-dollar store of value amid geopolitical and tariff uncertainties. In a risk-off environment, crypto assets have traded more like high-beta tech stocks, falling alongside growth stocks, with the market reacting intensely to the rapidly evolving AI wave and shock risks.

The weakness in crypto assets appears to be more a result of receding risk appetite, low liquidity, and ongoing deleveraging, rather than a collapse in fundamentals.

Capital Inflows Retreat Behind the correction, core demand and liquidity have deteriorated simultaneously. The Coinbase Premium Index (measuring the price difference between BTC/USD on Coinbase and BTC/USDT on Binance) is a key indicator of U.S. spot market demand. This index has been consistently negative since November 2025 and deepened further in February, indicating persistent selling pressure and a lack of institutional buying in the U.S. market. The recent recovery in the premium suggests the most intense phase of U.S. spot selling may be over, but demand remains weak.

Overlaying this with the net flows of Bitcoin ETFs shows a high degree of synchronization between the two. These two metrics measure U.S. institutional demand from different angles and both fell below zero almost simultaneously. In each downtrend, the premium often declines before fund flows, as spot prices react quickly, while ETF redemptions take longer to materialize. Year-to-date, spot Bitcoin ETFs have seen cumulative net outflows exceeding $4 billion, erasing a significant portion of last year’s inflows.

Thin Liquidity, Volatile Trading Volume Market liquidity remains fragile. The depth of Bitcoin spot order books (±2% range liquidity) on major exchanges plummeted from around $40-50 million in August-October 2025 and has remained in the $15-25 million range. Liquidity contracted further in February, directly amplifying price volatility.

The growth rate of stablecoin supply has also slowed noticeably since December. The combined market capitalization of USDT and USDC has hovered around $260 billion, indicating a halt in new capital inflows rather than a wholesale capital exodus. Taken together, retreating institutional demand, insufficient order book depth, and slowing stablecoin growth mean the conditions supporting a sustained recovery remain incomplete.

On October 10 and February 5, trading volumes for spot, futures, and options spiked significantly. Total Bitcoin trading volume reached $244 billion and $235 billion respectively, with futures volume dominating at $177 billion on February 5. Although market turbulence was comparable to October’s, spot trading volume was slightly lower, consistent with increased price volatility due to low order book liquidity. Historically, such high-volume selling often coincides with the end of forced liquidation phases, suggesting the most intense part of this decline may be nearing its end.

RWA Perpetual Contracts on Hyperliquid Meanwhile, the momentum for real-world asset tokenization and the fusion of on-chain finance with traditional finance continues to strengthen. Hyperliquid is one of the primary beneficiaries, expanding its on-chain perpetual contracts from crypto assets to commodities, stocks, the Nasdaq 100 index, and other products.

This expansion was enabled by the HIP-3 protocol upgrade, which allows permissionless creation of perpetual markets for any asset, complete with built-in oracles and fee structures.

Although Bitcoin and Ethereum remain the assets with the largest open interest, the share of HIP-3 markets on the platform continues to grow. On February 5, the total volume of HIP-3 perpetual contracts peaked at approximately $4.6 billion, primarily driven by commodities, with a single-day volume of $3.8 billion and cumulative volume exceeding $30 billion since January. Gold and silver were particularly prominent, with silver’s trading volume peaking at $3.4 billion.

Open interest (OI) grew in tandem. The total OI for HIP-3 markets increased from around $290 million in early January to a peak near $975 million on January 29, before retreating to about $830 million by late February. This indicates sustained and growing demand for on-chain exposure to commodities, stocks, and indices.

Bitcoin Enters the “Value Zone” Bitcoin’s current decline has approached its realized price (currently around $55,000), which is the average on-chain acquisition cost of all coins. At historical cycle lows, Bitcoin has frequently traded near or below the realized price, marking the market’s transition from euphoria to capitulation, and eventually into an accumulation phase.

Concurrently, valuation metrics like MVRV (Market Value to Realized Value) have compressed into historically undervalued ranges, though not yet to the extreme levels seen at the bottoms of previous bear markets. These signals suggest that a significant amount of froth has been squeezed out of the market, and it is gradually entering a value zone.

Beneath the price adjustment, multiple trends continue to drive the integration of crypto assets into mainstream financial infrastructure. Hyperliquid’s HIP-3 demonstrates how crypto trading platforms are increasingly being used to trade traditional assets. BlackRock’s introduction of its tokenized fund BUIDL to Uniswap, and Apollo’s agreement to acquire MORPHO tokens, similarly highlight how institutions are integrating DeFi liquidity and governance into their workflows.

Meanwhile, leading DeFi protocols like Aave and Uniswap are gradually moving towards clearer benefits for token holders and value accrual, shifting the industry from purely narrative and governance-driven models towards cash-flow generating assets. On the traditional finance side, CME’s launch of 24/7 crypto futures trading and the CFTC’s more positive stance towards prediction markets show that regulatory platforms and policymakers are adapting to the 24/7 operational structure of crypto markets.

خاتمة The February correction appears more like a stress test on capital and liquidity in a risk-off environment, rather than a collapse in fundamentals. Crypto assets are still traded as liquidity-sensitive, growth-linked assets, but their role within market infrastructure, institutional portfolios, and on-chain integration continues to deepen.

Short-term market volatility may persist, but progress on the CLARITY Act and a reversal in fund flows will be key catalysts determining whether demand can stage a durable recovery.

هذا المقال مصدره من الانترنت: BTC Starts the Year on a Sour Note, Plunging and Then Drifting Lower; Is the Market Bottoming?

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1. CEX Hot رمز مميزs Top 10 CEX Trading Volume and 24-hour Price Changes: BNB: -1.36% BTC: -1.82% ETH: -2.95% BERA: +83.43% SOL: -4.34% S: +18.36% DOGE: -1.70% IDEX: -3.19% PIVX: +2.63% UNI: +2.39% 24-hour Top Gainers List (Data Source: OKX): BERA: +48.92% TNSR: +28.10% LINEA: +23.90% S: +23.60% ME: +16.72% XPL: +9.96% YB: +9.83% SNT: +9.69% LIT: +9.36% AGLD: +8.21% 24-hour Top Gainers List for Tokenized Stocks (Data Source: msx.com): VRT: +23.43% SNDK: +12.9% CONI: +12.79% MU: +11.45% MSTZ: +10.39% AXTI: +9.24% HYPD: +8.65% SOXL: +7.44% SIMO: +6.66% ICG: +6.58% 2. On-chain Hot Memes (Data Source: GMGN): WhiteWhale WAR USELESS PENGUIN Buttcoin Headlines US House Narrowly Rejects Motion, Paving Way for Full Vote on Trump Tariff Resolution US House lawmakers on Tuesday rejected Speaker Johnson’s attempt to block a vote…

 

تحليل ## بيتكوينعملة # المشفرة# ديفي# ايثريومتبادل ## السوقرمز #© 版权声明المصفوفة 上一篇 Ray Dalio: The Light of the Grand Investment Cycle 下一篇 Zuckerberg Re-enters the Stablecoin Arena, but the Times Have Changed 相关文章 DEXX user funds were stolen on a large scale. On-chain security is no joke 6086cf14eb90bc67ca4fc62b 38٬606 4 Latest statement from the US SEC: RWA regulation faces a major turning point; Project Crypto releases significant signals. 6086cf14eb90bc67ca4fc62b 16٬760 1 RWA Weekly Report｜GENIUS Stablecoin Bill Enters Formal Review Stage; US SEC Releases New Guidelines for Cryptocurrency B 6086cf14eb90bc67ca4fc62b 35٬671 2 The era of hyper-speculation under the liquidity frenzy: Warning of Bitcoin’s peak in September?Recommended Articles 6086cf14eb90bc67ca4fc62b 21٬078 2 Coexistence strategy of the three pillars of digital currency 6086cf14eb90bc67ca4fc62b 31٬568 3 Cryptocurrency and Stock Market Trends | StrategyY suspends Bitcoin purchases, ending six consecutive weeks of accumulation; Bitmine’s holdings reach 3% of the ETH supply, currently showing a paper loss of $4.28 billion (November 25). 6086cf14eb90bc67ca4fc62b 15٬990 بدون تعليقات يجب عليك تسجيل الدخول لتترك تعليق! تسجيل الدخول على الفور بدون تعليقات... Bee.com أكبر بوابة Web3 في العالم الشركاء كوين كارب بينانس CoinMarketCap كوين جيكو كوين لايف الدروع قم بتنزيل تطبيق Bee Network وابدأ رحلة web3 ورق ابيض الأدوار التعليمات © 2021-2026. جميع الحقوق محفوظة. سياسة الخصوصية | شروط الخدمة تحميل تطبيق Bee Network وابدأ رحلة web3 أكبر بوابة Web3 في العالم الشركاء CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors ورق ابيض الأدوار التعليمات © 2021-2026. جميع الحقوق محفوظة. سياسة الخصوصية | شروط الخدمة يبحث يبحثفي الموقععلى تشيناجتماعيأخبار العنوان: صيادو الإنزال الجوي تحليل البيانات مشاهير التشفير كاشف الفخ العربية English 繁體中文 简体中文 日本語 Tiếng Việt 한국어 Bahasa Indonesia हिन्दी اردو Русский العربية

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