#Bitcoin fell to $74K after losing the November lows, with 14D RSI deep in oversold. Spot volume rebounded, but looks reactive, signalling churn in downside continuation, not dip buying.
Read more in this week’s Market Pulse👇
https://glassno.de/4a91tND
Read more in this week’s Market Pulse👇
https://glassno.de/4a91tND
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The 3D-SMA of Net Realized Profit & Loss is now at –$317M/day, a regime last observed in December 2022.
Loss realization has regained control, liquidity is fading, and patience is being tested.
📉http://glassno.de/4tjaTyH
Loss realization has regained control, liquidity is fading, and patience is being tested.
📉http://glassno.de/4tjaTyH
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Hyperliquid positioning tells a clear story:
Traders are net short ~240 BTC. Entry heatmaps show shorts added from higher levels, plus fresh shorts opening around $75k and current prices. Meanwhile, long interest remains notably thin.
📉http://glassno.de/4avfCWF
Traders are net short ~240 BTC. Entry heatmaps show shorts added from higher levels, plus fresh shorts opening around $75k and current prices. Meanwhile, long interest remains notably thin.
📉http://glassno.de/4avfCWF
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The Week On-Chain 5, 2026
The #BTC bear market rages on as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Options keep pricing elevated downside risk.
Executive Summary
- BTC has confirmed a decisive breakdown, with price slipping below key structural support levels and keeping market participants firmly on the defensive.
- On-chain profitability has sharply deteriorated, with MVRV Z-Score compressing to its lowest level since Oct 2022, signalling a major reset in unrealised gains.
- Realised losses are accelerating, with sustained sell pressure suggesting many holders are being forced to exit at a loss as downside momentum persists.
- Spot volume remains structurally weak, reinforcing a demand vacuum where sell-side flows are not being met with meaningful absorption.
- Futures markets have entered a forced deleveraging phase, with the largest long liquidation spikes of the drawdown amplifying volatility and downside continuation.
- Demand from major allocators has softened materially, as ETF and treasury-linked netflows fade and fail to provide the consistent bid seen during prior expansion phases.
Options markets continue to price elevated downside risk, with volatility staying bid and skew steepening as traders pay up for protection.
- With leverage being flushed but spot demand still absent, the market remains vulnerable, and any relief rallies are likely to be corrective rather than trend-reversing.
Read more in The Week On-Chain
The #BTC bear market rages on as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Options keep pricing elevated downside risk.
Executive Summary
- BTC has confirmed a decisive breakdown, with price slipping below key structural support levels and keeping market participants firmly on the defensive.
- On-chain profitability has sharply deteriorated, with MVRV Z-Score compressing to its lowest level since Oct 2022, signalling a major reset in unrealised gains.
- Realised losses are accelerating, with sustained sell pressure suggesting many holders are being forced to exit at a loss as downside momentum persists.
- Spot volume remains structurally weak, reinforcing a demand vacuum where sell-side flows are not being met with meaningful absorption.
- Futures markets have entered a forced deleveraging phase, with the largest long liquidation spikes of the drawdown amplifying volatility and downside continuation.
- Demand from major allocators has softened materially, as ETF and treasury-linked netflows fade and fail to provide the consistent bid seen during prior expansion phases.
Options markets continue to price elevated downside risk, with volatility staying bid and skew steepening as traders pay up for protection.
- With leverage being flushed but spot demand still absent, the market remains vulnerable, and any relief rallies are likely to be corrective rather than trend-reversing.
Read more in The Week On-Chain
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The #BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling.
These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning.
https://glassno.de/3LSM2kJ
These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning.
https://glassno.de/3LSM2kJ
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On Feb 04, Bitcoin’s Entity-Adjusted Realized Loss (7D-SMA) hit $889M per day, the highest daily loss realization since November 2022.
📉http://glassno.de/3Mq0ock
📉http://glassno.de/3Mq0ock
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