Bitcoin back in ‘distribution phase’ as extreme fear grips crypto market
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- Bitcoin fell below $70,000 on Tuesday, its first sub‑$70k level since April, as short‑term holders sold at a loss.
- Short‑term holder SOPR dropped to 0.98, indicating recent investors are realizing losses rather than profits.
- Six‑12‑month holders increased exchange deposits to a peak not seen since October 2025, creating the largest supply pressure since Bitcoin’s $126k all‑time high.
- Realized profit/loss ratio on‑chain fell to –0.87 from –0.4, a 125% swing showing heightened loss‑realization.
- Crypto market sentiment sank to “extreme fear” while spot Bitcoin ETFs logged 11 straight days of outflows and whale activity hit its highest level since April.
Why it matters: Short‑term investors lose capital as Bitcoin slides below $70k; exchange inflows swell supply pressure, while whales accumulate, setting up a rebound and reshaping market liquidity.
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