Suehyeon Lee

Bitcoin (BTC) has slightly rebounded, recovering the $87,000 level. As of 7:18 a.m. on the 24th, according to CoinMarketCap, Bitcoin is trading at $87,756.81, up 3.91% from the previous day. On Upbit's KRW market, it is trading at 133,070,000 won, up 4.57% from the previous day. Major altcoins, including Ethereum (ETH), are also on the rise. Ethereum is trading at $2,825.43, up 2.32% from the previous day according to CoinMarketCap, XRP (XRP) is up 7% at $2.06, and Solana (SOL) is also up 4.6%, trading at $132.68.

The recent decline in Bitcoin (BTC) has been analyzed as a reversal of the market structure itself rather than investor sentiment. On the 24th (local time), CoinDesk reported that Greg Cipolaro, head of global research at NYDIG, pointed out in a recent report that "the key demand pillars that drove Bitcoin's 2024–2025 rally are all turning the other way." According to the report, spot Bitcoin exchange-traded funds (ETFs) were a major buying force in the early cycle, but recently have shown a sustained net outflow. According to SosoValue data, net outflows from spot Bitcoin ETFs in November reached $3.55 billion, approaching the largest monthly net outflow since launch ($3.56 billion in February). Stablecoin indicators are sending the same signal. Total stablecoin supply declined for the first time in months, and USDE has lost nearly half of its issuance since the October 10 liquidation shock. Cipolaro said, "Given that USDE fell to $0.65 on Binance, the sharp drop in supply shows that funds have fully exited the market, not merely gone on 'standby'." Added to this is the collapse of corporate treasury trading strategies that used the DAT (digital asset treasury) premium. Previously, when a stock traded at a premium to net asset value (NAV), issuing shares to buy Bitcoin was a common strategy, but now the premium has turned into a discount, leading some companies to sell assets or repurchase shares. Recently, Sequans sold its Bitcoin holdings to reduce debt. Ultimately, Cipolaro assessed that "this correction is not simply selling fear or psychological factors but the result of overlapping structural factors such as capital outflows, weakening ETF and stablecoin demand, and the collapse of corporate financial strategies."

Bitcoin hits lowest level in 7 months U.S. employment data unexpectedly strong Rapid cooling of rate cut expectations Bitcoin (BTC) failed to sustain the rebound driven by NVIDIA and again hit its lowest level in seven months. Mixed U.S. employment data and warning remarks from key Federal Reserve officials combined to sharply dampen risk appetite across risky assets. On the 19th (local time), according to CoinMarketCap, Bitcoin fell intraday to $85,868, marking its lowest level since April. The rally that had recovered to around $93,000 the day before on NVIDIA's 'earnings surprise' lost strength in one day, plunging about 8%. The immediate trigger for the decline was the September employment report released by the U.S. Bureau of Labor Statistics (BLS). Nonfarm payrolls increased by 119,000, more than double the market expectation (50,000). The market, which had been expecting interest rate cuts based on a slowing labor market, immediately turned to disappointment. However, the unemployment rate rose to 4.4%, up 0.1% percentage point from the previous month, showing mixed signals. The Financial Times (FT) analyzed, "These divergent indicators are widening views between hawks and doves within the Fed," and "this is a factor that further fuels policy uncertainty over whether rates will be cut in December." As policy direction wavered, pressure on risky assets increased, and Bitcoin came under renewed downward pressure. Market anxiety was further amplified by remarks from Fed Governor Lisa Cook. She warned, "High valuations are appearing in equities, corporate bonds, housing, and leveraged loans," adding, "this increases the risk of a sharp market decline." Interpreted as a message that asset prices have already entered overheated territory and corrections could occur at any time, investors' risk-averse tendencies strengthened. Governor Cook also pointed out that "increased hedge fund participation in the government bond market is raising liquidity risk," highlighting concerns about shrinking liquidity. She further mentioned that "AI can increase financial efficiency while also creating new risks," weighing on growth stocks and risky assets more broadly. The outlook is dominated by caution. A CryptoQuant contributor at Xwin Japan Research diagnosed, "Holdings of stablecoins on exchanges have reached a record high of $72 billion, so there is ample capacity for inflows," but added, "actual deployment is being delayed due to macro uncertainty." He went on to forecast, "If the Fed does not cut rates in December, Bitcoin is likely to trade in the $60,000–$80,000 range through year-end." Crypto media Cointelegraph said, "Downside risk has not been completely removed," and warned, "If Bitcoin breaks the $89,253 support level, losses could widen to $87,800, and even further to $83,000."

FOMC minutes expand expectations of a rate hold Data gaps coincide as Bitcoin retreats to the $88,608 level intraday NVIDIA strong results calm the steep sell-off "Short-term support being tested...downside risks remain" Bitcoin slipped below the $90,000 level intraday and continued its weak trend. The minutes of the U.S. Federal Open Market Committee (FOMC) released on the 19th (local time) sharply dampened investor sentiment as they suggested the likelihood of a December rate cut had become slim. However, NVIDIA's 'record' earnings announced the same day revived risk-asset sentiment overall, limiting Bitcoin's decline and prompting a rebound. According to CoinMarketCap, Bitcoin fell as low as $88,608 intraday immediately after the FOMC minutes were released, marking the lowest level in seven months. The minutes showed that many Federal Reserve (Fed) participants said "it would be appropriate to maintain the target interest rate for the remainder of the year," which triggered the downtrend. It was confirmed that only a minority of members favored a rate cut. Of course, the 'participants (many participants)' noted in the minutes include presidents of regional Federal Reserve banks who do not have voting rights, so it is difficult to draw conclusions about the positions of those with voting power. However, considering that recent Fed officials with voting rights have consecutively made hawkish (tightening-favoring) remarks, the market broadly views a December rate hold as more likely. Gaps in employment data also bolster the hold outlook. The U.S. Bureau of Labor Statistics (BLS) said it will not publish the October employment report. This effectively realized the 'permanent omission of October economic data' that the White House had warned about. Moreover, the November employment report is scheduled to be released after the December FOMC meeting. With employment turning into a key variable for monetary policy, the Fed is faced with making rate decisions without the most important monthly indicators. With key indicators absent and forecasting uncertainty rising, market rate expectations shifted rapidly. On prediction platform Polymarket, the probability of a December rate hold surged to 68%. Given that dovish officials who had supported rate cuts argued based on a "slowing labor market," the data gap is seen as putting considerable pressure on that decision. NVIDIA 'earnings surprise'…stops Bitcoin's plunge Amid generally weakened investor sentiment, NVIDIA's strong results prevented further steep declines in Bitcoin. NVIDIA reported an 'earnings surprise' that far exceeded market expectations, temporarily easing AI bubble concerns and reviving buying across tech-focused risk assets. On the 19th (local time), NVIDIA said third-quarter (Aug–Oct) revenue was $57.01 billion (about 83.4 trillion won). It was an all-time high, up 62% year-on-year and 22% quarter-on-quarter. This far exceeded the revenue estimate compiled by LSEG ($54.92 billion), and earnings per share (EPS) were $1.30, above the market expectation of $1.25. Following NVIDIA's earnings release, buying flowed into tech stocks broadly, and that flow was reflected in Bitcoin. Bitcoin, which had fallen to the $88,000 level intraday, recovered the $90,000 level after NVIDIA's results were announced and is currently trading around $92,500. AI-themed crypto assets also rebounded. BitTensor (TAO), NEAR Protocol (NEAR), Internet Computer Protocol (ICP), and Render (RNDR) posted increases of about 4~5%. Bitcoin-mining companies that have been strengthening AI infrastructure also rebounded. As of the day, IREN (IREN) rose 8%, Cipher Mining (CIFR) rose 11%, and Hut 8 Mining (HUT) rose 6%. Stocks that had fallen sharply amid the recent correction in tech and crypto assets and AI bubble concerns took a breather on the back of NVIDIA's results. Future movements will depend on where Bitcoin secures support. Bettle Runde, head of K33 Research, warned, "Considering flows similar to the past two major corrections, there is a possibility of a short-term bottom forming in the $84,000–$86,000 range," adding, "However, if that support range breaks, there is also a risk of falling to $74,433, the April low and the strategy's average buy-in price." Crypto-focused outlet Cointelegraph also analyzed that downside risks remain. The outlet said, "If downward pressure intensifies again, selling could test the $89,253 support level," and added, "If this level is breached, declines could extend to $87,800, and then to $83,000."

Solana, forms a bottom at 130 dollars and rebounds Buying inflows and new ETF launches influence "Possible entry into the 170–200 dollar range" Amid continued adjustments in the cryptocurrency market, Solana (SOL) showed strong resilience, surging about 7% in a single day. On the 19th (local time), according to CoinMarketCap, Solana rose more than 7% from the previous day, recovering from a low of 129 dollars the day before to around 140 dollars. Buying pressure entered both the spot·futures markets simultaneously, which was cited as the key driver of the rise. According to on-chain data platform CoinGlass, Solana's futures open interest (OI) was calculated at 7,300,000,000 dollars, a 5% increase over 24 hours. The 8-hour perpetual funding rate also reversed from -0.0001% to 0.0059%. This indicates that demand for long (buy) positions in the futures market is increasing again. In the spot market, CVD, which represents cumulative buy volume, is also rising, confirming inflows of low-price buying demand. Cointelegraph assessed, "The fact that spot and futures are jointly leading the rise corresponds to a healthy recovery trend." Institutional demand expansion also bolstered the uptrend. This week, Fidelity and Canary Capital launched Solana spot ETFs one after another, bringing the total number of SOL ETFs in the United States to five. In particular, Fidelity is the largest asset manager among the participating institutions, and analysts say that full-scale competition for institutional capital inflows has begun. In fact, fund flows are also positive. According to SosoValue's data, the U.S. Solana spot ETF has recorded net inflows for 16 consecutive trading days since launch. On the previous day (17th), an additional 30,090,000 dollars flowed in, and cumulative net inflows reached 420,400,000 dollars. The short-term price outlook is also favorable. Cointelegraph said, "If the low is confirmed, there is about an 80% additional upside to 250 dollars," and added, "The current mid-160 dollars is a major resistance area, and breaking through this area would likely lead to a trend reversal." However, it also cautioned that "if it fails to surpass that area, there remains the possibility of adjustments resuming." CoinGape said, "Solana is rebounding after finding strong support at 129 dollars," and predicted, "If it breaks through 145 dollars, recovery to 170 dollars is possible, and thereafter the rise could extend to 200 dollars." FXStreet also evaluated, "Solana has secured rebound momentum at the 130 dollar level," adding, "Whether it breaks the 150 dollar resistance will determine the short-term trend."

British fintech platform Revolut announced on the 19th that it has officially integrated the Polygon (POL) network. Through this integration, Revolut has deployed core Web3 features at scale on its platform, including stablecoin payments, fee-free on-chain transfers, and POL staking. As Revolut currently has crypto asset users in 38 countries totaling over 14 million users, this integration is seen as an important turning point that accelerates the convergence of mainstream finance and the blockchain ecosystem. Revolut users can now directly hold and transfer Polygon-based USDC, USDT, and POL. On-chain transfers between Revolut accounts are processed without fees, and POL token trading and staking are supported instantly within the app. In addition, Revolut crypto card payments are routed via the Polygon network, and movement between fiat and Polygon-based assets is handled smoothly, allowing traditional finance users to naturally utilize on-chain environments. Polygon said, "Even before the integration, the cumulative transaction volume between Revolut and Polygon had already exceeded $690 million," adding, "this integration represents the first phase of the partnership, and additional features and integration scope will be expanded sequentially."

Bitcoin (BTC) price has continued its decline, and technical indicators show an oversold signal, according to analysis. On the 18th (local time), Omkar Godbole, a CoinDesk analyst, said, "Bitcoin has been pushed below $90,000, and the 14-day Relative Strength Index (RSI) has fallen below 30," adding, "This reflects a weakening of price momentum and entry into oversold territory, which suggests a short-term slowing of the downtrend or the possibility of a technical rebound." However, Godbole explained, "One should not expect an immediate rebound solely because the RSI has entered oversold. The indicator can remain in that area for an extended period and often indicates strong downward momentum instead." He said the RSI signal functions as evidence for a rebound only if accompanied by support zone formation, candlestick patterns such as doji candles and long lower wicks. He added, "In February this year, when the RSI fell below 30, BTC's short-term downtrend eased, and later it formed a bottom around $75,000 in early April," and "Since a similar phase could recur now, it is necessary to closely observe support formation and signals of easing selling pressure."

Bitcoin (BTC) is continuing its decline amid sustained selling pressure, with technical bearish signals lighting up at the same time. On the 18th (local time), according to Decrypt, Bitcoin recorded a 'death cross' in which the 50-day moving average fell below the 200-day moving average. This means short-term momentum is weakening faster than the long-term trend and is traditionally interpreted as a sign of entering a bear market. Also, Bitcoin's recent weekly candle closed below the 50-week moving average, causing it to lose even the key support line that was considered a bullish start signal earlier this year. On-chain indicators are also pointing to a downtrend. According to CryptoQuant's 'Bull Score' index, 8 out of 10 key on-chain indicators showed bearish signals. Decrypt said, "Considering the price trends and technical indicators over the past three months, analysts believe that a bear market in the virtual asset (cryptocurrency) market has begun."

A wallet address related to Mt. Gox appears to have transferred a large amount of Bitcoin (BTC) to a new address. According to Arkham Data on the 18th (local time), a Mt. Gox-related wallet transferred 10,608 BTC to a new address starting with '1ANkDML'. At current prices, that's approximately $953,660,000. However, it has not yet been confirmed whether the movement represents an actual sale or a reorganization between internal wallets (reorganization).

U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) saw more than $100 million in net outflows the previous day. On the 18th (local time), according to Paside Investor, U.S. spot Ethereum ETFs had a total net outflow of $182.7 million (about 267.7 billion won) the previous day. This marks five consecutive trading days of net outflows. On that day, only BlackRock ETHA saw $193 million flow out, and Fidelity FETH saw $3 million leave. Meanwhile, Grayscale ETHE had $2.5 million, and Grayscale Mini (ETH) had $10.8 million in net inflows, respectively. There were no net inflows or outflows for the remaining products.

U.S. Bitcoin (BTC) spot exchange-traded funds (ETF) saw net outflows of more than $200 million on the previous day. On the 18th (local time), according to Farside Investor, U.S. Bitcoin spot ETFs experienced net outflows of $220.1 million (about KRW 322.5 billion) on the previous day. This marks the fourth consecutive trading day of net outflows. From BlackRock's IBIT alone, $145.6 million flowed out, accounting for the majority of the total net outflows. Next, Ark Invest's ARKB saw $29.7 million, Fidelity's FBTC saw $12.0 million, and Bitwise's BITB saw $9.5 million in net outflows, respectively. There were no net flows in the other products.

Galaxy Digital has been confirmed to have deposited a large amount of Bitcoin (BTC) to Coinbase Prime, drawing market attention to the possibility of selling. According to OnChainLens on the 18th (local time), Galaxy Digital transferred 1474 BTC (approximately $133.13 million) to Coinbase Prime about an hour earlier. Deposits to Coinbase Prime, which is mainly used by institutions and professional traders, are traditionally often interpreted as a signal of preparing to sell. However, it has not yet been confirmed whether this movement led to an actual sale or was for internal wallet reallocation or OTC settlement. Depending on whether Galaxy Digital has recently adjusted its positions, short-term market volatility could be affected.

Recently, Bitcoin (BTC) plunged by nearly 25%, severely weakening investor sentiment, and on-chain and market analysts assessed that this correction is a 'typical pattern' that does not deviate from the long-term trend. On the 18th (local time), Kobeisi Letter said via X, "Since 2017, Bitcoin has experienced more than ten -25% corrections, six -50% corrections, and three -75% corrections. However, all corrections were followed by strong recovery phases, and the current magnitude of decline is not uncommon in the Bitcoin market but a repeated cycle," it diagnosed. It added, "The current decline is not due to deterioration in fundamentals but a mechanical decline caused by excessive leverage liquidations." It said there is no fundamental change in key indicators such as Bitcoin network activity, long-term holder metrics, and structural demand from ETFs.

As Bitcoin (BTC)'s decline intensifies, it has fallen below the $90,000 level for the first time in seven months. At 12:34 PM on the 18th, according to CoinMarketCap, Bitcoin is trading at $89,960.39, down 5.72% from the previous day. On Upbit's KRW market, it is trading at 133,194,000 won, down 3.3% from the previous day. Ethereum (ETH) has fallen below the $3,000 level. Currently, according to CoinMarketCap, Ethereum is trading at $2,955.07, down 6.85% from the previous day, and XRP is trading at $2.11, down 5.88% from the previous day. Solana (SOL) is trading at $132.19, down 5.63% from the previous day.

BitMEX co-founder Arthur Hayes pointed out that the main cause of the recent sharp drop in Bitcoin was not weakening fundamentals but a sharp contraction in dollar liquidity. On the 18th (local time), Arthur Hayes wrote on his Medium that "the market has returned to a negative liquidity environment due to weakening fund flows related to exchange-traded funds (ETF) and digital asset firms (DAT), and the dollar liquidity index has decreased by about 1 trillion dollars since July," he analyzed. Hayes argued that the 'fake buy demand' for Bitcoin disappeared particularly because ETF arbitrageurs exited and DAT premiums vanished. Previously, arbitrage flows from ETF creation and redemption structures (QI/PD) supported prices, but as that buying pressure was removed, Bitcoin had to be downwardly adjusted to match the actual liquidity environment. He forecast that Bitcoin could fall further in the short term to 80,000~85,000 dollars. Such an adjustment could coincide with risk-off flows like rising US Treasury yields and credit events, and he mentioned the US stock market could also experience a 10~20% correction. However, Hayes focused on potential policy shifts going forward. He said, "If US Treasury yields continue to rise and increase financial market stress, the Federal Reserve (Fed) and the US Treasury will have no choice but to supply liquidity again," and "if a policy shift actually occurs, Bitcoin could quickly rebound to the 200,000~250,000 dollar range by year-end."

The decline in Bitcoin (BTC) has deepened, breaking below the 91,000-dollar level. At 11:22 a.m. on the 18th, based on CoinMarketCap, Bitcoin was trading at 90,941.39 dollars, down 4.47% from the previous day. On Upbit's KRW market, it is trading at 135,665,000 won, down 1.42% from the previous day. This is the first time Bitcoin has fallen below 91,000 dollars since April 22. Major altcoins, including Ethereum (ETH), are also showing declines. Ethereum was trading on CoinMarketCap at 3009.09 dollars, down 4,38% from the previous day; XRP (XRP) was trading at 2.12 dollars, down 4.93% from the previous day. Solana (SOL) was also down 4.79%, trading at 132.24 dollars.

The government of El Salvador has reportedly purchased over 1,000 Bitcoin (BTC) in the past week. On the 18th (local time), according to U.Blockchain, El Salvador's cumulative purchases over the past week amounted to 1098.19 BTC, and for the month totaled 1121.19 BTC. As a result, El Salvador's total Bitcoin holdings reached 7474.37 BTC, approximately $685 million. El Salvador has continued its purchasing strategy since adopting Bitcoin as legal tender in 2021, and has maintained its pace of purchases even during the recent market correction.

Competition for Solana (SOL) spot exchange-traded funds (ETFs) in the United States is expected to intensify. On the 18th (local time), Eric Balchunas, a Bloomberg ETF analyst, said, "Fidelity's Solana spot ETF (FSOL) is scheduled to be officially listed soon, and the management fee has been set at 0.25%." Fidelity is the largest asset manager to enter the Solana ETF market, and with BlackRock not participating in the field, it is expected that competition for institutional inflows will intensify. Bitwise's BSOL has already secured the market with USD 450 million, and VanEck's VSOL is also listed. Meanwhile, on the same day Canary Capital also plans to launch the Solana spot ETF 'SOLC' including staking in cooperation with Marinade Finance.

An analysis found that three scenarios are possible as the Bitcoin (BTC) composite index has entered a pessimistic adjustment zone (Ratio about 0.72). On the 18th (local time), CryptoQuant author GugaOnChain said, "Based on the Bitcoin composite index, the market is leaving all three scenarios open at the same time," and analyzed, "In the pessimistic adjustment phase, if the Ratio falls below 0.75, selling by short-term investors will intensify and the price may adjust to $87,500, the key support zone maintained since March." On the other hand, if the Ratio remains between 0.8 and 1.0, the market could continue a trading range between $90,000 and $110,000, which can be interpreted as a stable phase centered on position holding. A bullish reversal scenario was also presented. The author analyzed, "If the Ratio breaks above and settles above 1.0, major cycle indicators such as NUPL and MVRV will show a recovery trend, and the price could extend to the $150,000–$175,000 range, similar to the bull market patterns of 2017 and 2021." However, he added, "Currently, liquidity weakness and a deteriorating macro environment are combined, greatly strengthening selling pressure," and "whether reversal signals appear in the future will be the key variable that determines the medium-term direction."

In the Bitcoin market, the Coinbase premium gap fell to –$90, and analysis says institutional buying has weakened and market leadership has shifted to retail investors. On the 18th (local time), Coinbase author Darkfost said, "The Bitcoin Coinbase premium gap fell to –$90, marking the lowest level so far this year. This figure is the lowest since the period in February when it fell to –$138, at which time institutional investors' buying also sharply weakened." The Coinbase premium is an indicator that shows the difference between the Bitcoin spot price on Coinbase Pro, which has a high proportion of institutional and professional traders, and Binance, which has an overwhelming number of retail investors. When the premium stays positive it indicates net buying inflows from institutions, but if it falls deeply into negative territory it suggests market leadership has shifted to retail investors. The fact that this indicator has currently fallen to around –$90 can be interpreted to mean that institutions are not engaging in aggressive buying, such as reducing market exposure or increasing hedging levels. The author analyzed, "With the Coinbase premium remaining in negative territory, the market atmosphere is such that volatility-sensitive retail investors are driving price movements. Accordingly, selling pressure may also be more easily amplified." He added, "If the premium remains in negative territory for a prolonged period, the price correction could be prolonged, and whether institutional demand recovers will be a key factor in judging a trend reversal."

Forward Industries, a treasury-holding company of Solana (SOL), was confirmed to have recently deposited more than 1.8 million Solana into Coinbase Prime. According to Arkham data on the 18th (local time), in recent hours Forward Industries transferred a total of 1,887,962 SOL to a Coinbase Prime deposit address. The transfer size amounts to approximately $260,190,000 (about 380 billion won). It has not yet been confirmed whether this transfer indicates an actual sale or is a movement for internal wallet reorganization. However, large transfers by major treasury holders typically draw market attention, raising the possibility of increased short-term price volatility.

Bitcoin (BTC) has fallen 27% from its all-time high, and there is analysis that talk of the cycle ending has further stoked bearish sentiment. On the 18th (local time), QCP Capital said in a report, "Last week Bitcoin's decline deepened and it broke below the 50-week moving average. For the first time since May, the weekly close fell below $100,000, leaving investor sentiment further contracted," and "In this context, talk of the four-year cycle ending further fueled bearish sentiment," the report said. According to the report, technically BTC has entered a zone testing support in the $92,000 range. This price range served as a strong support in Q4 last year and Q1 this year, and overlaps with a CME unfilled gap formed in April. Because of this, some mention the possibility of a short-term technical rebound, but the thick order book identified in recent weeks and slowing buy inflows may limit the strength of any rebound. Despite the end of the U.S. government shutdown, the slow pace of liquidity recovery is also cited as a headwind. Caution is clearly evident in the derivatives market. Short-dated implied volatility for Bitcoin options exceeds 50%, and a put-option bias persists, keeping downside hedge demand high. QCP Capital analyzed, "With the breakdown of the 50-week moving average strengthening the mid-term bearish trend, $88,000 and $74,500 are cited as key support levels," and "At present the bullish cycle is unstable; a short-term rebound may occur, but the path of least resistance remains lower."

Bitcoin (BTC) has seen widening losses, and some say the likelihood of forming a short-term low has increased. On the 18th (local time), Bitfinex analysts told CoinDesk, "the recent increase in Bitcoin's realized losses is moderating. The market is approaching a short-term bottom area," they analyzed. Analysts said, "Historically, sustainable bottoms have formed only after short-term holders' capitulation," adding, "the current flow appears to be approaching that threshold." They explained that short-term holders' capitulation pressure is the process of exhausting remaining selling pressure. James van Stratten, CoinDesk's senior analyst, said similar signals are appearing in technical factors. He pointed out, "CME Bitcoin futures opened at 93,840 dollars and left an unfilled gap in the 91,970 dollars area," and analyzed, "if price tests this gap and supply-demand stabilizes, conditions for a rebound could be created." Although the market adjustment breadth has widened, on-chain·derivatives indicators are showing gradual signs of stabilization. Bitfinex said that while this correction is the third-largest since 2023, "the slowing of realized losses and the short-term investors' approach to the capitulation threshold align with conditions for a structural bottom," mentioning the possibility of a short-term recovery. However, it added that whether selling pressure is exhausted is a key variable for future inflection points. Meanwhile, according to CoinMarketCap, Bitcoin is trading at 92,088.05 dollars, down 1.73% from the previous day.

The proportion of XRP in profit has fallen to its lowest level in a year, and more than 40% of holders are at a loss. On the 18th (local time), Glassnode said the share of XRP supply in profit is 58.5%, the lowest since the price was $0.53 in November last year. The current XRP price is about $2.15, roughly four times higher than then, but about 26.5 billion XRP, or 41.5% of total supply, remain in the loss zone. Glassnode interpreted this as "a sign that price levels were formed mainly by short-term, lagging buying pressure."