Bitcoin Ultimately Reenacts the Luna Collapse as Whale Share Falls to a Nine Month Low
Bitcoin Ultimately Reenacts the Luna Collapse as Whale Share Falls to a Nine Month Low
Bitcoin (BTC) is threatening the $60,000 level and has entered its worst fear-driven phase since the Terra-Luna collapse, standing at a critical crossroads that will determine the market’s next direction.
According to cryptocurrency-focused media outlet BeInCrypto on February 6 (local time), Bitcoin prices were overwhelmed by broad-based selling over the past 24 hours, briefly breaking below $64,000 intraday and exposing extreme volatility. As liquidity dried up with a sharp drop in buy orders on exchanges, Bitcoin underwent a painful correction that erased most of the gains accumulated since Donald Trump’s election as U.S. president. Market analysts assessed that Bitcoin has entered a phase of technical capitulation, having fallen to roughly half of its October peak of $126,000.
Behind the plunge, a combination of external shocks, including a geopolitical crisis in the Middle East and evacuation orders issued by the U.S. government for Iran, intensified investors’ risk-off sentiment. On-chain data analytics firm Santiment reported that whales holding between 10 BTC and 10,000 BTC unloaded about 81,068 BTC over the past eight days, reducing their holdings to the lowest level in nine months. While retail investors are absorbing these sales through bargain buying, the accelerating exit of large investors is fundamentally weakening the market’s underlying strength.
Knock-on effects from deteriorating corporate balance sheets are also becoming evident. Strategy, the world’s largest publicly listed corporate holder of Bitcoin, posted a record quarterly net loss of $12.6 billion after Bitcoin fell below its average purchase price of $76,052, marking the greatest crisis in the company’s history. As falling Bitcoin prices translate not only into asset devaluation but also heightened bankruptcy risks and stock price collapses for listed companies, confidence across the broader crypto ecosystem is being severely shaken.
Conditions in the futures market are even more dire. During the battle to defend the $60,000 level, approximately $2.2 billion in long positions were forcibly liquidated, triggering one of the largest liquidation events on record. With $2.6 billion in options expirations coinciding and implied volatility surging to 100%, the market is drifting without the momentum for a self-sustaining rebound. Experts warn that unless Bitcoin quickly regains the $65,000 resistance level, it could suffer further declines to $54,000, or in the worst case, down to $42,000.
The cryptocurrency market is undergoing a harsh cleansing process, shedding excessive leverage while waiting for an accumulation phase centered on spot holdings. Although some companies, such as Japan’s Metaplanet, have stepped in defensively by announcing additional purchases totaling $130 million, these moves have been insufficient to dispel the prevailing pessimism. Investors are advised to maintain a conservative stance focused on maximizing asset resilience while monitoring for the resolution of macroeconomic uncertainty, rather than attempting to call a bottom prematurely.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses incurred based on its content. The information should be interpreted solely for informational purposes.*
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