Bitcoin (BTC) has repeatedly failed to stabilize at the $70,000 level, prompting large investors who recently entered at elevated prices to exit the market while absorbing billions of dollars in losses.
On February 11 (local time), on-chain analyst Maartunn reported that newly entered whale investors have suffered significant damage amid Bitcoin’s recent decline. He noted that large-scale investors who entered the market near $96,000 are now recording massive unrealized losses following the sharp price drop. After testing its previous all-time high, Bitcoin quickly reversed direction, leading to a rapid contraction in buying sentiment among those who entered near the peak.
The realized losses among whale investors totaled billions of dollars over just a few days. Specifically, realized losses reached $944 million on February 3, followed by $431 million on February 4, $1.46 billion on February 5, and $915 million on February 6. This suggests that whales who accumulated substantial amounts of Bitcoin at higher price levels were unable to withstand the downward pressure and began closing their positions, entering a phase of capitulation. Such selling pressure is interpreted as a sign that the market structure is shifting from static stagnation to a dynamic redistribution phase.
Bitcoin’s current price chart continues to show a downtrend, forming below key moving averages. Maartunn assessed that this technical setup signals a mature correction phase rather than a temporary pullback. The inability to swiftly reclaim major moving averages indicates that spot buying demand remains weak and has fueled growing caution among institutional investors. The broader market structure reflects redistribution rather than confirmed accumulation, leaving structural downside risks elevated.
A key support cluster between $60,000 and $65,000 has been identified as critical for price stability. If Bitcoin successfully defends this range, investor sentiment could stabilize, potentially leading to a consolidation phase. However, if this support level fails, prices could be pushed toward lower liquidity zones, increasing volatility. On the upside, firmly breaking through and holding above the psychological resistance level of $70,000 is considered the top priority for reversing the market’s direction.
The digital asset market is currently reacting more sensitively to macroeconomic indicators and changes in liquidity conditions than staging short-term rallies. Until trading volume stabilizes and Bitcoin reclaims key trend indicators, intermittent rebounds are likely to remain part of an extended correction. Investors are advised to take a cautious approach, remaining alert to selling pressure as whales’ average entry prices trend downward toward $90,000 and watching for tangible signs of liquidity recovery in the market.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The content should be interpreted solely for informational purposes.*
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