Bitcoin Experiences a Dramatic Drop: Falls Below $75,000
<p class="text-left mb-4 ">The global cryptocurrency market started the week with a sharp sell-off. Bitcoin (BTC) fell to $73,000 late Tuesday evening, reaching its lowest level since November 2024. This drop, falling below the strong support line of $74,500 seen in April 2025, confirmed that the market has re-entered "bear territory." The analytics platform Swissblock commented, "Negative momentum is extremely high right now; the bear market continues unabated after the sharp crash in October." Bitcoin has lost over 25% of its value in the last three weeks and over 40% since its all-time high of $126,000. Analyst "Bull Theory" suggested that this sharp sell-off could be due to "either extraordinary manipulation or a serious, yet to be fully revealed, breakdown within the crypto ecosystem."</p><p class="text-left mb-4 ">
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</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Short-term selling is increasing pressure</h2><p class="text-left mb-4 ">According to the analytics company CryptoQuant, short-term investors in particular have been heavily selling in recent days. The analyst, nicknamed "Darkfost," stated that more than 40,000 BTC were sent to exchanges to be sold at a loss in the last 24 hours. "This selling pressure directly affected the market today. Usually, sending large amounts of Bitcoin to exchanges means an intention to sell," he said.</p><p class="text-left mb-4 ">According to the on-chain data firm Santiment, wallets holding between 10 and 10,000 BTC, i.e., the large group of investors controlling more than two-thirds of the Bitcoin in circulation, sold 50,000 BTC in just two weeks. </p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Change in fund flows</h2><p class="text-left mb-4 ">On February 3, there was a net outflow of approximately $272 million from spot Bitcoin ETFs traded in the US. In contrast, net inflows of $14 million and $20 million were seen in Ethereum (ETH) and XRP-related products, respectively, indicating that investors are moving away from Bitcoin, not the asset class. Experts interpret this situation as "capital flows shifting within crypto." According to analysts, Bitcoin has become an asset increasingly sensitive to macroeconomic risks. Sharp declines in US stock markets, losses in technology stocks, and global geopolitical tensions are increasing this fragility. Indeed, the renewed escalation of diplomatic tensions between Iran and the US has negatively impacted investors' risk appetite. Investors' patience is being tested.</p><p class="text-left mb-4 ">According to Glassnode data, with the current decline, 44% of the Bitcoin supply is "at a loss." This rate reveals that approximately half of the investors have lost money on their positions. "The faith and patience of investors who bought near the peak will be severely tested in the coming weeks," said data manager Sean Rose, noting that the market's fragility may continue. According to JrKripto's AI <a href="https://jrkripto.com/tr/liquidation-data" target="_blank" rel="noreferrer" class="text-primary underline">analysis</a>, the last 24 hours show a liquidation of long positions ($526.9M), while the last 12 hours have seen a shift towards short positions ($123.83M).</p><p class="text-left mb-4 ">
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</p><p class="text-left mb-4 ">However, some analysts remain optimistic in the long term. A market commentator nicknamed "Sykodelic" painted a hopeful picture, saying, "A drop below the $74,000 level could be a temporary trap in the market. This area could become a springboard for the next big rise."</p><p class="text-left mb-4 ">Bitcoin was trading around $76,500 again on Wednesday morning. However, the total crypto market capitalization fell to $2.64 trillion, reaching its lowest level in nine months. Ethereum dropped to $2,120, while leading altcoins like Solana and XRP returned to levels seen during what is called the "crypto winter."</p>
