MICA Daily | Investors dumping, BTC once fell below $90,000

BTC started the week with a sharp decline, with prices falling below $90,000 at one point, hitting a new low since November last year. In the past day, BTC has fallen by nearly 4%, with a monthly decline of 11%, indicating that the market is in a sluggish state. As mentioned in the weekly report, we subjectively believe that the massive cash demand resulting from California wildfires will put pressure on risk assets to liquidate.

According to cryptocurrency analyst Ali Martinez's observation, the large transaction volume of BTC on the network has decreased by 51.64% in the past month, from 33,450 transactions to 16,180 transactions, indicating a significant decrease in whale activity. In addition, the number of active BTC addresses has dropped to 667,100, the lowest point since November 2024, reflecting a weakening participation from retail investors and institutions.

However, cryptocurrency analyst Axel Bitblaze pointed out that the current downward trend is not uncommon, especially in the year following the BTC halving. Similar situations occurred in 2017 and 2021, with BTC experiencing a significant drop in January followed by a bull market. He also mentioned that BTC's market dominance has decreased from 62% to 54%, while competing coins have risen.

Disclaimer: The article represents the author's personal views and opinions, not the perspective and position of the blockchain, all content and views are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and the blockchain will not bear any responsibility for the direct or indirect losses incurred by investors' transactions.

<MICA Daily | Investors Sell Off, BTC Falls Below $90,000> This article was first published on Blockcast.