Despite declining geopolitical risks, Bitcoin remains below $66,000 due to market concerns about potential sales by Strategy. Analysts at QCP Capital believe that the company may need to liquidate some of its reserves in order to finance dividends and after buybacks of $1.5 billion convertible bonds. At the same time, experts note that a continuous issue of Strategy shares may in the future put negative pressure on the first cryptocurrency, although the overall macroeconomic situation is stabilizing.

The situation with short-term holders was analyzed by the COINDREAM team from CryptoQuant. The SOPR indicator for this group of investors is at 0.995, indicating minor losses but remains above the "panic threshold" of 0.95. Analysts characterize the current phase as a "fragile recovery" rather than surrender: returning to 1 would confirm an improvement in sentiment, while falling below 0.95 would signal a panic sale.

Amid the relative stability of Bitcoin, the market for altcoins has been under extreme pressure in the last five years. According to researchers at IT Tech, net spot outflows from all cryptocurrencies except BTC and ETH have been occurring for 15 consecutive months. Previously, Bitwise investment director Matt Hougan advised long-term investors not to dwell on finding the exact bottom of the market, but to focus on the prospects of the next buoyant cycle.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.