Bitcoin price trades near $68,000 as $2.5 billion in BTC options expire today, 
placing $74,000 max pain at the center of market focus. Bitcoin was trading at 
$68,280 at press time, down 1.1% over the last 24 hours. The asset…

How might Bitcoin price react as $2.5B in BTC options expire today (Feb. 13)?

The head of the U.S. Securities and Exchange Commission says prediction 
markets are drawing serious legal and regulatory attention. At a Senate 
Banking Committee hearing on February 12, SEC Chair Paul Atkins described 
rapidly-growing prediction markets as “a huge issue”…

SEC chair warns some prediction markets may fall under securities laws

Bitcoin is once again facing notable selling pressure. The market confronts a 
challenging phase marked by weakening momentum and cautious investor 
positioning. Recent price action suggests that bullish conviction has 
softened. Traders are increasingly attentive to liquidity conditions, macro 
uncertainty, and shifting market sentiment. While volatility is not unusual at 
this stage of the cycle, the current environment reflects a market searching 
for direction rather than sustaining a clear upward trend. Related Reading: 
Bitcoin Realized Losses Hit Luna Crash Levels — But Price Context Points To A 
Different Market Phase A recent CryptoQuant report provides additional context 
through Bitcoin’s Combined Market Index (BCMI), a composite metric that 
integrates valuation, profitability, spending behavior, and sentiment 
indicators. According to the analysis, BCMI has fallen into the low 0.2 range, 
a level historically associated more with early bear market phases — such as 
those seen in 2018 and 2022 — rather than routine mid-cycle corrections. This 
shift suggests a deeper structural adjustment may be underway. Notably, BCMI 
was hovering near 0.5 as recently as October, a zone typically interpreted as 
market equilibrium between bullish and bearish forces. The subsequent decline 
indicates that this balance has broken down. Whether this signals the start of 
a prolonged bearish phase or a temporary reset will likely depend on future 
liquidity conditions, investor demand, and broader macroeconomic developments. 
BCMI Breakdown Points To Structural Weakness In Bitcoin Market The CryptoQuant 
report highlights a notable deterioration in Bitcoin’s Combined Market Index 
(BCMI), suggesting a shift away from mid-cycle consolidation toward a more 
defensive market regime. According to the analysis, the mid-cycle equilibrium 
around the 0.5 level failed to hold, with no meaningful rebound emerging from 
the 0.3 zone. Instead, the index continued declining directly toward the low 
0.2 range without the type of expansion reset typically seen during healthier 
corrective phases. This pattern differs from past mid-cycle cooling periods 
and increasingly resembles a transition into a risk-off market environment. 
Historical comparisons provide additional perspective. Previous cycle bottoms 
generally formed when BCMI reached approximately 0.10–0.15, notably during 
2019 and again in the 2022–2023 bear phase. Current readings remain above 
those capitulation levels, implying that while Bitcoin may already be 
operating within a bearish structural framework, full capitulation conditions 
have not yet materialized. Because BCMI aggregates valuation metrics such as 
MVRV, profitability indicators like NUPL, spending behavior via SOPR, and 
broader sentiment measures, its decline into the low 0.2 range reflects 
shrinking unrealized profits, rising realized losses, deteriorating sentiment, 
and ongoing valuation compression. Unless the index stabilizes and reclaims 
the 0.4–0.5 zone, the probability of continued structural weakness remains 
elevated. Related Reading: Bitcoin Drop Wipes Billions From Recent Buyers: New 
Whale Cost Basis Falls Toward $90K Bitcoin Tests Long-Term Support After 
Weekly Breakdown Bitcoin’s weekly chart reflects increasing structural 
pressure following the recent loss of the $70,000 level, a key psychological 
and technical threshold that had previously acted as support. Price has now 
retreated toward the mid-$60,000 range, placing BTC below shorter-term trend 
averages and signaling weakening bullish momentum. This shift suggests the 
market is transitioning from consolidation toward a more defensive phase. The 
chart shows a clear sequence of lower highs since the late-cycle peak near the 
$120,000 region. A pattern often associated with corrective or transitional 
market environments. Recent declines have been accompanied by elevated trading 
volume. Typically indicative of distribution or forced deleveraging rather 
than gradual profit-taking. Such dynamics often increase volatility while 
complicating sustained recovery attempts. Related Reading: Long-Term Ethereum 
Holders Expand Positions While Market Faces Pressure: Rare Signal Emerges From 
a structural perspective, the $60,000–$62,000 zone emerges as a critical 
support area. This region aligns with prior consolidation phases and high- 
liquidity trading zones that historically attracted demand. Holding above this 
level could allow Bitcoin to stabilize and potentially form a base for 
sideways consolidation. However, a decisive breakdown would raise the 
probability of deeper retracement scenarios. Bitcoin’s direction remains 
closely tied to liquidity conditions, institutional flows, and broader macro 
sentiment influencing risk assets. Featured image from ChatGPT, chart from 
TradingView.com

Bitcoin BCMI Drops Toward Bear Market Territory: How Close Is BTC To A Real Buy Zone?

Buck Labs raised the yield on its Savingscoin from 7% to 10% and revamped 
distribution to auto‑deliver rewards without gas fees. Automated Yield Buck 
Labs, a Florida-based technology firm, announced Feb. 12 an upgrade to the 
yield on its “savings” digital coin from 7% to 10%, alongside a total overhaul 
of its distribution mechanics. The […]

Institutional-Grade Yield: Buck Labs Upgrades Savings Token to 10% APY

Chainalysis says that despite the rising use of crypto in trafficking 
networks, the transparency of blockchain may give visibility into the 
operations, aiding law enforcement.

Cryptocurrency price in CLP