Bitmain Technologies, a Beijing-based crypto mining rig firm, is under 
investigation over potential surveillance in the U.S.

Chinese Bitcoin mining hardware firm under investigation in US

The outflows reflect short-term price movements, not lower institutional 
demand or structural issues in the Bitcoin market, analysts said.

BTC ETF outflows are ‘tactical rebalancing,’ not institutional flight: Analysts

Bitcoin is struggling to find support after losing the $85,000 level and 
plunging to $81,000, marking its weakest point since early spring. Bulls have 
clearly lost control of the trend, and fear now dominates the market, with 
sentiment rapidly shifting from caution to outright panic. Many traders are 
calling for a confirmed bear market, while others argue the move is an 
orchestrated shakeout designed to flush out weak hands before the next macro 
leg. Related Reading: Bitcoin OG Owen Gunden Deposits Final 2,499 BTC ($228M) 
to Kraken – Details Amid the chaos, top analyst Axel Adler shared new insights 
that highlight a structural shift beneath the surface. Until just yesterday, 
short-term holders (STHs) appeared relatively stable despite the correction. 
However, the situation has now changed dramatically. The Realized P/L 
component — which measures whether investors are selling at a profit or loss — 
has fallen to –1, signaling broad loss realization across the STH cohort. This 
metric turning negative for the first time in weeks confirms that capitulation 
among recent buyers is accelerating, a dynamic that historically increases 
pressure on the spot market. Although the sell-off is severe, some analysts 
argue that these conditions resemble previous manipulation-driven liquidity 
grabs, where deep corrections eventually set the foundation for sharp 
rebounds. STH Panic Mirrors Past Cyclical Bottom Signals Adler explains that 
the latest spike in short-term holder (STH) panic is not an isolated event — 
it closely resembles patterns seen during previous market bottoms. The chart 
clearly shows that similar surges in STH loss realization occurred in July 
2021 and again throughout the 2022–2023 bear market, each time leading to 
accelerated selling, liquidity stress, and deeper short-term corrections. 
These phases were marked by fear-driven capitulation, where recent buyers 
dumped coins rapidly, often exaggerating the downside but ultimately 
exhausting available sell pressure. Today, that same structure is reappearing. 
With STH Realized P/L dropping sharply and the STH-MVRV ratio sitting below 1, 
fear has pushed many recent entrants into loss, triggering panic moves. Adler 
notes that this kind of forced selling tends to cluster near the end of 
corrections, not the beginning. Once STHs capitulate, the market often shifts 
into a period of stabilization as long-term holders absorb supply. Despite 
extreme sentiment across social and derivative markets, several analysts argue 
that this setup could create the conditions for a recovery. Historically, when 
STH panic peaks and long-term holders remain steady, Bitcoin has often staged 
strong rebounds in the weeks that follow. Related Reading: Bitcoin Mean 
Reversion Oscillator Prints First Green Oversold Bar in Months – A Classic 
Bull-Market Bottom Signal BTC Testing Key Demand Levels Bitcoin has entered a 
steep downtrend, and the chart clearly reflects the intensity of the current 
sell-off. BTC has dropped to the $83K–$84K range, marking one of the sharpest 
declines of this cycle. The breakdown accelerated once price lost the $92K and 
$90K supports, and the chart now shows a near-vertical move to the downside — 
a classic sign of capitulation-driven selling. On the daily timeframe, BTC is 
trading well below the 50-day, 100-day, and 200-day moving averages. All three 
have begun sloping downward, forming a full bearish alignment that signals 
weakening momentum across multiple time horizons. Price is currently 
attempting to stabilize around the 200-day moving average (red line), one of 
the last major trend supports in a macro bull structure. A clean close below 
this level could open the door to deeper downside. Related Reading: Bitcoin 
Capitulation Deepens Around $90K Level: Classic Late-Stage Fear Structure 
Emerging Volume has spiked aggressively over the past sessions, confirming 
panic participation. Unlike earlier corrections, this one shows sustained 
distribution without meaningful bounces, suggesting forced selling from short- 
term holders and large entities. However, the chart also shows early signs of 
selling exhaustion. Candles are printing long lower wicks, and intraday 
volatility has increased — conditions that often precede a temporary bottom. 
Featured image from ChatGPT, chart from TradingView.com

STH Panic Emerges as Bitcoin Crashes To $81K: Realized P/L Turns Negative For The First Time This Cycle

The Brazilian government would be considering taxing stablecoin flows, 
applying the known Tax on Financial Operations (IOF) on remittances and 
international payments using these instruments. The news comes as the Central 
Bank of Brazil will start treating these as foreign currency starting in 
February. Report: Brazil Mulls Applying Taxes to International Stablecoin 
Flows The Facts […]

Brazilian Government Mulls Taxing Stablecoins Remittances as Foreign Currency Flows

A rare death cross has been confirmed on Bitcoin’s price chart, suggesting 
that the bear market has just started. Will dip buyers be able to defy the 
trend?

Cryptocurrency price in THB