Bullish demonstrated a strong turnaround in profitability amid its 
institutional expansion. Yet its shares saw a correction, dropping 3.5% to 
$36.42 on the same day.

Bullish stock drops 3.5% despite record Q3 earnings

Bitcoin is now holding ground around the $90K level as the market transitions 
into a new and uncertain phase. Sentiment is sharply divided: some analysts 
argue that the breakdown below $100K marks the beginning of a new bear market, 
while others believe Bitcoin is setting the stage to break its traditional 
four-year cycle and rally harder than ever in the months ahead. This tension 
reflects a market struggling to price in fear, macro pressure, and structural 
shifts in liquidity. Related Reading: XRP Supply In Profit Falls to 58.5% – 
Lowest Since 2024 Despite Higher Price According to new data shared by top 
analyst Darkfost, more than 6.96 million BTC accumulated by investors are now 
sitting at an unrealized loss. This marks the highest level of unrealized loss 
since January 2024, even though the current correction has not yet surpassed 
the steepest drawdown seen earlier in the cycle. The implication is clear: a 
massive portion of supply was accumulated near Bitcoin’s previous all-time 
highs, making recent selling pressure especially emotional and reactive. 
Despite this, Bitcoin continues to defend the $90K region — a sign that demand 
is absorbing extreme stress. Whether this marks the early stage of a bear 
market or the final flush before a major rebound remains the central question 
dominating the market. Rising Unrealized Losses Signal a Classic “Change of 
Hands” Phase Darkfost explains that the spike in unrealized losses reflects a 
simple but critical reality: a massive amount of Bitcoin was accumulated near 
the previous all-time highs, meaning many recent buyers are now underwater. 
This is especially true for short-term holders (STHs), who tend to react 
quickly to volatility. Their elevated cost basis — clustered near cycle tops — 
makes them more vulnerable to panic selling, which is exactly what the market 
is witnessing as BTC hovers near $90K. This phenomenon helps explain the 
intense selling pressure seen in recent days. STHs, driven by fear and 
deteriorating sentiment, have been sending coins to exchanges at a loss, 
amplifying short-term volatility. But Darkfost notes an important historical 
pattern: during bullish market structures, rising unrealized losses have 
consistently produced strong buying opportunities. Related Reading: Galaxy 
Digital Dumps 2,800 BTC as Bitcoin Crashes Below $90K These phases often mark 
the transition where weak hands capitulate and long-term, conviction-driven 
buyers absorb supply. This is the defining moment of the “change of hands” 
narrative — where Bitcoin shifts from emotionally driven participants to 
strategic holders who shape the next major move. BTC Price Analysis: Testing 
Major Support as Momentum Weakens Bitcoin continues to trade under heavy 
pressure, holding just above the critical $90K region after a sharp multi-week 
decline. The 3-day chart shows a decisive break below the 50-day and 100-day 
moving averages, signaling a loss of short- and medium-term momentum. Price is 
now sitting directly on the 200-day moving average — a level that historically 
acts as the final line of defense during deep corrections in bullish cycles. 
The recent candles show long lower wicks, suggesting buyers are attempting to 
defend this zone, but the rebound strength remains limited. Volume has 
increased on downside moves, confirming that sellers are driving the current 
structure. This pattern resembles previous late-cycle shakeouts, where high 
volatility clusters near major moving averages precede a trend reset or 
further breakdown. Related Reading: Ethereum Approaches Historical 
Accumulation Level – Just 8% Away From LTH Cost Basis Structurally, BTC is 
forming lower highs and lower lows on this timeframe — a clear sign of short- 
term bearish conditions. A sustained break below the 200-day MA could 
accelerate downside momentum and expose lower liquidity pockets around 
$85K–$88K. However, if bulls manage to stabilize the price above $90K and 
reclaim the 100-day MA in the coming sessions, it could signal seller 
exhaustion. Right now, Bitcoin sits at a pivotal crossroads, with market 
sentiment fragile and direction dependent on how this support zone holds. 
Featured image from ChatGPT, chart from TradingView.com

Nearly 7M Bitcoin Now Sitting At A Loss: Highest Unrealized Pain Since January 2024

CEA Industries launched a new Treasury Dashboard designed to give investors 
real-time visibility into its fast-growing crypto holdings and capital 
strategy.

CEA Industries unveils real-time BNB treasury dashboard as crypto bet pays off

The cryptocurrency plunged below the $90K threshold once again on Wednesday, 
as a multi-day sell-off persisted. Bitcoin Dips Below $90K and Paper Hands 
Start Panic Selling, Glassnode Says Bitcoin retreated below the $90K threshold 
once again, and skittish investors with so-called “paper hands” are getting 
the heck out of dodge in droves. At least that’s […]

Paper Hands Fold: Glassnode Reveals Panic Selling as Bitcoin Drops Below $90K

The DeFi Education Fund estimated that decentralized finance technology could 
potentially save people up to $30 billion annually by reducing remittance 
costs.

Cryptocurrency price in VEF