Bitcoin is again climbing, reaching $88,000 after a recent dip. Meanwhile, a meaningful event for the cryptocurrency market is unfolding in the US.
Current Bitcoin Trading
At the time of writing, Bitcoin's price is over $88,000, marking a recovery from the recent drop to $86,000. Yesterday, the price fell from $91,000 to $86,000 amid significant liquidations and ETF outflows. On February 25, US crypto products saw an outflow of over $1 billion, with Fidelity's ETF experiencing the largest outflow.
Bitcoin Holder Losses
According to CryptoQuant researcher Julio Moreno, on February 25, Bitcoin holders realized losses of over $1.7 billion. Glassnode data showed BTC short-term holders realized losses of $23.4 million. However, this dip did not go unnoticed by major investors, who seized the opportunity to buy at lower prices.
Whales Buy Bitcoin
Reports indicate that on February 25, 26,430 BTC flowed into whale accumulation addresses, which implies long-term custodial holding and OTC deals. On-chain analysis showed that Kraken exchange traders were also actively buying the dip in anticipation of a rebound.
Today, the US will witness the first Digital Asset Subcommittee hearing, marking an important step towards regulating the cryptocurrency market, potentially shaping the future of the crypto industry.
