$BTC Bitcoin at $63,860: The "Handover Game" in Extreme Panic Over half of the supply is underwater. ETFs are bleeding. But institutions are quietly accumulating. In the past 24 hours, Bitcoin briefly fell below $62,000, hitting a low of $61,300—its lowest level since February. Since its all-time high of $126,000 last October, BTC is down roughly 52%. The futures market turned into a bloodbath—over 270,000 traders liquidated, totaling more than $1.6 billion. The Crypto Fear & Greed Index has dropped to the 5–8 range—even lower than the 6 recorded during the Terra/Luna collapse and FTX meltdown in 2022. This is historic-level extreme fear. Where is the selling coming from? Over the past 30 days, 26% of sell volume came from investors with a cost basis above $90,000—"peak buyers" who held on through the entire bear market until finally capitulating near new lows. Spot ETFs have also seen 13 consecutive days of net outflows. But CryptoQuant's CEO offers a different lens: This isn't a crash. It's an unprecedented "handover." Since March 2024—when Bitcoin was last trading near $63,000—ETFs have accumulated 509,102 BTC, while Strategy bought 650,706 BTC. Together, that's over 1.24 million BTC absorbed by institutions—nearly half of all exchange reserves, and even more than Satoshi's holdings. On-chain signals are also worth noting: Currently, over 10.5 million BTC (more than half of the total supply) is in loss—the first time in this cycle that "loss coins" have outnumbered "profit coins." Historically, this signal has appeared near market bottoms in 2015, 2019, March 2020, and 2022. Technically, Bitcoin has touched the 200-week moving average (around $61,800)—a level that marked the bottom of previous bear markets in 2015, 2018, and 2020. Pessimists are right. Optimists get paid. As a Standard Chartered analyst put it: "When we look back at BTC reaching $100,000 by the end of 2026, we'll say—this was the buy zone we always wanted." --- At press time, Bitcoin is trading at approximately $63,860.#Anthropic：高盛摩根领衔，最快10月上市 #HYPE：灰度ETF今日上线，机构多路吸筹 $SOL $ETH