New data suggests that short-term Bitcoin holders have experienced losses recently, though these haven’t reached the severity of the FTX collapse as yet. While a significant portion of recent transactions suggest selling pressure and potential losses for those holding Bitcoin less than a year, on-chain analytics platforms haven’t confirmed this substantial decline. Industry figures like Glassnode and CryptoQuant indicate increased realized losses among short-term holders, although these numbers aren’t unprecedented and don’t match the FTX crash in severity. No official statements have come from primary sources such as exchanges or market regulators yet. Despite significant sell-offs, Bitcoin hasn’t reached a level that would warrant a crisis declaration. Key takeaways include: investors who bought at a price point of $94,000, six to twelve months ago, are holding an average cost basis for their Bitcoin holdings. Analysts believe we haven’t experienced a true bear cycle yet unless Bitcoin hits this level. The market is experiencing elevated sell pressure and ETF outflows, but these do not mirror the panic-driven market crashes of the past. Institutional investors, such as MicroStrategy, are showing signs of continued confidence in Bitcoin’s long-term value, indicating a cautious approach to its price movement. The financial implications of this situation remain unclear, while regulators and institutions have yet to release specific warnings regarding this current market behavior. The crypto community is discussing the potential for a full-blown financial crisis but these discussions haven’t led to any official recommendations or warnings from key regulatory authorities. Historical data suggests that current market behavior aligns with expected correction phases in the cryptocurrency cycle. While there has been increased activity, systemic risk remains unfounded, according to several analysts. This conclusion is supported by historical patterns of ETF outflows and technical breakdowns, suggesting a more typical market response.