Bitcoin Selloff Deepens As Bitwise CIO Warns Of ‘Wilderness’ Ahead, Whales Buy The Dip – But $57K Remains In Sight

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Short-term holders are sitting on losses, with around 84,000 BTC sold at a loss in 14 out of the last 16 days, according to CryptoQuant.

Matt Hougan, Bitwise Chief Investment Officer, said late on Saturday that as Bitcoin (BTC) selling deepened, the crypto market could drift for a while.

Bitcoin fell below $66,000 on Saturday afternoon, the first time it has fallen below that level since August. In a post on X, Hougan stated that the market feels a lot like mid-2018. At the time the industry was "exhausted" and many investors left the market.

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He said that the industry "could wander through the wilderness" for a while before it settles. Investors are still sorting through the long-term effects of the elections, Binance and tighter monetary policy, he said.

But Hougan sees a "big buying opportunity" ahead, but the timing is hard to call, he said. He added that decentralized finance, or DeFi, pulled the market out of its 2018 slump. He thinks this time a new breakthrough will do the same. But, "they are impossible to predict", he said.

CryptoQuant, an on-chain analytics firm, painted a similar picture on Saturday. The firm said on X that big holders are buying the dip but not keeping up with sellers. Bitcoin has dropped roughly 24% from its recent high, the firm said.

Wallets holding between 1,000 and 10,000 BTC added about 43,700 BTC, CryptoQuant said. Wallets with more than 10,000 BTC added another 3,300 BTC. The mid-sized holders sold more. Wallets holding 100 to 1,000 BTC removed around 50,500 BTC. Of those selling 10-100 BTC, about 14,400 were sold.

The real problem is demand, according to the firm. Its 30-day apparent demand reading slipped to -284,000 BTC. The metric is a barometer of net buying across the market. CryptoQuant said it is now at its weakest since April 2025.

U.S. spot Bitcoin exchange-traded funds (ETFs) have also turned sellers. Their 30-day flows reversed from about 49,700 BTC of buying to about 29,600 BTC of selling, the firm said.

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