The post BTC Slides to $72K as On-Chain Data Confirms Bear Market Structure appeared on BitcoinEthereumNews.com.

Felix Pinkston
Feb 04, 2026 19:15

Glassnode analysis reveals BTC’s MVRV Z-Score at lowest since Oct 2022, with $1.26B daily realized losses and ETF outflows signaling deeper correction ahead.

Bitcoin’s 26% plunge from $98,000 to $72,000 over the past month has triggered the most severe on-chain stress readings since the FTX collapse, according to Glassnode’s latest weekly report. The data paints a picture of a market in full capitulation mode, with institutional demand evaporating just as forced selling accelerates. The numbers are stark. BTC’s MVRV Z-Score—a key profitability metric comparing market value to realized value—has compressed to levels not seen since October 2022. Meanwhile, the 7-day average of realized losses has surged above $1.26 billion daily, with single-day spikes exceeding $2.4 billion during the worst of the selling. Structural Breakdown Confirmed Price has now fallen decisively below the True Market Mean at $80,200, a level that historically acts as the final support during shallow corrections. This metric strips out dormant coins and early miner holdings to show where active capital actually sits. Losing it, as Glassnode analyst Chris Beamish notes, “confirms a deterioration that has been building since late November.” The configuration increasingly resembles early 2022—that uncomfortable period when Bitcoin transitioned from choppy range-bound trading into a full bear market. The Realized Price around $55,800 now defines the lower boundary where long-term holders historically step back in. Demand Has Vanished Perhaps more troubling than the selling itself is who isn’t buying. Spot volumes remain “structurally weak” despite the dramatic price decline. The 30-day volume average barely lifted even as BTC shed a quarter of its value—a textbook demand vacuum. Institutional flows have flipped negative across the board. Spot ETFs, corporate treasuries, and government-linked buyers are all pulling back. This marks a stark…

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Filed under: News - @ February 6, 2026 3:30 am