Crypto Daily Report #Gate广场发帖领五万美金红包 02.25(：Bitcoin Falls Below $65,000, ETF Continues Net Outflows, On-Chain Indicators Enter Bear Market Zone

I. Bitcoin Price Fluctuations and Market Sentiment

1. Due to macroeconomic uncertainties (such as the illegality of Trump's tariff policies) and liquidity shortages, Bitcoin's price has been declining recently, temporarily falling below the $65,000 mark, with a low of $64,500, then slightly rebounding to around $66,000.
2. Market panic has intensified, with total crypto liquidation amounts reaching $421 million within 24 hours, including $161 million in Bitcoin liquidations and $134 million in Ethereum liquidations, indicating significant short-term selling pressure.
3. Analysts point out that Bitcoin is currently in a " textbook bottoming zone," with technical indicators and on-chain models retreating to historical lows seen in December 2018 and June 2022, suggesting further price declines are possible, but timing may be more critical than price itself.

II. Market Capital Flows and ETF Dynamics

1. US spot Bitcoin ETFs and Ethereum ETFs have experienced continuous net outflows, with 3,262 BTC flowing out of Bitcoin ETFs and 25,337 ETH out of Ethereum ETFs within 24 hours, reflecting increased risk-averse sentiment among US investors.
2. The US Bitcoin premium index (the price difference between Cb and the global market average) has been negative for 40 consecutive days, the longest since 2023, indicating weak demand from US investors and prices below global levels.
3. Solana ETFs saw net inflows, with 93,821 SOL entering within 24 hours, contrasting with outflows from mainstream crypto ETFs.

III. Corporate and Institutional Developments

1. Bitcoin treasury strategies are diverging:
- Average holding costs have decreased for the first time in 2.5 years.
- Metaplanet’s 2025 financial report shows holdings of 35,100 BTC, aiming to control 1% of the global supply by 2027.
- Empery Digital shareholders demand the CEO’s resignation and have liquidated 4,081 BTC (worth $258 million).
2. Mining companies accelerate transformation:
- Cipher Mining rebrands as Cipher Digital, shifting from Bitcoin mining to high-performance computing data centers.
- IREN Limited will be included in the MSCI US Index, becoming another mainstream index entrant among crypto miners after Strategy.
3. New projects and reserves:
- Bitcoin pioneer Adam Back’s BSTR plans to go public via SPAC in April, holding 30,000 BTC.
- Hyperscale Data launches a 100,000-ounce silver reserve plan, also holding about 600 BTC.

IV. On-Chain Indicators and Market Structure

1. Bitcoin’s realized losses have reached bear market levels, with the 90-day simple moving average (SMA) falling below 1, indicating a market dominated by loss-driven selling, consistent with bear bottoms in 2018 and 2022.
2. Data from the entire network liquidation shows significant disagreement between bulls and bears, with $342 million in long liquidations and $79.07 million in short liquidations within 24 hours.

V. Macroeconomic and Policy Impacts

1. Illegality of Trump’s tariff policies triggers market turmoil: The US Supreme Court rules Trump’s "reciprocal tariffs" unconstitutional, increasing policy uncertainty and causing global stock and risk asset sell-offs, with Bitcoin temporarily dropping below $65,000.
2. Liquidity shortages and regulatory concerns: The crypto market faces a dual blow from "tariffs + liquidity shortages," with companies like Bitdeer and Cango Inc. reducing BTC holdings for three consecutive weeks, and US spot Bitcoin ETF net outflows continuing for five weeks, reflecting strong institutional risk aversion.