Crypto Explorer

Bitfinex: Long-term holders of $BTC continued to add to their positions even as the price fell from $82,000 to below $58,000. The pace of buying slowed alongside the volume of sales: 40,000 BTC were sold at the end of May, compared to 14,000 at the end of July. It appears that stabilization is occurring rather than a full recovery.

About 100 crypto projects shut down in 2026 📉 Since the beginning of 2026, about 100 crypto projects have ceased operations, and just in July, several major platforms announced their closure. The negative wave affected all layers of the industry: from exchange veterans to DeFi protocols. 🌊 In July, the legendary exchange BitMEX also announced its closure, having played a key role in popularizing perpetual futures and operating since 2014. 📅 Almost simultaneously, BitMart, which existed for almost ten years, and EXMO, founded in 2014, announced the cessation of their operations. 🏢

Bitcoin's valuation is four times lower than the historical average, yet the market has not yet experienced capitulation. 📉 The MVRV Z-Score indicator is stuck near zero, while the weekly realized profit/loss has returned to positive territory. 📈 We are analyzing whether this marks the beginning of a recovery or just a pause before another drop. 🤔🪙

Sentiment: 🧊 The ratio of positive to negative comments about Ethereum on platforms like X, Reddit, Telegram, and other crypto communities has shifted into the "bearish" zone for the third time this month. At first glance, this looks alarming, however, for $ETH such crowd disappointment amid price drops has repeatedly become a signal to buy on the dip. 📈 Following the two previous similar sentiment drops, reflected on the chart, ETH price bounces of 14% and 7% followed. Although the ETH price is still under pressure around $1860, demand from institutional ETFs (hidden from a superficial view) shows signs of growth. 💡 The "bullish" takeaway here is not that negative sentiment guarantees an instant market reversal. The point is that when traders loudly declare disappointment in Ethereum, while inflows into ETFs, activity in Layer 2 (L2) networks, and protocol updates continue, the second-largest cryptocurrency by market cap often gets favorable conditions for a reversal — even before the majority sentiment becomes positive again.

$BTC holders' losses this cycle topped 2022 levels by 19%. Selling pressure has dropped 56.5% since then. Profits are recovering 3x slower, though: P/L ratio is sitting at 0.43 vs. 1.0 parity

Crypto exchange BitMEX will permanently cease operations on September 23.

Circle announces launch of its own wrapped Bitcoin, cirBTC Circle, the company behind the USDC stablecoin, will issue a token called cirBTC — its own version of wrapped Bitcoin, a tokenized form of Bitcoin designed for use on other blockchains. Circle plans to promote cirBTC as the "institutional standard" for tokenized Bitcoin. The initial launch is planned for the Ethereum network, as well as Circle's own blockchain, Arc. The token will be integrated with the company's infrastructure, including the Circle Mint platform for issuing and redeeming stablecoins. The first and largest version of wrapped Bitcoin, wBTC, was launched by BitGo in 2019 and is now managed by a consortium that includes entities associated with Justin Sun. Due to his involvement, some companies have delisted the token — for example, Coinbase conducted a delisting of wBTC in 2024.

A large player on Hyperliquid placed a leveraged bet of approximately $80 million against Bitcoin and the S&P 500, while simultaneously buying oil.

Interest in buying and selling altcoins on exchanges is currently at its lowest level in the past few years.

Oil trading volume on Hyperliquid surged from $21 million to over $1.2 billion after strikes on Iran. Traders rushed into on-chain oil futures, reacting to the price spike and supply disruption risks while traditional markets were closed.

Polymarket has decided to fight suspicious bets and has enlisted Palantir — a company that develops analytics software for the U.S. military and intelligence agencies. Now AI will monitor trades in real time and look for manipulation in sports markets.

The total market capitalization of tokenized gold has surpassed $6 billion, increasing by $2 billion since the beginning of this year. Tether Gold and Paxos Gold together account for approximately 96.7% of the market share.

📉 "This hasn't happened in 11 years" Cryptoquant reports that the exchange ratio for large players has reached 0.64, the highest level since 2015. This metric signals potential selling pressure from the top 10 wallets, which now account for 64% of inflows. 👀

Over the past 6 months, $BTC has shown average positive returns only on Sundays.

On-Chain Mind: Bitcoin is trading at around $66,000. But adjusted for the growth in the U.S. dollar money supply (with M2 expanding at an average annual rate of roughly 8%), its liquidity-adjusted real value is closer to $30,000 in 2016 terms. This is not to say bitcoin hasn't appreciated in value. It has — and by far more than the money supply.

Bitcoin Capitulation in 2026: Maximum Market Stress

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Over the weekend, a long trader on the Hyperliquid exchange was liquidated for $222,600,000 in a single order.

Transaction fees on the Ethereum network have reached their lowest level since May 2017.