My quick note on the market situation ↓

$BTC is ~50% off ATH.
Most alts are down 60–90%.
Reasons:
1. Macro hit
Tariff headlines are back.
Feb 24 is the date to watch.
2. US–Iran tension is rising
That keeps oil and risk assets jumpy and adds to the risk-off mood.
3. People are selling onchain
Whales are depositing to CEXs.
Short-term holders are selling at a loss.
4. Leverage got wiped
Liquidations spiked as BTC broke the mid-64Ks.
5. DeFi is feeling it too
Total DeFi TVL is down 17.5% in 30 days: $119B → $98.5B
DEX volume is down hard on the day, around ~40%.
Meanwhile, MVRV Z-score is around -0.8 right now. Below average.
Next, for short-term holder the cost basis is ~89K, so recent buyers are down ~27%. That’s why bounces get sold. People want out near breakeven.
The “cooled” support band is around ~$60K.
That’s the line I’m watching most.
The next 24h are critical.
→ Trump State of the Union
→ China LPR decision
→ More tariff headlines
My takeaway:
I’m not trying to call the exact bottom.
Instead I'm treating this like a process:
→ scale in, don’t go all-in
→ $BTC first, alts later
→ respect ~$60K as the key line
If 60K holds and headlines calm down, sentiment can flip fast.
If not, this market will keep testing patience.