In difficult market periods, the most important question is not: 'Is the price down?' but: 'Who is selling... and who is buying?'. In recent weeks, there has been a risk-off sentiment in the market as Bitcoin dropped to areas below $90,000, coinciding with liquidity exiting from ETF funds on some days—an environment that typically puts more pressure on individual investors than others.

But the picture on-chain often reveals a deeper layer: long 'selling at a loss' periods tend to appear near accumulation zones, as they reflect an emotional exit of weak hands, not a peak euphoria. What does 'selling at a loss' mean and why does it matter? When coins move on-chain and then are sold at a price lower than their average purchase price, this is recorded as a 'realized loss'. Prolonged continuation of this often means psychological and financial pressure on the short-term investor: fear, boredom, or liquidity needs—especially during periods of volatility and pullbacks.

This environment not only tells us that there is a sale… but also tells us the type of sale: a compressed sale, not a professional sale to seize profits. Why could this be a 'phase of transfer of ownership'? In Bitcoin cycles, sharp pullbacks are not a rare phenomenon even within bullish markets; they have historically repeated many times, and investors often underestimate how common they are.

What usually happens in pressure phases is a gradual transfer of supply from small and medium wallets that react quickly, to larger wallets that have longer funding capacity and a calmer time horizon. The result: 'transfer of ownership' from weak hands to stronger hands—which explains why the decline may slow down later even before clear positive news appears. Role of ETF: Why could daily flows confuse the reading? In January 2026, there were days with significant outflows from US ETF funds—some sessions were described as having the largest daily outflow rate over two weeks, adding pressure to the price and fueling a 'risk-averse' mood.

But the important thing here is not to interpret a single day (or a single week) as a final judgment on institutional direction. Often, these flows are influenced by general sentiment, macroeconomic events, and end/beginning of year fluctuations, so the best reading should be with the price behavior and overall market liquidity.