TechFlow News, March 30: According to CoinDesk, the Bitcoin Impact Index surged 13 points last week to 57.4, entering the “high-impact” stress zone—the largest single-week gain since January this year. Currently, approximately 47% of the circulating bitcoin supply is underwater.
Long-term holders—those holding for over six months—were previously still in profit when bitcoin’s price was above $70,000; however, as prices declined, over 4.6 million BTC (roughly 30% of this cohort’s total holdings) have now fallen below their cost basis. Last week’s realized losses marked the worst since 2023. CEX.IO noted in its report that similar on-chain signals previously emerged in mid-2018 and mid-2022—both followed by price drops exceeding 25%. Regarding capital flows, stablecoin net inflows—which had averaged around $250 million daily—have reversed into net outflows of $292 million; ETFs and miners have also shifted from net buyers to net sellers. Nevertheless, no broad-based panic selling signals have yet emerged.
