What next as bitcoin drops to $78,000 and Saylor’s bet faces pressure

Bitcoin experienced a sharp decline, dropping below $80,000 to levels not seen since April 2025, as profit-taking by early holders collided with a significant lack of fresh capital inflow. The selloff erased over $111 billion from the crypto market cap, with Ether and Solana also seeing major declines. Analysts, like Ki Young Ju of CryptoQuant, noted that Bitcoin's realized capitalization has flatlined, signaling that new money is no longer entering the asset, which is characteristic of a market struggling to sustain a bull run. While MicroStrategy, a major driver of the prior rally, is now seeing its significant holdings slightly underwater, analysts do not foresee a deep crash unless the company starts selling. The market is currently facing elevated selling pressure without a clear near-term bottom, and the expected resolution is a prolonged period of sideways consolidation rather than a swift rebound.

(Source：CoinDesk)