Крипторынок на распутье: рекордные убытки биткоин-инвесторов и надежда на новый циклический рост Cryptocurrency Market at a Crossroads: Bitcoin Investors Face Record Losses with Hopes for a New Cycle of Growth

Realized losses for holders of digital gold have reached $4.5 billion, marking the highest figure in three years. The analyst known as CryptoQuant Gaah called the situation a market capitulation.

The expert pointed out that widespread loss realization typically precedes the formation of a local bottom. The last time similar metrics were observed was at a price of $28,000 following a prolonged year-long correction.

Despite the decline in prices at the beginning of the year, Binance co-founder Changpeng Zhao (CZ) speculated about the onset of a supercycle for digital gold within the next 12 months. In an interview with CNBC, he suggested that conventional market models may lose relevance.

*»Bitcoin usually follows a four-year cycle: historically, we see a new peak every four years followed by a decline. But this year, considering the pro-crypto stance of the U.S. and other countries, we are likely to break that pattern,»* he stated.

Zhao has no plans to return to managing the exchange, despite receiving a *pardon* from Donald Trump.

The platform’s founder acknowledged that the president’s order lifts the ban on working at the company. However, CZ does not see any sense in returning to a leadership position.

*»I don’t need it, and I don’t particularly want to. Leaving Binance after seven years was a good way to wrap up that chapter. At the time, it was painful and I didn’t like it. But eventually, you get used to it. I believe it’s important to give space for other strong leaders to grow,»* he noted.

Zhao emphasized that Binance is thriving under the guidance of co-CEOs Richard Teng and Yi He. Key indicators are on the rise: the user base has exceeded 300 million, and the annual trading volume has reached $34 trillion.

CZ described himself as a “passive shareholder.” He avoids the role of a «backseat driver,» opting to offer advice publicly via X when necessary.

The sentiments of major players contrast sharply with the panic selling occurring in the retail market. According to a report from Charting Crypto Q1 2026 by Coinbase, 71% of institutional investors have labeled Bitcoin as «undervalued» in the range of $85,000 to $95,000.

A survey conducted between December and January among 75 professional fund managers and 73 large private investors revealed:

Only 4% of the professional respondents considered the current price of digital gold to be inflated.

At the time of writing, Bitcoin is trading around $87,865, which is 30% below its historical peak of $126,080 (according to CoinGecko). Following a significant crash on October 10, which led to position liquidations amounting to $19 billion, the market has been moving sideways with a downward bias.

Coinbase analysts linked this to geopolitical factors, including escalating tensions in the Middle East and tariff threats from the Trump administration.

Amid the uncertainty, traditional safe-haven assets have risen:

At the same time, the U.S. economy shows resilience: real GDP increased by more than 5% in the fourth quarter, and inflation stood at 2.7% in December.

Coinbase expects that in 2026, the Federal Reserve will reduce the interest rate twice. This could serve as a catalyst for growth in risk assets, including cryptocurrencies.

It is noteworthy that in January, Bitwise analysts announced that the fourth quarter of 2025 marked the end of the bearish phase.