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“Buying the dip” has lost momentum as Bitcoin continues to struggle. At press time, Bitcoin was trading near $66,131, down almost 3% over the past 24 hours.
Meanwhile, the Crypto Fear and Greed Index has fallen to 5 out of 100, indicating “Extreme Fear.” The level is among the lowest seen since 2019.
While retail sentiment appears cautious, the larger issue is the pressure on companies that made concentrated bets on Bitcoin.
Nakamoto Inc. built its strategy around holding only Bitcoin. Over the last 280 days, the company has lost more than 99% of its market value, with about $23.6 billion disappearing.
The company bought 5,398 Bitcoin at an average price of $118,000, near the top of the market. Based on the current price level, that decision has left it with about $270 million in unrealized losses.
In effect, the purchases were made when prices were high, and the firm is now carrying heavy losses.
Nic Puckrin, co-founder of Coin Bureau and lead market analyst, warned that the stress could spread beyond a single firm. He described this as contagion risk—where problems at one company can affect others with similar exposure.
In an email to AMBCrypto, Puckrin said:
“Digital asset treasuries (DATs) are beginning to show signs of stress from the sharp sell-off in Bitcoin, which is affecting their share prices.”
He added:
“Overall, Bitcoin treasury companies have just logged three straight weeks of selling – the first such streak in their admittedly short history.”
Nakamoto Inc.’s stock has also fallen close to $0.24 and is down around 97% over six months.
Beyond balance sheets, activity on the Bitcoin network is also weakening. The number of active addresses is falling, indicating fewer people are sending or receiving Bitcoin.
In derivatives markets, Open Interest in futures and options is declining, suggesting traders are closing positions rather than adding new ones.
The market reaction also coincided with U.S. President Donald Trump announcing a sudden 15% global tariff on February 21. Bitcoin responded in a manner described as similar to a risky tech stock.
With the Fear and Greed Index stuck in extreme fear territory and company finances under pressure, the market appears to be waiting for a clearer bottom rather than expecting a quick recovery. For Nakamoto Inc. and similar firms, the near-term outlook is described as difficult.
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