.png){kind=logo}
Bitcoin has fallen below a structural on-chain support level tied to past bull and bear phases, according to CryptoQuant. That level sits near $89,800. It reflects the realized price of mid-weight traders holding 10 to 10,000 BTC. Their coins last moved within one to three months. Bitcoin has not traded above this realized price since mid-January 2026.
CryptoQuant linked the $89,800 level to a cohort large enough to sway price direction. The group also trades often enough to reflect current sentiment. For that reason, its realized price has acted as a key reference across cycles.
In prior cycles, the realized Bitcoin price separated steady consolidations from deeper bear transitions. The report framed it as a structural line that markets respected for long periods. It also served as a gauge of whether active mid-sized holders made a profit or loss.
During the 2021 cycle, Bitcoin reached an all-time high of $67,551 in November 2021. At that time, this cohort’s realized price stood around $33,700. Bitcoin did not break that cost basis below during the mid-cycle correction. Can Bitcoin reclaim $89,800 and restore that past market structure?
CryptoQuant said the bear phase was only confirmed months later in June 2022. Bitcoin then fell roughly 30% below the cohort’s cost basis. The decline later reached $18,945.
The current cycle differs from that earlier pattern. This same cohort’s realized price peaked near $94,000 in late 2025. Bitcoin slipped below that level in mid-December 2025 and has not recovered.
As of February 18, 2026, Bitcoin trades near $66,424. That places the price about 26% below this group’s average acquisition level. CryptoQuant linked sustained unrealized losses in this cohort with weakness that tends to persist.
Glassnode reported the largest US spot Bitcoin ETF balance drawdown of the current market cycle. The drawdown followed the early October all-time high. Since October, ETF balances have declined by roughly 100,300 BTC.
At press time, total US spot Bitcoin ETF holdings stood near 1.26 million BTC. The decline reflects sustained net outflows. Investors withdrew capital, and funds reduced holdings as redemptions continued.
SoSoValue data showed $1.6 billion left these products in January alone. That extended a monthly outflow streak that began in November 2025. The ETF drawdown has unfolded alongside Bitcoin’s broader decline since its October record high of $126,000.
The weakness carried into 2026 and lifted fear and uncertainty across the market. Arthur Hayes argued in early February that institutional dealer hedging adds to downside pressure. Glassnode also said, “Institutional de-risking has added structural weight to the ongoing weakness, reinforcing the broader risk-off environment.”
Glassnode added another data point on investor positioning. It put the average entry price for US spot Bitcoin ETF investors near $83,980 per BTC. With Bitcoin below that level, ETF holders face rising unrealized losses.
Also Read: Bitcoin Price Trades Near $68,600 as Crypto Market Eyes $78,000 Resistance
Bitcoin price fell below the $89,800 on-chain support tied to mid-sized holders’ realized price, according to the CryptoQuant report. BTC trades near $66,424, about 26% under that cohort’s cost basis. At the same time, Glassnode data shows US spot Bitcoin ETF balances down about 100,300 BTC since October, with the average entry near $83,980.
