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Price drop and hard figures
This is evident from CryptoQuant from XWIN Research analysisBitcoin is down about 46% from a peak of nearly $126,000 and is now trading around $67,900 after five straight months of losses.
The Fear and Greed Index is on 14 – a lecture labeled Extreme Fear. Reports indicate that net realized losses recently topped $13 billion, a level that matched the worst parts of the 2022 slump.
In 2024, inflows of roughly $10 billion helped boost the market cap. In 2025, more than $300 billion flowed in, while the total market value shrank. That strange mix of large inflows and declining market capitalization suggests that the selling pressure is greater than the new buying.
How Rising Prices Mask a Silent Shift in Bitcoin’s Structure
“The base case is that Bitcoin may already be entering winter, with higher prices and a stronger structure delaying recognition.” – By means of @xwinfinance
Read more ⤵️https://t.co/7soxNoBhqi pic.twitter.com/fEsSXpAmuK
— CryptoQuant.com (@cryptoquant_com) February 11, 2026
Capital flows versus price action
Based on reports, the most troublesome fact for bulls is the capital flow numbers. Money came in, but the value fell. Who sold to that question? Large holders, paper traders or complex derivatives agencies may have taken profits or hedged positions.
The data alone doesn’t name the seller, but the pattern is a warning sign. On-chain measures also show shrinking realized profits, even as prices remained well above previous bear era levels. That tends to weaken the internal strength of the market over time.
Sentiment and historical echoes
Some traders point to a quirk of memory: High nominal prices make the pain feel milder. People don’t want to relive the chaos of 2022. Reports say the launch of spot ETFs and deeper institutional access have changed the pipes of the market, and that gives a lot of confidence.
Yet sentiment measurements in extreme fear often show up near capitulation points. It is worth remembering that realized losses in 2022 peaked about five months before the market bottom, meaning that large losses can long precede a final low.
Technical patterns and the bigger picture
Bitcoin four consecutive losing months and a 41% decline over that stretch – a streak last seen in 2018 and not in 2022. That pattern matters because similar streaks have led to long recessions in the past.
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Bitcoin at a crossroads as XWIN marks the first signs of crypto winter
For XWIN Research, the message is simple: price alone does not define the cycle. What matters is who buys, who sells, and whether demand can absorb supply without shrinking market value.
Right now, that balance seems tense. Until inflows begin to translate into sustained market cap growth and realized losses cool meaningfully, the company believes the market should be treated with caution rather than optimism. Winter may not have fully arrived yet, but based on the data, the temperature is clearly dropping.
Featured image from Unsplash, chart from TradingView
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