Bitcoin's (BTC) accumulation rate slowed down in February, raising concerns about weak spot demand and a reluctance to buy the dip. Despite the lower price range, BTC remained under selling pressure, with attempts at recovery met by further selling.
The current market sentiment is one of extreme fear, as reflected by the crypto fear and greed index, which stands at 11 points. This indicates a reluctance to take up long positions, which could be liquidated by selling.
Moreover, the slowdown in spot demand raises questions about long-term trust in BTC. The slow accumulation and selling undermine confidence in long-term growth or prolong the crypto winter.