Bitcoin slid below $77,000 this week, dragged down by a spike in oil prices and a sharp move higher in U.S. Treasury yields that punished risk assets across the board. The drop comes as macro headwinds tighten around crypto, though on-chain data from Binance Research shows that longer-term investors aren't budging.
Oil and yields rattle crypto
Crude surged after fresh supply disruptions, sending the broader risk complex lower. At the same time, the 10-year Treasury yield pushed past levels not seen in months, pulling capital away from speculative bets. Bitcoin wasn't spared — the largest cryptocurrency lost ground alongside equities and commodities.
Long-term holders stay put
Despite the selloff, Binance Research data indicates that long-term Bitcoin holders are maintaining their positions. Exchange balances remain near six-year lows, a signal that the patient cohort isn't rushing for the exits. That kind of holding pattern has historically acted as a floor during sharp drawdowns — but only if the macro picture stabilizes.
Short-term pain, macro risk
The vulnerability lies with short-term holders. Binance Research notes that many of them are now underwater, meaning they bought at higher prices and are sitting on unrealized losses. That makes the asset more susceptible to sudden liquidation cascades if the macro pressure intensifies. The combination of a low-exchange-supply buffer and a fragile short-term holder base leaves the market in an unusual spot — resilient in the core, but exposed at the edges.
Traders are now watching whether the $75,000 level can hold as the next major support. A break below that could trigger another wave of stop-losses, while a bounce from here would test whether dip buyers are willing to step in against the macro headwinds.
