Bitcoin's Dip to $78,258 Sparks Debate: Optimal Buying Opportunity or Weak ETF Demand?

On February 27, Bitcoin (BTC) briefly touched a new yearly low of $78,258, igniting discussions among analysts about its current market position. Crazzyblock, a CryptoQuant analyst, noted that Bitcoin's 60-day RCV (realized value to market capitalization variance) reached -1.9, a level not seen since July 2024, suggesting an 'optimal DCA opportunity'. This metric historically signals undervaluation when below 0.30. However, Santiment data reveals that wallets holding 10+ BTC have distributed approximately 6,813 BTC in the past week, marking the largest distribution since July 2024. Ki-Young Ju also indicated weak spot ETF demand, suggesting a potentially prolonged price recovery. Despite the price drop, Yonsei Dent highlighted that Bitcoin's short-term holder SOPR (Spent Output Profit Ratio) has deviated significantly below the lower Bolling Band, historically leading to short-term rebounds between 8%-42%.