A California man linked to a nationwide crypto-theft ring has been sentenced to six and a half years in federal prison after pleading guilty to a RICO conspiracy that prosecutors say defrauded victims of more than $250 million.

Marlon Ferro, known online as “GothFerrari,” received 78 months in prison, plus three years of supervised release and $2.5 million in restitution, according to the U.S. Attorney’s Office for the District of Columbia. Ferro pleaded guilty in October 2025 and was described by the U.S. Attorney as the criminal enterprise’s “instrument of last resort” for break-ins when co-conspirators could not persuade victims to surrender crypto or hack into accounts remotely.

According to the filing, Ferro’s co-conspirators operated across California, Connecticut, New York, Florida and overseas, conducting a mix of hacking, social engineering and physical burglaries to seize funds stored on hardware wallets that could not be accessed remotely. In one February 2024 incident, Ferro traveled to Winnsboro, Texas, broke into a home and walked out with a hardware wallet containing about 100 Bitcoin, valued at more than $5 million at the time. Months later, he traveled to New Mexico, spending days staking out a residence and using a brick to smash his way inside while accomplices monitored the victim’s location via iCloud. A home surveillance camera captured him in the act.

Related: U.S. Attorney’s Office press release

Key takeaways

• Ferro was sentenced to 78 months in prison, 3 years of supervised release and $2.5 million in restitution for his role in a RICO conspiracy tied to a crypto-heist operation that prosecutors say defrauded victims of over $250 million.
• The ring operated from late 2023 to early 2025 across multiple states with international links, combining hacking, social engineering and targeted burglaries to access hardware wallets that could not be reached remotely.
• Physical break-ins were used as a last resort when remote access to wallets or cloud-based accounts failed, illustrating a hybrid attack model that blends cyber and on‑site theft.
• Investigators credit the FBI and IRS Criminal Investigation with leading the case, which documented a wide network and varied roles, from targeting and laundering to the seizure of illicit proceeds spent on luxury goods and high-end travel.
• Separately, April 2025 marked a record month for crypto hacks, with losses totaling about $629.7 million, driven largely by high-profile exploits such as KelpDAO’s $293 million breach and Drift Protocol’s $280 million incident, according to DeFi analytics tracker DefiLlama.

Hybrid attacks and a sprawling operation

The court documents lay out a cross‑state network that relied on a diverse set of skills: hacking databases to identify victims, social‑engineered calls to extract information, and money laundering schemes to disguise proceeds. When the group faced hardware wallets stored offline or in cold storage, they pivoted to physical theft. The scheme’s geographic footprint—California, Connecticut, New York, Florida and overseas—highlights the challenge for enforcement as criminals exploit both digital and physical pathways to access crypto assets.

Ferro’s leadership role, described by prosecutors as the “instrument of last resort,” underscores a coercive tactic that adds a tangible danger layer to crypto crime. The defendants’ ability to follow through on physical intrusions demonstrates a willingness to employ force to recover inaccessible assets, a stark reminder that custody arrangements remain a critical risk factor for hardware wallets.

According to the DOJ filing, the group/directorate funneled funds into conspicuous purchases: Hermès Birkin bags, watches valued up to $500,000, private jets and exotic cars reaching as high as $3.8 million. Nightclub tabs alone could reach $500,000 in a single evening. The money was laundered using fake identities, and proceeds helped cover legal fees for a jailed conspirator, among other expenses.

The FBI and IRS Criminal Investigation led the inquiry, with authorities tracing the flow of stolen assets and identifying the network’s operational nodes. The sentencing outcome, while focused on Ferro, closes only one chapter in a larger, evolving picture of crypto-crime where physical access to devices can be as decisive as a remote breach.

April’s hack surge and what it signals for the crypto security landscape

Parallel to the court case, the broader security environment faced a brutal month in April, when crypto hacks totaled about $629.7 million—the largest monthly tally in more than a year, according to DefiLlama. The bulk of the losses came from two major incidents: KelpDAO’s $293 million exploit and Drift Protocol’s $280 million breach, which together accounted for more than 90% of the monthly total.

Yaniv Nissenboim, head of security at Chainalysis, attributed the spike to attackers shifting toward more sophisticated techniques that target the infrastructure connecting on-chain protocols to off-chain systems. The evolving threat landscape underlines the risk that attackers pose not just to wallets and exchanges, but to the broader bridge and integration layers that enable cross-chain or off-chain data interactions.

As the industry digests these incidents, security teams and policymakers face a dual challenge: strengthening custody solutions for users and fortifying the protocols and bridges that connect different parts of the ecosystem. The April surge, juxtaposed with Ferro’s case, shows how both criminal networks and defensive strategies are pushing in parallel toward more robust, auditable security postures.

Overall, the month’s losses contrast with an improving trend in crypto-safety tooling and best practices, yet they also remind market participants that risk remains highly context-dependent—ranging from remote exchange breaches to the physical theft of hardware wallets, and from on-chain exploit vectors to the security of off-chain infrastructure.

The combination of a high-profile RICO case centered on physical theft and the broader April hack wave underscores a critical point for readers: custody, hardware wallet resilience, and secure multi‑party computation approaches remain central to protecting value in an increasingly interconnected crypto space. As enforcement actions unfold and security practices mature, market participants should monitor how custody providers and protocol developers adapt to the shifting risk landscape.

Readers should watch for further policy updates and industry-led security standards that address both on-chain and off-chain vulnerabilities, particularly around device storage, identity verification, and the integrity of cross-chain bridges as attack surfaces continue to evolve.

$3 trillion. That’s the scale of the opportunity bitcoin treasury executives see in digital credit, a fast-growing class of bitcoin-backed debt instruments designed to generate yield on bitcoin holdings.

The market has already grown to about $10 billion in less than a year, participants say.

“What we’re seeing with digital credit right now is exponential adoption,” Matt Cole, Chairman and CEO of Strive, said during a panel discussion at the ongoing Consensus Miami about the evolution of Bitcoin Treasury companies.

“We’re just about $10 billion of adoption in less than one year, and after the launch of Strive and outside of the bitcoin ETFs, that’s the second fastest product launch in capital markets history.”

Cole added that the global credit market is worth $300 trillion, and bitcoin-backed credit capturing 1% of that would represent $3 trillion in demand. “I don’t think that’s crazy,” he said.

Digital credit is a new type of income-generating security backed by bitcoin, designed to let investors earn yield while reducing exposure to bitcoin’s price swings. The concept borrows from traditional credit markets, but instead of being backed by a company’s revenue or cash flows, the debt is backed by bitcoin held on the balance sheet.

These instruments are typically structured as perpetual preferred stocks, meaning they pay a regular yield with no fixed repayment date. Strategy, the world’s largest publicly-listed bitcoin holding firm, pioneered the category last year, paving the way for others. Strive was the second public issuer of digital credit, with a product called SATA.

Strive is not the only one optimistic about digital credit. At the same panel, Katherine Dowling, president of Bitcoin Standard Treasury Company, which is preparing to bring roughly 30,000 bitcoin onto its balance sheet along, said her firm is actively looking at digital credit as the next step.

“We too will be looking at digital credit as well,” Dowling said. “I think it’s tremendously important.” She noted that her firm’s CIO brings a structured finance background to evaluate these products, and that the firm will be looking at diverse product offerings to meet the needs of different people.

“So you have to create that balance and listen to what the market wants, and also see what the market can bear and can offer for you,” she said.

Amanda Fabiano, COO of Nakamoto, said her firm saw the structured credit trend early and built a fund on top of it, giving institutional investors access to digital credit in a wrapper that works for all, including those who cannot buy the instruments directly.

Nakamoto does not have its own preferred stock product, and is still weighing whether having one makes sense given its structure as an operating company with a treasury underneath, she explained.

“I do think there will be additional treasury companies that issue these, and we will assess which ones go in the fund and which ones don’t,” Fabiano said. Early this year, Nakamoto acquired BTC Inc. and UTXO Management, a firm managing Bitcoin investments and advisory for 210k Capital, LP.

Speaking of additional treasury companies entering the space, Kwasi Kwarteng, executive chairman of Stack and former U.K. Chancellor of the Exchequer, said the scope for growth is enormous. There are roughly 200 bitcoin treasury companies, he said, quoting Blockstream’s CEO Adam Back, compared to 5,000 banks in the U.S. alone.

“If bitcoin does become a global financial currency, which I think it will, there’s room for a lot more bitcoin treasury companies,” he said, framing the digital credit opportunity in the starkest terms of the panel.

“It’s a binary choice,” Kwarteng said. “Either you believe bitcoin is going to the moon or you believe it’s a Ponzi scheme. There’s no middle ground.”

For those in the first camp, the prize is not incremental.

Kwarteng explained that one percent of the $300 trillion global credit market would represent roughly $3 trillion, almost double bitcoin’s current market capitalization of around $2 trillion.

“You’re going to have digital credit, you’re going to have the full gamut of opportunities. You’re essentially going to create or recreate the financial system, the global financial system, based around bitcoin,” he noted.

Bitcoin (BTC) and several cryptocurrencies took a break from the recent rally on Thursday. The seven-day push saw the flagship cryptocurrency reclaim the $80,000 level for the first time since the beginning of February.

However, global equities rallied to new highs over optimism about a US-Iran ceasefire and record corporate earnings.

Crypto Market Rally Stalls

Bitcoin (BTC) reached an intraday high of $82,814 on Wednesday before retreating and ending the day at $81,438. It dipped to a low of $80,724 on Thursday but held above $80,000 as sellers attempted to gain control following the recent rally. According to Alex Kuptsikevich, chief market analyst at FXPro, Bitcoin faces its next test at the 200-day moving average, around $83,300. Kuptsikevich believes a consolidation above this level will indicate bullish dominance. However, he warned that short-term profit-taking could dent some of the gains.

Meanwhile, total liquidations crossed $500 million over the past 24 hours, with $224 million in long liquidations and $291 million in short liquidations, according to CoinGlass.

Other major tokens, including Ethereum (ETH), also retreated as market sentiment turned indecisive. The world’s second-largest cryptocurrency reached an intraday high of $2,419 on Wednesday before losing momentum and dropping to a low of $2,315 on Thursday. ETH is currently trading around $2,345, down over 1% in the past 24 hours.

Ripple (XRP) is down nearly 1%, while Dogecoin (DOGE) registered a substantial decline of almost 4% to $0.111 over the past 24 hours. Other tokens registered strong weekly gains, with Solana (SOL) up 8.50% and Cardano (ADA) up nearly 9%. Meanwhile, Toncoin (TON) is up 30% in the past 24 hours, and 112% over the past week, primarily due to a series of announcements linked to Telegram and its blockchain ecosystem.

Thursday’s pause came as global markets rallied to record levels as hopes of a US-Iran ceasefire increased. Several reports have indicated that the two countries are working on a proposal to end the ongoing conflict. Despite the breather, the crypto market cap remains marginally up at $2.7 trillion.

Equities Surge

The MSCI All Country World Index rose 0.3% and its Asia gauge reached record levels after a 1.9% jump as Japan’s 225 Nikkei jumped to intraday highs and South Korea surpassed Canada to become the world’s seventh-largest equity market by value. Wall Street gauges also closed at record levels on Wednesday, with most S&P 500 companies beating earnings estimates. Meanwhile, Brent crude remains under $102 with markets hopeful an agreement between the US and Iran would help reopen the Strait of Hormuz.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The urgent need for a “mass extinction” of “junk coins” from the crypto market is not at all a new topic. Cardano Founder Charles Hoskinson and Ethereum co-founder Vitalik Buterin predicted that over 90% of the initial coin offering (ICO) era would fail. Ripple CEO Brad Garlinghouse in 2019 agreed 99% of all cryptocurrencies would vanish.

The sentiment remains unchanged. Arthur Hayes said in his keynote at Consensus Miami 2026 that “99% of altcoins could eventually go to zero,” citing a shift in fiat liquidity as the only real driver for the few that survive.

Ben Cowen, a market analyst and founder of Into the Cryptoverse, told CoinDesk the purge has been underway since 2021, but a more meaningful “junk-coin cleansing” is necessary before bitcoin can enter a sustainable bull cycle.

With bitcoin hovering over $81,000 on Thursday for the first time since late January, many might believe the crypto winter is over, as Michael Saylor recently suggested. However, a growing chorus of analysts warns this might be a “relief rally” built on apathy rather than euphoria. They point to untouched liquidity sitting below $60,000 and the 200-day hurdle.

The junk coin purge must occur

Bitcoin is currently bumping up against its 200-day moving average of roughly $82,300. Historically, failing to settle above these lines leads to a sharp “drawdown” as buyers lose confidence. If bitcoin fails to flip $88,880 into support in the coming days, a pullback toward $58,000–$62,000 is the most probable outcome, according to Cohen?

“For the bottom to be confirmed, price needs to clear 88,880 and hold—not wick through, not retest and fail. That puts the most recent cohort back in profit and removes the first layer of sell pressure,” technical analysts at CryptoQuant posted on X Thursday,

“For the global cryptocurrency market to achieve a genuine, sustainable bull run, a painful but necessary purge of thousands of speculative ‘junk coins’ must occur first,” said Cowen.

That shift is reflected in capital concentrating into bitcoin as weaker projects disappear. While GeckoTerminal has seen more than 25 million token deployments, the “mortality rate” has reached record highs. According to its data, over 11.6 million failed in 2025 alone, largely due to the collapse of the over-saturated memecoin sector.

“A clear indication of that is bitcoin’s dominance, which has been increasing since then,” Cowen said.

While bitcoin dominance gradually fell with the rise of altcoins from over 99% in 2013 to roughly 33% in 2018, it has since trended higher, reclaiming 60% in late April. Ark Invest recently suggested it could reach 70% by 2030.

“Bitcoin dominance when seen with stablecoins included is misleading,” Cowen said. When stablecoins are excluded, his firm estimates dominance is already above 67%, reflecting capital rotating out of weaker tokens. “Capital is not rotating into higher-risk assets, but instead consolidating into Bitcoin or moving to the sidelines,” Cowen wrote in his April 2026 Crypto Risk Memo.

The data of decay

Cowen’s report added that “the current cycle has been defined by a persistent downtrend in participation since 2021,” with bitcoin dominance rising while the advance-decline index for the top 100 cryptocurrencies trends lower

Matthew Pinnock, COO at Altura DeFi, noted that the explosive growth of automated launchpads like Pump.fun has ballooned the number of weak tokens, leading to an 86% failure rate among 2025’s new launches.

Luke Nolan, senior researcher at CoinShares, said the token-level purge has “already largely happened,” pointing to a collapse in memecoin market capitalization from about $150 billion in December 2024 to under $50 billion. “Ninety-five percent of tokens being worthless is fair,” Nolan said.

A gloomy short-term bitcoin outlook

Despite the $81,000 milestone, Cowen remains cautious. “I think BTC is in a bear market and will likely drift lower as the year goes on, with headwinds like geopolitical tensions and the Fed delaying rate cuts,” Cowen doubts “bitcoin will see an ATH in 2026. This is more of a reset year with time-based capitulation.”

Veteran trader Peter Brandt said Monday he believes bitcoin will rise to $250,000 in 2029, but only after a prolonged bottoming phase that may last until September and October. Michael Terpin, known as the “Crypto Godfather”, said bitcoin needs to fall to roughly $57,000 in the next four to five months before entering a bull phase. He dismissed a BTC ATH this year.

“I think this business cycle is a tough one as in order for the higher risk assets – like bitcoin and ether – to do well, we would need a crisis to justify much looser monetary policy,” Cowen stated. “But until that crisis happens, crypto will likely bleed to other asset classes.”

Bitcoin has already declined from a cycle high near $126,000 to a low near $60,000, a drawdown of over 50%, consistent with prior late-cycle environments, Cowen concluded.

In any other industry, the leader of a $60 million fraud would likely not be given a platform from which to lecture the public on dishonesty. In crypto, however, that type of experience commonly qualifies candidates for jobs as scam cops.

Pseudonymous trader 0xSisyphus, whose AnubisDAO ended in catastrophic failure, losing roughly 13,556 ETH, then worth about $60 million, has rebuilt a 153,000-follower platform on X as a blockchain cop.

Fortunately — for 0xSisyphus, at least — younger members of Crypto Twitter (CT) have never heard about Anubis.

Read more: The rise of the crypto influencer and the fall of truth

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In October 2023, anonymous investigator NFT Ethics claimed that OpenSea’s ex-Head of Ventures, Kevin Pawlak, was behind the account.

In a thread on X, NFT Ethics alleged that Pawlak ran “various very dubious business dealings” including “pump & dump schemes” through that pseudonym, including trying to unload a stake in his failing AnubisDAO onto Sam Bankman-Fried’s Alameda Research.

At the time, the immensely popular NFT marketplace OpenSea said it was unaware of any such activities involving Pawlak and, anyway, described his role as non-managerial. 

Maybe not theft, but negligence and lying

ZachXBT, the most prominent on-chain investigator in crypto, disagreed with parts of the NFT Ethics thread.

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Although he blamed 0xSisyphus for “gross negligence” and “lying,” he stopped short of naming him as Pawlak, or claiming that he actually stole money from AnubisDAO.

Whether or not 0xSisyphus stole money, his reputation of mismanaging a deca-million dollar, dog-themed crypto failure precedes him.

Unfortunately, after almost five years, memories of that episode have faded from CT. Victims were never able to recover their funds from AnubisDAO, yet no one went to prison for theft.

Instead, 0xSisyphus has spent those years reinventing himself as a self-appointed referee of other people’s behavior. Benefiting from the engagement, he’s used his following to promote a variety of other digital assets.

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everybody knows who @0xSisyphus is, it’s just a matter of whether you have integrity and care

— Mike Dudas (@mdudas) May 6, 2026

The arc is the genre, not the exception

Sadly, the character arc of the unpunished rugger-turned-social media cop isn’t unique to 0xSisyphus. Many of the key opinion leaders on CT have dusted their prior grifts under the rug while continuing to earn engagement for calling out others’ misbehavior.

Worse, the scam-cop posture is itself the rehabilitation tool. A few days ago, 0xSisyphus was calling out a $19,000 rug-pull while victims of his Anubis project deal with permanent losses worth millions.

On CT, a market commentator who mismanaged a $60 million failure becomes the only person left to call out $19,000 rug-pulls.

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Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

Bitcoin BTC$80,950.18 has pulled back below $81,000 after narrowly missing a test of the closely watched 200-day simple moving average (SMA), currently located near $83,300, on Wednesday. The broader crypto market is also trading in the red, with the CoinDesk Smart Contract Platform Select Capped Index losing more than 2% over the past 24 hours, making it the worst performer among major sector indices.

The 200-day simple moving average (SMA) is widely regarded as a key barometer of long-term market strength. A sustained move above the level would reinforce the narrative that the bear market ended during the early February dip below $63,000 and that a new bull cycle is underway.

However, there is an important historical parallel worth considering. During previous bear market recoveries, BTC has tested, and at times briefly broken above, the 200-day average before resuming its broader downtrend. Most notably, in late March 2022, BTC climbed above $48,000 and tested the 200-day SMA, only to collapse toward $20,000 by the end of June.

For now, macro and market conditions continue to lean supportive. Sliding oil prices and record highs in gold, alongside steady ETF inflows and improving on-chain dynamics, continue to support the case for further upside. Analysts at Marex pointed to three catalysts that could determine whether BTC extends higher.

“First, whether spot keeps buying into strength, not just buying dips. Second, whether exchange supply continues to tighten, which reduces immediate sell pressure. Third, whether the derivatives market stays constructive without overheating. If those line up, the path to the mid 80s opens fast,” they said.

Alex Kuptsikevich, chief market analyst at FxPro, said BTC’s recent pullback appears more like a pause than a sign of trend exhaustion.

“This pause also coincided with the RSI touching the overbought zone (>70) on daily timeframes. It is worrying that the previous three touches of these levels (in August, October and January) were followed by sharp selloffs. It is quite logical that market participants are taking a breather to assess the situation and gather strength,” he said in an email.

In traditional markets, the 10-year U.S. Treasury yield has eased to 4.32%, reversing the early-month spike to 4.46% in a potentially positive development for risk assets.

The Bank of Japan continues to intervene in FX markets to support the anti-risk Japanese yen, while several Asian currencies remain under pressure from the recent oil price spike triggered by the Iran war. Meanwhile, Nasdaq futures continue to hover near record highs. Stay alert.

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

BNY, world’s largest custody bank, expands crypto services in Abu Dhabi (CoinDesk): BNY, which oversees $59 trillion in assets, is working with Finstreet and ADI Foundation to build regulated digital asset infrastructure anchored in Abu Dhabi Global Market (ADGM).

Oil prices fall below $100 as U.S.-Iran tensions keep traders focused on Strait of Hormuz risks (CNBC): Oil prices fell Thursday in volatile trading amid renewed tensions between U.S. and Iran. International benchmark Brent crude futures for July fell 1.85% to $99.40 a barrel. U.S. West Texas Intermediate futures for June rose 1.85% to $93.21 per barrel.

Iran reviewing US proposal as Trump pressures Tehran for agreement on deal to end war (AP): Iran is reviewing the latest American proposals on ending the war, as Trump threatens with a new wave of bombing unless a deal is reached that includes reopening of the Strait of Hormuz.

France moves aircraft carrier to Red Sea with eye on Hormuz mission (Reuters): France deployed its carrier strike ​group to the Red Sea as part of planning for a potential mission to secure the Strait of Hormuz.

Today’s signal

The chart shows bitcoin struggling to establish a firm breakout above the upper boundary of the rising channel that has defined its steady recovery from the February lows below $63,000.

Just above the upper boundary sits the closely watched 200-day simple moving average (SMA) near $83,300, a long-term trend indicator many institutional and systematic traders use to gauge whether the broader market trend is bullish or bearish.

Taken together, the top of the channel and the 200-day SMA form a key resistance zone. A decisive break above both levels would strengthen the case that bitcoin’s recovery is evolving into a broader uptrend and could open the door for a move toward the mid-$80,000s.

But repeated failure to clear this area could encourage profit-taking and short-term caution, especially after bitcoin’s strong rebound over the past three months.

Bitcoin (BTC) is attempting its first Bollinger Bands breakout in months, while creator John Bollinger is more bullish than some traders.

Key points:

• Bitcoin faces stiff resistance as it attempts daily candle closes above the upper Bollinger Band.
• Volatility comes on cue after the Bands’ tightest-ever conditions last month.
• Creator John Bollinger takes advantage of positive trading signals as part of his investment program.

Responses mixed as Bitcoin tests Bollinger Bands ceiling

Data from TradingView confirms that on Wednesday, BTC/USD saw its second daily close above the upper Bollinger Band on the daily chart, something it has not achieved since mid-January.

BTC/USD one-day chart with Bollinger Bands data. Source: Source: Cointelegraph/TradingView

The Bollinger Bands indicator, used to assess both volatility and momentum, recently saw the narrowest gap between its constituent trend lines ever recorded for Bitcoin.

This led to predictions of a breakout move, with the direction open to debate, as well as heightened volatility to come.

Commenting on the visit to the upper band, however, trader SuperBro noted that the price was now in an area full of potential points of rejection.

“Closed above the upper Bollinger Band, above the trendline on closing prices, but just below the log trendline on wicks,” they wrote in a post on X.

SuperBro added that most potential liquidations now belonged to long positions below the price, with shorts already taken out.

“There are relatively few short liquidations remaining up to 85K compared to long liquidations down to 74K,” they continued. 

“However, bulls still have the momentum advantage and I don’t yet see a good reversal setup. Despite the liquidation imbalance, I’m holding tight to see if we can blast through.”

BTC/USD one-day chart with order-book liquidity data. Source: SuperBro/X

Bollinger, the indicator’s creator, revealed that one of his investment fund’s proprietary trading models had flipped positive on Bitcoin, and had taken a position accordingly. 

Source: John Bollinger/X

“Overheated” Bollinger signal returns after 18 months

Wednesday also saw another Bollinger Band milestone, this time concerning the market value to realized value (MVRV) ratio for speculative investors.

Related: Bitcoin can crash to $50K if ‘most critical’ bear market test fails: Analysis

The metric, recently covered by Cointelegraph, compares Bitcoin’s market cap to the price at which the supply last moved, also known as its “realized cap.”

A Bollinger Bands derivative entered “overheated” territory for the first time since late 2024, the X analytics account Frank Fetter noted.

At the time, BTC/USD was building its first visit to $100,000 in history.

Bitcoin short-term holder MVRV ratio with Bollinger Bands oscillator. Source: Frank Fetter/X

Asked whether “overheated” conditions implied a price reversal, the account said this was “not necessarily” a given outcome.

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.