• Bitcoin’s drop below $90,000 has sparked debate, with some investors seeing it as a buying opportunity, according to Cameron Winklevoss.
• Bitcoin now behaves more like a macro asset, influenced by government shutdown, trade war concerns, and weak liquidity, rather than purely supply-driven factors.
• Large holders are selling off, with whales now having more short positions ($2.17 billion) than long positions ($1.18 billion), and Bitcoin ETFs experiencing continuous net outflows.

Gemini co-founder Cameron Winklevoss told investors that he believes Bitcoin under $90,000 may be a last chance to buy, as the token slipped below that level, erased its 2025 gains and reignited debate about the cycle.

With BTC’s plunge to the low $90Ks, the flagship crypto lost $600 billion in value. The drop has the digital asset being looked at as a macro asset. Since the crypto market saw a record for just a few days, the debates have been going on between the bulls and the bears of the crypto market. Investors are moving to different strategies with some considering it as a buying opportunity.

Macro Conditions Weigh on Crypto

The government shutdown, growing trade war concerns, and the weak liquidity environment have been very detrimental to risk assets. As a result, the crypto market is very vulnerable to such factors as the strength of the dollar, the increase or decrease in the rate of interest, and the global growth situation.

According to analysts, Bitcoin behaves more like a macro asset now rather than being purely supply-driven. The situation has been worsened by the use of leverage as last month 19 billion dollars in leveraged positions were liquidated.

Also Read: BTC’s Bearish Bite: Price Drops to $92,000 Amid Panic Selling

Whale Shorts and ETF Outflows

On-chain data is revealing a change of direction for big holders, a series of wallets each with over 1000 Bitcoin selling off very sharply. The whales have now more short than long positions while on-chain metrics show $2.17 billion in shorts versus $1.18 billion in longs. There is pressure building up due to a number of continuous weeks of net outflows from Bitcoin ETFs.

Also Read: BTC’s Price Drop Linked to Short-Term Holder Capitulation

Technical Analysis and Institutional Interest

From a technical point of view, the experts are looking at $100,000 as resistance and $93,000 as a significant support area. The institution buyers are still in the market and MicroStrategy reveals its latest purchase of 8,178 Bitcoin through a filing. Cameron Winklevoss points out that the case of Bitcoin sub-$90K level is a rare buying opportunity and this is based on the token’s previous deep pullbacks before new highs pattern.

Also Read: BTC Falls to $92,500 After Key Support Breaks, Even as Raising Correction Fears

A Turning Point for Bitcoin?

If whale wallet flows, ETF trends, and the options market positioning were to change, it could be a sign that demand is really coming back. BTC might be getting ready for a comeback with more spot inflows, less short exposure, and more stable implied volatility. As the market goes through these tough times, investors will be on the lookout for signs of a change.

Also Read: Crypto Funds Face Record $2 Billion Withdrawals While Smart Money Accumulates Bitcoin