Nearly half of Bitcoin’s supply is now underwater, long-term holders are selling at multi-year losses, and market stress indicators are flashing red.

Yet prices remain relatively stable, creating a growing disconnect between sentiment and price action.

With investors increasingly hedging for downside risk and some calling for a move back to US$50,000, the question is whether this is a warning sign of deeper weakness or a setup for the next rally.

On Wealth Tracker, Hongbin Jeong speaks to Zann Kwan, Managing Partner & CIO, Revo Digital Family Office, on whether this divergence between price and positioning can hold, how investors are managing downside risk, and what would trigger a deeper sell-off from here.