Bitcoin has entered its seventh consecutive week of decline, currently trading around 78,000 naira, according to a March 11 report by market intelligence platform Santiment.
The report noted that the downturn followed a profit-taking spree by major stakeholders on February 19, which triggered a sharp price drop. It also highlighted a notable surge in Bitcoin movement to exchanges between February 20 and March 8, with approximately 22,702 BTC transferred from private wallets to trading platforms. This shift often signals potential selling pressure and increased volatility.
The report further explained that the market downturn coincided with Bitcoin reaching its all-time high of around 109,000 naira the day before former U.S. President Donald Trump’s inauguration on January 19. On-chain data revealed that Bitcoin’s rise was driven by whale accumulation and network growth following Trump’s election victory in November 2024. However, the accumulation momentum slowed after his inauguration, with profit-taking accelerating a month later.
Whales have begun buying back Bitcoin since March 3, indicating some long-term confidence in the asset despite a recent decline. However, market sentiment is mostly bearish, with pessimistic discussions dominating social media, leading retail traders to continue offloading assets amid uncertainty.
The report also highlighted that altcoins have fared even worse than Bitcoin. Ethereum has dropped 29%, Solana has fallen 40%, Dogecoin has slipped by 38%, and meme coins like Pepe and Trump have lost 39%. While some signs of stabilization are emerging, analysts caution that the market may face further turbulence.
Meanwhile, Evgeny Shatov, a partner at London-based venture capital firm Capital Lab, predicted that Bitcoin’s current bullish run was nearing its end as the market prepared for a shift toward altcoins. In an interview with Russian media outlet Izvestia, Shatov explained that Bitcoin dominance was beginning to wane, signalling the start of an altcoin season. He expected this transition to take shape as Bitcoin’s growth slowed in the year’s first half.
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