Bitcoin’s on-chain signals have cooled after a run of elevated profitability and aggressive selling, suggesting a potential valuation reset rather than a definitive bottom. In the latest data reads, investor profitability has drifted back toward the long-run mean, while spot order flow shows signs of calmer unloading even as trading activity remains subdued. The interplay between valuation metrics and liquidity conditions is shaping expectations for when genuine spot demand could re-emerge and whether that would accompany a sustained trend reversal. Across the metrics, there is a defensively postured market rather than a clear pivot higher, at least for now. Key takeaways Bitcoin’s market value to realized value (MVRV) has normalized after previously trading at extremes, signaling a shift back toward historical baselines rather than an overt undervaluation. Realized capitalization declined to about $1.09 trillion from a peak near $1.12 trillion in November 2025, reflecting roughly ...
A major shareholder in Empery Digital has urged the company to abandon its Bitcoin-focused strategy, sell its digital asset holdings, and return the proceeds to investors, while calling for the resignation of the CEO and the entire board. In a letter dated February 23, 2026, Tice P. Brown, who owns about 9.8% of Empery Digital’s outstanding shares, argued that management has insulated itself at holders’ expense and pushed for a governance reset to unlock shareholder value. Brown’s appeal arrives as the company faces questions about whether its Bitcoin-centric approach remains viable amid a tighter funding environment and shifting volatility in crypto markets. Brown’s leverage escalated just days after he disclosed that Empery Digital privately approached him on February 18 with an offer to repurchase all of his shares at a price equal to 100% of their market net asset value (mNAV), a premium he described as sizable relative to prevailing valuations. He rejected the proposal, saying it ...