Bitcoin Ventured into Risky Territory
First ski day chaos mirrors Bitcoin's plunge below $90K—panic selling and free falls abound. But like skiers learning to master the slope, seasoned investors ride out the storm. Meanwhile, the SEC eases up and Trump eyes a strategic crypto reserve. Dive into the ride!

The first ski day always starts the same way: with hassle. Skis and poles that you awkwardly have to lug around while your feet are trapped in overly tight boots. You waddle like a penguin to the lift, your breath condenses in a scarf that's too snug, and somewhere a layer of clothing is bunching up in all the wrong places. You want to glide smoothly onto the slope, but instead you first fumble with a glove that won’t cover your sleeve and goggles that are just too dark for the conditions.
Then comes the first descent. Or rather, the first attempt at one. The children in our group wobble uncertainly on their skis. Adults awkwardly edge toward the training slope’s edge, eyes wide and legs stiff. Everyone knows that there comes a moment when gravity takes over. And in that moment, there are two choices: panic and fall, or trust and keep going.
Last week, something similar happened in the bitcoin market. The price slipped below $90,000 and it felt like we were careening down a steep slope without control. One sell-off triggered the next—a cascade of liquidations dragged the market down—and for many, the initial instinct was to jump ship before things got worse. Beginner’s panic.

When Speed Takes Control
On the slopes, it isn’t long before someone in our group loses control. One of the adults starts cautiously, but leans forward just a bit too much. Speed builds, a turn is taken too late, and suddenly you're going way too fast. Arms flail, skis shudder, and then… bam. A hard fall, a cloud of snow, and that typical moment of silence. Are you okay?
When bitcoin lost support below $90,000, the market still had the illusion of stability. But as soon as that vanished, speed took over. Large sell orders piled in, ETFs had to liquidate bitcoins, and margin calls threw extra fuel on the fire. The result was a free fall, amplified by panic selling and a wave of uncertainty.
It's official:
— The Kobeissi Letter (@KobeissiLetter) February 28, 2025
Ethereum has erased its post-election rally and is now down -9% since November 5th.
Has a new crypto bear market begun? pic.twitter.com/QwakuSsTZN
The Psychological Test
After a few falls, hesitation sets in for everyone. "Maybe skiing isn’t for me after all." You can see it in the eyes of the beginners. Doubt. Should they take that lift again? Or should they quit while they’re ahead?
The same applies in the crypto market. Every correction tests the patience of investors. Panic messages spread across social media, experts predict doom, and suddenly it seems that cashing out is the wisest option. But just as skiing isn’t about never falling, bitcoin isn’t about a straight climb upward.
I tell the children in our group that skiing is also a mental sport. You must not fear falling, but you must dare. And you need to get used to the feeling that the ground beneath your feet isn’t solid, but in motion. And if you do fall? You soon discover that it’s not a disaster. Those who persist gain control.
Those who have experienced market corrections in 2017, 2021, and 2022 have a different perspective on a dip. Seasoned investors aren’t left unscathed, but they know that it’s part of the cycle. They recognize the patterns, see when “weak hands” capitulate, and understand that the market cleanses itself before the next climb begins.
Bitcoin: Buy when there is blood in the streets. Or in case you have no $$ left simply don’t sell.
— Marc van der Chijs (@marcvanderchijs) February 28, 2025
Markets are extremely nervous, but zoom out and you’ll see that nothing has changed. 30% drops happen a few times every bull market, normally followed by a huge price explosion.
Learning to Manage Risk
Throughout the week, I see a change in our group. The beginners navigate the turns more smoothly; their movements become less jerky. They dare to pick up speed and are increasingly learning how to control it.
This is the point where skiers discover the difference between falling due to inexperience and taking controlled risks. A fall is part of the process, but it doesn’t mean you have to start all over again. You gain experience.
Those who gain control of the bitcoin market learn to manage risks instead of avoiding them. There are techniques, just as on the slopes. Technical analysis, fundamental insights, on-chain data – these are the ski poles that keep you steady. And the more times you’ve seen the market move up and down, the less room there is for panic and uncertainty in your actions.
We're starting to backfill the air-pocket.
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) February 27, 2025
Folks who panic in this drawdown will take losses, and transfer their coins to HODLers who will look after them better.
The odds we're in a bear market are not large in my opinion.
Will take time, but the market is doing its job. https://t.co/mDxYjmoecg
Back on the Lift
By the end of the week, the beginners in our group ski down with confidence. The uncertainty is gone. Where they once descended with stiff legs, they now steer with ease.
After every crash, confidence slowly returns. In the bitcoin market, strong hands remain, institutional investors begin to show interest again, and the first signs of recovery emerge. The market shakes off the panic.
Anyone who has ever slid off the slope knows that there comes a moment when you just get back on your feet. That’s the rhythm of skiing. And that is – so far – also the rhythm of bitcoin.
If you're panic selling now, you're probably a noob.
— Ki Young Ju (@ki_young_ju) February 27, 2025
A 30% correction in a #Bitcoin bull cycle is common—it dropped 53% in 2021 and still recovered to an ATH.
Buying when prices rise and selling when they fall is the worst investment strategy. Invest with a clear plan. pic.twitter.com/eYwW1VXd8C
The Price of Growth
At the end of the holiday, I look back at the slope where we fumbled on the first day. That descent, which once seemed terrifying, now feels like a piece of cake.
It’s also the snow we glided through while the bitcoin price plummeted. Every crash feels intense when you’re in the middle of it, but with some distance, you see things differently. The volatility, the panic, the fear – they’re all part of the bigger picture.
Anyone who truly wants to learn skiing must accept the falls. And anyone who really wants to understand what bitcoin is must learn to deal with volatility. In the end, it’s not about the falls, but how you handle them. Those who keep standing experience the descent in a completely different way.
Before you know it, you find yourself back on the lift. And sometimes, that happens sooner than expected; especially if the U.S. president throws his weight around. More on that below!
Are you a Plus-member? Then we continue with the following topics:
- The SEC loosens its grip (temporarily?)
- Collateral: from rock to bitcoin
- Trump pushes through a ‘strategic crypto reserve’?