Bitcoin (BTC) is not about to bottom at just below $17,000, new analysis warns as bid liquidity dries up.

The current Bitcoin cycle might be its “most challenging” one yet if the drawdown in this on-chain metric is anything to go by.

While investors were panicking about the market crash induced by the FTX’s sudden collapse, independent publicly-traded business intelligence company MicroStrategy was busy buying the dip, increasing its total Bitcoin holdings to 132,500 BTC.

MicroStrategy sold bitcoin for the first time since it began to hold the asset on its corporate balance sheet, liquidating 704 bitcoin worth $11.8 million at the time of sale, according to a Form 8-K filing on Wednesday.

Technology company MicroStrategy (MSTR) has added to its bitcoin stockpile, purchasing approximately 2,395 BTC for $42.8 million in cash between Nov. 1 and Dec. 21 through its MacroStrategy subsidiary, according to an SEC filing.

Hal Finney, one of the earliest bitcoin contributors, died eight years ago from complications of nervous system disease amyotrophic lateral sclerosis (ALS). His spouse, Fran Finney, is now organizing a half marathon to raise funds for ALS research via bitcoin.

As cryptocurrencies entered a bear market in line with traditional markets, bitcoin has slumped 65% year-to-date as the global crypto market capitalization fell to $839 billion from over $2 trillion.

Bitcoin’s (BTC) hash rate fell 13% on Dec. 27 to 202.17 EH/s from around 240 EH/s recorded on Dec. 26.

Santiment Feed has tapped waning whale interest as the reason for ranging Bitcoin prices, per a tweet from the crypto analytics platform today.