Samson Mo, founder of Jan3 and developer of AQUA Wallet, regards February’s Bitcoin decline as an anomaly rather than systemic weakness.

Market structure has changed

Mo argues that past cycle analogies no longer apply because ETF activity now exceeds volumes on many centralized exchanges, altering price formation dynamics.

He notes that Bitcoin is increasingly integrated into TradFi — a shift visible through corporate treasuries adopting BTC and rising institutional interest from banks.

On the February drop

Mo described the February sell-off as a rare 6-sigma event, calling it, in effect, a "black swan" that disrupted short-term market behavior.

He expects that even if the market remains rangebound, such periods can provide large holders with opportunities to accumulate positions without broad panic-driven liquidation.

Institutional demand and policy signals

According to Mo, institutional flows include new corporate treasury allocations to Bitcoin, stronger bank engagement, and U.S. policy initiatives that affect market participation.

He also mentioned the possibility of issuing Bitcoin-denominated bonds by one of Jan3’s partner countries, which could further formalize sovereign interest in the asset.

Conclusion

Summing up his view, Mo believes the market has already reached its low, and subsequent price action will depend on how institutional accumulation interacts with evolving TradFi integration.