Bitcoin | Crypto

Bitcoin treasury firms are entering a “Darwinian phase” as equity premiums collapse, leverage turns into downside and DAT stocks flip to discounts, Galaxy warns. Bitcoin treasury companies are entering a “Darwinian phase” as the core mechanics of their once-booming business model break down, according to a new analysis from Galaxy Research. The report said that the digital asset treasury (DAT) trade has reached its natural limit as equity prices fell below Bitcoin (BTC) net asset value (NAV), causing the issuance-driven growth loop to reverse and turning leverage into a liability. That breaking point arrived as Bitcoin dropped from its October peak near $126,000 to lows around $80,000, triggering a sharp contraction in risk appetite and draining liquidity across the market. The October 10 deleveraging event accelerated the shift, wiping out open interest across futures markets and weakening spot depth. Read more

The physical Bitcoin collectibles were minted when Bitcoin was trading for just $3.88 and $11.69 each, marking a massive potential return. Two long-dormant Casascius coins — each backed by 1,000 Bitcoin — have just been activated as of Friday, unlocking more than $179 million stashed away for more than 13 years.  Onchain data indicates that one of the Casascius coins was minted in October 2012, when Bitcoin was trading for $11.69.  The other was minted earlier in December 2011, when Bitcoin was valued at only $3.88, giving that Casascius coin a theoretical return of about 2.3 million percent, not including the cost of minting.  Read more

Strive CEO Matt Cole has urged the MSCI to “let the market decide” whether they want to include Bitcoin-holding companies in their passive investments. Nasdaq-listed Strive, the 14th-largest publicly-listed Bitcoin treasury firm, has urged MSCI to reconsider its proposed exclusion of major Bitcoin holding companies from its indexes.  In a letter to MSCI’s chairman and CEO, Henry Fernandez, Strive argued that excluding companies whose digital asset holdings comprise more than 50% of total assets would reduce passive investors’ exposure to growth sectors and would fail to capture companies it intends to. Losing a spot in MSCI indexes could be a significant blow to digital asset treasury firms. JPMorgan analysts had earlier warned that Strategy, a Bitcoin treasury firm listed in the MSCI World Index, could lose $2.8 billion if MSCI moves ahead with the proposal.  Read more

Strategy CEO Phong Le said his firm raised 21 months of dividend runway in just eight days to head off investor unease. Strategy CEO Phong Le said part of the reason for establishing a $1.44 billion USD reserve was to alleviate investor concerns over the company’s health amid a Bitcoin slump.  “We’re very much are a part of the crypto ecosystem and Bitcoin ecosystem. Which is why we decided a couple of weeks ago to start raising capital and putting US dollars on our balance sheet to get rid of this FUD,” said Le during CNBC’s Power Lunch on Friday. On Monday, Strategy announced the $1.44 billion US dollar reserve, funded through a stock sale. The reserve is intended to maintain an amount sufficient to cover at least 12 months of dividends, and will eventually expand to cover a runway of 24 months, the firm said. Read more

The “infinite money glitch” of the corporate Bitcoin treasury has stalled. For much of this market cycle, the trade was simple: stock in companies holding Bitcoin traded at a massive premium to the underlying Net Asset Value (NAV). This allowed firms to issue expensive equity to buy cheaper coins, thereby accretively increasing Bitcoin per share. […] The post Bitcoin treasury stocks are becoming “distressed assets” as a $107,000 cost basis traps late entrants underwater appeared first on CryptoSlate.

Bitcoin miners face record margin pressure as proxy stocks sink, Kalshi lands $1B funding and Ether derivatives volumes overtake Bitcoin on CME. Bitcoin (BTC) miners are learning the hard way that “number go up” doesn’t always trickle down. Even with Bitcoin prices still elevated by historical standards, mining margins have been sharply squeezed, with some industry analysts describing the current climate as the “harshest margin environment” on record. Balance sheets are shrinking, leverage is being reduced, and companies such as CleanSpark are moving to pay down Bitcoin-backed credit lines. The strain is spilling into public markets. Bitcoin miners and other BTC “proxy” trades have come under heavy pressure, highlighted by the collapse in shares of American Bitcoin. Not every corner of the market is retreating, however. Capital is flowing into crypto-adjacent platforms, with prediction market Kalshi recently raising $1 billion at an $11-billion valuation after a tenfold increase in trading volumes since 2024,...

Bitcoin’s chance of hitting $100,000 before New Year’s Eve depends on investors’ reaction to the Fed policy pivot, and the market’s response to soaring BigTech and AI company debt. Key takeaways: The Federal Reserve’s move away from quantitative tightening and rate cuts creates liquidity, making fixed-income assets less attractive. Surging tech credit risks, as evidenced by high Oracle debt protection costs, prompt investors to seek alternative, scarcer assets like Bitcoin. Read more

In Malaysia’s illegal Bitcoin (BTC) mining hotspots, the hunt begins in the sky. Drones buzz over rows of shops and abandoned houses, sweeping for pockets of unexpected heat, which is the thermal signature of machines that shouldn’t be running. On the ground, police carry handheld sensors that sniff out irregular power use. Sometimes the pursuit […] The post Bitcoin thieves stole $1.1B using fake bird noises: Now Malaysia hunts heat signatures from the sky appeared first on CryptoSlate.

Bitcoin’s bounce evaporated as the weekly close approaches and traders say multiple risk-off metrics point to a high correction risk for BTC. Is $100,000 by the end of 2025 possible? Bitcoin (BTC) may be holding above $90,000, but data implied that its price is still flashing a significant risk-off signal. CryptoQuant’s multi-metric risk-off oscillator remained near the “High-Risk” zone, a level that historically precedes corrections and diminishes the probability of a sustained bullish trend. Key takeaways: Bitcoin’s risk-off signal was positioned near “High-Risk” territory, which has previously indicated a bearish period. Read more

ProCap BTC’s Jeff Park reveals how institutional flows and ETFs could shorten Bitcoin’s market cycle — with major implications heading into 2026 For more than a decade, Bitcoin investors have relied on the familiar four-year cycle to navigate bull runs, capitulations and market shifts driven by halving events. In 2025, that long-standing roadmap is beginning to look outdated — and analysts are seeking a new framework to understand where Bitcoin (BTC) is headed next. Some argue that institutional capital is reshaping the market. Others highlight the weakening impact of the halving, the rise of AI as a competing investment frontier, or global liquidity trends that no longer line up with old patterns. Whatever the cause, one thing is clear: Bitcoin doesn’t seem to be moving like it used to. In this exclusive Cointelegraph interview, Jeff Park, partner and chief investment officer at ProCap BTC, challenges the assumptions behind the four-year cycle, claiming that Bitcoin may now be transitioning into a much short...

Bitcoin is back below the $90,000 mark as Ethereum flirts with another dip below $3,000—all while major stock indices stay green.

A lawmaker in Indiana introduced legislation that would broaden access to Bitcoin and crypto exposure for savers in the Midwestern state.

Texas is now the first US state to purchase and hold Bitcoin, but why did it act during a market pullback, and how could this move influence national crypto policy? Texas has become the first US state to officially purchase and hold Bitcoin (BTC), acquiring $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) and authorizing another $5 million for direct, self-custodied BTC. The move comes at an unexpected moment: a market downturn marked by exchange-traded fund (ETF) outflows, institutional caution and stalled legislative efforts across the country. In this week’s episode of Byte-Sized Insight, we explore why Texas stepped in while many others stepped out and what the timing suggests about the state’s long-term view on digital assets. Earlier this year, more than two dozen US states introduced or debated bills that would allow public treasuries to hold Bitcoin or other digital assets. Yet most of those efforts slowed or evaporated as prices fell and political appetite waned. Read more

Bitcoin traders brought back sub-$90,000 BTC price targets amid ongoing weakness after a rejection at the yearly open capped potential upside. Bitcoin (BTC) traders saw fresh downside at Friday’s Wall Street open as $90,000 hung in the balance. Key points: Bitcoin edges closer to $90,000 with traders lining up lower BTC price targets next. Read more

Elon Musk’s viral comments on Bitcoin’s intrinsic ties to energy and physics signal a changing attitude toward Bitcoin from Tesla’s founder. Elon Musk’s ambitious goals of tackling excess spending and inefficiencies in the US federal government may have been futile, but it might have been the catalyst for his changing tune on Bitcoin. Batten clarified that Bitcoin’s energy use comes directly from mining, not through individual transactions, which he described as ‘critically important to understand’ because the network can theoretically process thousands more transactions without needing to expend more energy. “The moment you have this per-transaction metric, it suggests something very insidious, which is, it’s unscalable because as you scale more, then energy use is going to go up as well. And a lot of regulators in Europe still believe that,” Batten said. Read more

Bitcoin whales are accumulating at a record pace amid almost $5.8 billion in capitulation losses, signaling a potential bullish reversal. Bitcoin (BTC) has dropped 10% over the last 30 days, as several groups of wallet holders switched from distribution to accumulation. Data suggests that this accumulation, coupled with record realized losses, points to a potential shift in momentum. Key takeaways: Read more

300,000 BTC bought around $84K signals strong support as Bitcoin tests key resistance zones near $93.5K amid profit-taking trends.

Bitcoin market participants saw the yearly open at $93,000 and above as particularly important heading into the weekly close. Bitcoin (BTC) analysis has mapped out key BTC price levels to watch going into the weekend, with a focus on the yearly open above $93,000. Key takeaways: Key Bitcoin price levels above and below the spot price are here as BTC is about to close the week. Read more

Ether price action staged a repeat of its 2021 bull market moves against Bitcoin, leading to predictions of fresh long-term highs against BTC. Ether (ETH) is teasing 170% gains in under two months as history repeats itself against Bitcoin (BTC). Key points: Ether has the potential to rematch long-term highs above 0.09 in Bitcoin terms. Read more

On Dec. 3, CryptoQuant CEO Ki Young Ju made the feared call that “most Bitcoin on-chain indicators are bearish.” He added, “Without macro liquidity, we enter a bear cycle.” The CEO was explicit. He tied his argument to his firm’s composite on-chain dashboards and a global-liquidity framework, framing the November drawdown not as a healthy […] The post Bitcoin on-chain data just flashed critical bearish signal that CryptoQuant warns marks a verified cycle top appeared first on CryptoSlate.