Negative Bitcoin funding rates and large short liquidity zones could be a sign that a short-squeeze to $90,000 and higher could be on the cards. Bitcoin’s (BTC) recovery from last week’s deep correction is beginning to solidify, with the price pushing back toward the $87,000 to $90,000 zone after sliding from $106,000 to $80,600 in just 10 days. The rebound has revived discussions about whether BTC has reached a local bottom, even as a key whale cohort continued to offload its supply. Key takeaways: Read more
One analyst found that 40% of Bitcoin is held at a loss, while ETH and SOL data currently stand at 40% and 75% respectively. Should investors be worried? Recent data from Glassnode showed Bitcoin (BTC), Ether (ETH), and Solana (SOL) reflecting record high levels of their supply held at a loss. However, a closer examination of the locked supply, institutional holdings, and staking structures revealed that the effective liquid supply under pressure is significantly lower than the implied percentages, especially for Ether and Solana. Key takeaways: Read more
How a 100 Bitcoin scam, World of Warcraft and a tour of China with Vitalik Buterin led Louis Vuitton’s IT guy Sunny Lu to create VeChain. VeChain founder and CEO Sunny Lus first experience buying Bitcoin is the kind of moment that sticks with you for life, but not in the way most Bitcoin OGs would hope. The first encounter with Bitcoin, I got scammed in 2012, Lu tells Magazine. The timing couldnt have been worse. Lu desperately needed that Bitcoin to solve an urgent crisis in his life. Read more
How a 100 Bitcoin scam, World of Warcraft and a tour of China with Vitalik Buterin led Louis Vuitton’s IT guy Sunny Lu to create VeChain. VeChain founder and CEO Sunny Lus first experience buying Bitcoin is the kind of moment that sticks with you for life, but not in the way most Bitcoin OGs would hope. The first encounter with Bitcoin, I got scammed in 2012, Lu tells Magazine. The timing couldnt have been worse. Lu desperately needed that Bitcoin to solve an urgent crisis in his life. Read more
Bitcoin saw one of its largest supply migrations ever as traders braced for the US Federal Reserve’s December rate decision and shifting expectations toward a rate cut. A historic shift in Bitcoin ownership unfolded during the latest market downturn, while the broader crypto market remained tied to uncertainty over a possible US Federal Reserve rate cut in December. Over 8% of the total Bitcoin (BTC) supply changed hands in the past seven days, making the current market decline “one of the most significant onchain events” in Bitcoin history, according to Joe Burnett, analyst and director of Bitcoin Strategy at Semler Scientific. During previous significant Bitcoin supply movements, Bitcoin traded at about $5,000 in March 2020 and around $3,500 in December 2018, said Burnett in a Tuesday X post. Read more
The fresh debt draw shows how Metaplanet is using both debt and preferred equity to accelerate Bitcoin purchases and income-generation strategies. Tokyo-listed Bitcoin treasury company Metaplanet has drawn another $130 million in Bitcoin-backed credit, expanding its use of collateralized borrowing to accelerate BTC purchases, income-generation strategies and potential share buybacks. On Tuesday, Metaplanet disclosed it executed the loan on Friday under a previously announced credit facility. The borrowing forms part of the company’s $500 million credit line, which allows it to raise short-term liquidity using its Bitcoin (BTC) as collateral. With the fresh capital, the company has now drawn $230 million in cumulative loans from the facility, up from the $100 million disclosed for an earlier Oct. 31 credit pull. Read more
Exodus is using its Bitcoin reserves to back a $175 million acquisition of W3C Corp, bringing Monavate and Baanx under its roof as it expands into onchain payments. Crypto wallet provider Exodus plans to use its Bitcoin reserves to finance a major push into onchain payments, striking a $175 million deal to acquire W3C Corp, the parent company of payment infrastructure providers Monavate and Baanx. The agreement, announced on Monday, marked a major shift in strategy for the NYSE-listed company. By bringing Monavate and Baanx in-house, Exodus aims to become one of the few self-custodial wallets to control the entire payments stack, from crypto storage to card issuance. “By bringing card and payments infrastructure in-house, we are closing the gap between holding and spending, and positioning Exodus as the only platform you need for your money,” CEO JP Richardson said. Read more
Bitcoin price tools returned to levels last seen several years ago as calls for a BTC price relief rally continued to grow louder. Bitcoin (BTC) risk-reward has delivered a rare bullish signal as multiple metrics flip green. Key points: Bitcoin price metrics are showing multiyear opportunities when it comes to risk versus reward. Read more
Mining margins weaken as hash price declines and rig payback periods stretch, even as listed miners rally on analyst upgrades and new HPC agreements. Profitability across the Bitcoin mining industry is facing new strain amid rising network competition and declining revenue conditions. Bitcoin miners are facing a fresh squeeze as the network’s hashrate — a measure of the total computing power competing to secure the Bitcoin network — climbed to a record 1.16 ZH/s in October while Bitcoin’s (BTC) price fell toward $81,000 entering November, according to a report by The Miner Mag. Hashprice, which tracks miner revenue per unit of computing power, fell below $35 per hash, dropping under the $45/PH/s median total hashprice reported by public mining companies. The decline leaves several operators approaching breakeven levels. Read more
One analyst said that Bitcoin’s dip to $80,000 marked the bottom and that there is a 91% chance that the current trend reversal will send BTC price back to $118,000. Bitcoin (BTC) traders are navigating through one of the fastest capitulation events since late 2022, but one market analyst argued that historical data confirms that $80,000 was the bottom. Key takeaways: A Bitcoin analyst assigned a 91% probability that BTC will not see a weekly close below the current lows. Read more
Bitcoin reclaimed $86,000 as the US dollar strengthened, but one analyst warned the rally may be structurally weak. Bitcoin (BTC) held above $86,000 on Monday after recovering steadily over the weekend from Friday’s flush to $80,600, its lowest price since April. The rebound came as traditional markets opened the week on a cautious footing, with the US Dollar Index (DXY) steady above 100, hovering near a six-month high. Key takeaways: The US Dollar Index held 100 after a blowout Nonfarm Payrolls (NFP) print of 119,000 against 53,000. Read more
Bitcoin found its latest floor when it dropped to nearly $80,000 last week, the latest BTC price prediction by ex-BitMEX CEO Arthur Hayes said. Key points: Bitcoin should have bottomed out at $80,000 last week, according to former BitMEX CEO Arthur Hayes. Liquidity conditions are poised to turn in the crypto bulls’ favor, with the US Federal Reserve set to end QT. Read more
Bitcoin analyst James Check argued Bitcoin’s quantum risk is chiefly a consensus dilemma — not a tech one — because the network is unlikely to freeze legacy coins. James Check, founder and lead analyst at Bitcoin onchain analysis service Checkonchain, said Monday that the quantum threat is more of a consensus problem than a technology issue. In a Monday X post, Check claimed that “there is no chance we come to consensus to freeze” Bitcoin (BTC) that is not moved to quantum-resistant addresses, with development politics limiting the community’s ability to react. This means that a large amount of lost Bitcoin will flood the market as old addresses are compromised when quantum computer attacks become feasible. BitBo data shows that 32.4% of all Bitcoin has not been moved in the last five years, 16.8% in over 10 years, 8.2% in seven to 10 years and 5.4% in five to seven years. How much of those assets are actually lost or inaccessible, and how many are kept in storage for is subject to debate. Read more
Despite a steep drop in its share price, Strategy’s Bitcoin stack is in the green and it continues to outperform top tech equities over time. Update Nov. 24, 1:20 pm UTC: This article has been updated to add comments from Kyle Rodda, senior market analyst at Capital.com. Bitcoin investor Strategy is facing a rough stretch this year, prompting speculation that its high-conviction Bitcoin play is coming undone. A look beyond the one-year chart tells a different story. Google Finance data shows that Strategy (MSTR) stock is down almost 60% over the last year, and has declined by over 40% year-to-date (YTD). The stock traded near $300 in October, before dropping to about $170 at the time of writing. Read more