"Bitcoin held steady above 103,000 dollars after touching its lowest levels since June. Bitcoin found temporary support from yesterday's stronger-than-expected ADP employment and ISM services PMI data. The modest lift in sentiment helped prevent a deeper slide, yet the broader outlook remains fragile as declining futures open interest, weakening on-balance volume in spot market, and six consecutive days of spot ETF outflows reveal persistent risk aversion."
"Fading expectations of a December rate cut following the latest data add further pressure, leaving the market exposed to renewed downside. According to CoinGlass, long liquidations have slowed after nearly 3 billion dollars were wiped out since Monday, while short liquidations have recently surpassed longs at 212 million versus 154 million. Traders continue to reduce leverage aggressively (and forced to do so), driving crypto futures open interest down to 139 billion dollars, its lowest level since July."
"A more concerning layer of risk is emerging from Bitcoin-treasury companies, where cracks are beginning to threaten a deeper cycle downturn, or even a new crypto winter. The first significant stress event surfaced as Sequans sold 970 bitcoin to repay maturing convertible debt, cutting its treasury from 3,234 to 2,264 bitcoin. The company framed the sale as "strategic asset reallocation," yet the underlying mechanics suggest systemic fragilit"
Bitcoin traded above $103,000 after finding temporary support from stronger-than-expected ADP employment and ISM services PMI data, but the broader outlook remains fragile. Declining futures open interest, weakening on-balance volume in spot markets, and six consecutive days of spot ETF outflows reflect persistent risk aversion. Fading expectations of a December rate cut add further pressure and leave the market exposed to renewed downside. Nearly $3 billion of long liquidations occurred since Monday while recent short liquidations have surpassed longs. Crypto futures open interest fell to $139 billion, its lowest level since July. Sequans sold 970 bitcoin to repay maturing convertible debt, cutting its treasury from 3,234 to 2,264 bitcoin, framed as "strategic asset reallocation" yet exposing treasury stress.
Read at London Business News | Londonlovesbusiness.com
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