Bitcoin Settles At $113,000 A Week After Hitting New Highs

"Bitcoin price is holding near $113,000 today, about a week after reaching a new all-time high above $126,000, as the market stabilizes from one of its most violent corrections in years. The bitcoin price to record levels last week was fueled by renewed institutional demand, falling real yields, and growing adoption of the "debasement trade" - investors seeking protection against monetary expansion."

"The recovery comes after a bruising weekend that saw over $19 billion in leveraged positions wiped out and more than 1.6 million traders forced to liquidate positions as cascading margin calls swept across exchanges. Bitcoin slipped from 24-hour highs near $116,000 to around $110,000 overnight, as large on-chain movements from both the U.S. government and BlackRock fueled speculation about potential institutional repositioning."

"According to blockchain analytics, the U.S. government transferred 667.6 BTC earlier today - worth roughly $74.8 million - to a new wallet early Tuesday morning. Also earlier today, the U.S. government announced a seizure of 127,271 BTC, worth roughly $14 billion, from Chinese émigré Chen Zhi and his Cambodia-based Prince Group criminal network. The accused ran a global "pig butchering" crypto scam and laundered billions through shell companies, real estate, and mining operations. Chen faces charges of wire fraud and money laundering, while U.S. and U.K. authorities imposed coordinated sanctions on 146 entities and individuals linked to the operation."

Bitcoin is consolidating around $113,000 following a peak above $126,000 and a violent correction. Renewed institutional demand, falling real yields, and adoption of the "debasement trade" pushed prices to record levels. Over a bruising weekend, more than $19 billion in leveraged positions were liquidated and about 1.6 million traders were forced out as margin calls cascaded across exchanges. Prices swung between roughly $110,000 and $116,000 amid large on-chain transfers by the U.S. government and BlackRock that spurred speculation of repositioning. The U.S. transferred 667.6 BTC and announced seizure of 127,271 BTC tied to Chen Zhi, prompting charges and coordinated sanctions.

Read at Bitcoin Magazine