"Bitcoin failed to sustain its two-day rebound above $90,000 even as long-liquidation pressures eased and despite rising risk appetite in the stock market's most speculative sector. Spot Bitcoin ETFs recorded more than $200 million in net outflows over the past two sessions, and according to on-balance volume readings, the market has not seen meaningful accumulation. The combination indicates a recovery driven more by short covering than genuine buying, a setup that analysts often view as fragile."
"However, there is a tentative sign of underlying demand emerging. According to BGeometrics, Bitcoin whales holding between 1K and 10K BTC increased by three wallets yesterday and by five across the week, though the group remains forty-five wallets smaller over the month. The shift is still modest, yet it highlights the early stages of value hunting as price stabilizes near key cost metrics."
"The one risk that could overshadow all near-term dynamics remains linked to Strategy. According to JPMorgan, Strategy's balance-sheet resilience is now more important to Bitcoin's outlook than miner behaviour. Hashrate declines and rising energy costs are pressuring high-cost miners to sell, but the analysts emphasize that the real market hinge lies in Strategy maintaining an enterprise-value-to-bitcoin ratio above one. The firm's decision to build a sizable dollar reserve further reduces"
Bitcoin stabilized above $92,000 after a sharp slide but failed to sustain a two-day rebound above $90,000 despite easing long-liquidation pressures and rising risk appetite in speculative stocks. Spot Bitcoin ETFs posted over $200 million in net outflows across two sessions and on-balance volume shows no meaningful accumulation, indicating the recovery was driven more by short covering than genuine buying. BGeometrics data show small whale accumulation—three wallets added yesterday and five over the week—while the group remains down forty-five wallets month-on-month. Equities traded mixed, small-cap strength did not translate to Bitcoin. JPMorgan flags Strategy's balance-sheet resilience as more important than miner behavior, noting hashrate declines and rising energy costs pressure high-cost miners to sell and that maintaining an enterprise-value-to-bitcoin ratio above one is pivotal.
Read at London Business News | Londonlovesbusiness.com
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