BTC slid under $110K for the first time in 47 days, triggering ~$895 million liquidations in 24h with over 92% of the liquidations long positions. ETH dropped ~7% from its ATH $4,955 to $4,415, wiping ~$266 million in long/short positions.
Despite weakness, corporate/treasury bids remain active. Strategy added 3,081 BTC worth $343 million, Goldman Sachs made a $194 million purchase of BTC, Remixpoint acquired 41.5 BTC, Metaplanet added 103 BTC, and ETHZilla purchased 7,562 ETH worth $35 million. These treasury inflows highlight selective accumulation into stress.
BTC RSI at 43.6, edging toward oversold, along with Net Unrealized Profit/Loss falling to 5.1% from 8.8%, flags fading profitability. The key risk is a break of the 200-day EMA at $103.7K or the 200-day SMA at $100.8K which would jeopardize the bull cycle market structure.
The HKMA handed its first approvals to the banks that already print the Hong Kong dollar. That tells you everything about what these tokens are meant to be.
Geopolitical pressure from the Strait of Hormuz standoff continues to weigh on BTC, which has failed to sustain gains above $72,500 even as whale selling dries up and leveraged shorts accumulate.
BTC retreated from a weekend high near $73,000 after the U.S. announced naval interdiction of vessels transiting the Strait of Hormuz, compounding an already fragile market structure.
DRW founder Don Wilson's blunt critique of MEV cuts to a deeper flaw: blockchain market design has drifted into engineering complexity that extracts value without improving price discovery or capital allocation.
