# Сопутствующие статьи по теме Bitcoin

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Bitcoin", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Bitcoin Continues to Plunge, Focus on Whether MSTR Is Forced to Sell

Bitcoin is undergoing a severe stress test as its price falls below key psychological levels, approaching the cost basis of major institutional holders like MicroStrategy. The cryptocurrency dropped below $80,000 over the weekend, hitting its lowest point since April 7, 2025, and has declined over 30% recently amid thin liquidity. Despite the sell-off, MicroStrategy’s Executive Chairman Michael Saylor signaled intentions to continue accumulating Bitcoin, even as the company raised the dividend on its perpetual preferred shares to 11.25% to attract capital. However, analysts warn that high dividend costs could strain cash flow if Bitcoin’s price remains stagnant or falls below its cost basis. The market is highly institutionalized, with MicroStrategy and 11 spot Bitcoin ETFs holding approximately 10% of Bitcoin’s circulating supply. These institutions face combined unrealized losses of around $7 billion, with an average acquisition cost of $85,360 per Bitcoin. Spot Bitcoin ETFs have seen net outflows for 10 consecutive days, exacerbating downward pressure. MicroStrategy holds 712,647 Bitcoin at an average cost of $76,037. With Bitcoin hovering near $78,000, its unrealized gains have narrowed to less than 3%. The company’s aggressive financing strategies, including high-yield debt, highlight both its commitment and the risks of its Bitcoin-centric strategy. Macro strategist Jim Bianco notes that Bitcoin faces a "narrative exhaustion," as the "institutional adoption" story has been fully priced and may now be reversing. Without new sustained buying interest, institutional holdings—once a support—could become a major source of selling pressure. The key question is where the next wave of buyers will emerge at current price levels.

比推02/02 05:57

Bitcoin Continues to Plunge, Focus on Whether MSTR Is Forced to Sell

比推02/02 05:57

Bitcoin Continues to Plunge, Whether MSTR Is Forced to Sell Becomes Focus

Bitcoin is experiencing a sharp decline, falling below the key $80,000 level and approaching the cost basis of major institutional holders like MicroStrategy. This has intensified concerns about potential forced liquidations among highly leveraged players. Despite the sell-off, MicroStrategy's executive chairman Michael Saylor signaled intentions to continue accumulating Bitcoin, even as the company raised dividends on its preferred shares to attract capital—a move that could strain cash flow if prices fall further. Analysis indicates that institutional entities, including ETFs and MicroStrategy, now hold approximately 10% of Bitcoin’s circulating supply, with an average acquisition cost around $85,360. At current prices, these positions are underwater, with unrealized losses totaling about $7 billion. The market is facing a crisis of narrative, as the once-bullish "institutional adoption" theme has reversed, with ETF outflows persisting and no new catalysts emerging to attract buyers. The high concentration of institutional holdings, largely at a loss, may now become a source of sustained selling pressure.

marsbit02/02 04:17

Bitcoin Continues to Plunge, Whether MSTR Is Forced to Sell Becomes Focus

marsbit02/02 04:17

Bitcoin hits April 2025 levels – $85K bounce for BTC possible IF…

Bitcoin fell to a 9-month low of $75,519, hitting levels last seen in April 2025, before a slight recovery to $78,862. The decline is attributed to a significant drop in capital inflows and persistent selling pressure from both retail and institutional investors. Realized Cap data indicates no fresh capital entering Bitcoin recently, while ETF outflows and increased exchange netflows signal aggressive selling. With over $736 million in long positions liquidated and strong bearish momentum, BTC may continue trading below $80k. Key support lies at $76k, though a potential rebound to $85k–$92k is possible in early February under improved conditions.

ambcrypto02/02 04:02

Bitcoin hits April 2025 levels – $85K bounce for BTC possible IF…

ambcrypto02/02 04:02

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

The article "Is Crypto Over? Don't Give Up, Liquidity is Coming" by Raoul Pal addresses the current downturn in the crypto market, arguing it is not a sign of the industry's demise but a temporary liquidity crisis. Pal refutes the narrative that crypto has permanently decoupled from other assets by showing that Bitcoin's price chart is nearly identical to that of the SaaS index, indicating a shared, external factor: a shortage of U.S. dollar liquidity. He explains this was caused by a combination of events, including the draining of the Reverse Repo facility, the rebuilding of the Treasury General Account (TGA) without monetary offset, and government shutdowns. This liquidity drain negatively impacted risk assets like crypto and tech stocks, while gold absorbed the marginal liquidity. The key takeaway is that this period of illiquidity is ending. The impending resolution of the U.S. government shutdown is seen as the final obstacle. Once cleared, a significant injection of liquidity is expected from sources like the easing of the SLR rule, TGA drawdowns, fiscal stimulus, and eventual rate cuts. Pal, alongside analysis from Stanley Druckenmiller, suggests the new Fed leadership under a potential Warsh chairmanship would be focused on cutting rates to keep the economy hot, aligning with a pro-growth strategy from the administration. The author admits a mistake in not prioritizing U.S. liquidity as the dominant short-term driver over global liquidity but remains highly bullish on the long-term cycle into 2026. The core advice for investors is patience, emphasizing that in a full cycle, time is more important than price. The message is clear: the liquidity cavalry is on its way.

marsbit02/02 03:40

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

marsbit02/02 03:40

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

The article "False Narratives....and Other Thoughts" by Raoul Pal addresses the current downturn in the crypto market, arguing against the mainstream narrative that the crypto cycle is over. Pal explains that the recent price decline in Bitcoin and other cryptocurrencies is not an isolated event but is correlated with a similar drop in SaaS stocks, as shown by comparative charts. He identifies the root cause as a temporary liquidity squeeze in the U.S. financial system, exacerbated by government shutdowns, TGA (Treasury General Account) rebuilding without monetary offset, and gold absorbing marginal liquidity that would otherwise support risk assets like crypto. Pal emphasizes that this liquidity crunch is temporary. He anticipates a resolution to the government shutdown soon, which will remove the last major obstacle to liquidity recovery. Following this, he expects a return of liquidity through measures such as eSLR adjustments, TGA drawdowns, fiscal stimulus, and eventual rate cuts. He advises investors to be patient, stressing that in a full market cycle, time is more critical than price movements. The article also corrects a misperception about potential Fed Chair Kevin Warsh, arguing he is not a hawk and would likely support rate cuts aligned with strategies to boost economic growth. Despite current market conditions, Pal remains highly optimistic about the crypto market's prospects through 2026, driven by anticipated pro-growth policies.

Odaily星球日报02/02 03:31

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

Odaily星球日报02/02 03:31

2026 Macro Forecast: Liquidity, Expectations, and the New Order

Amidst a paradigm shift from globalization to regionalization, the 2026 market outlook highlights a critical deterioration in the quality of US dollar liquidity. Despite the Fed's defensive rate cuts in late 2025, liquidity remains tight due to massive margin debt, explosive growth in the repo market, and a structural reliance on short-term T-bill financing, which increases systemic fragility. This has led to higher long-term funding costs and a return to "strict diversification," with capital flowing into gold, non-USD assets, and supply-constrained resources rather than traditional dollar-denominated assets. Three core investment themes emerge: resources (commodities like gold and copper), AI infrastructure (semiconductors, energy, data centers), and defense/security, reflecting the new priority of "location over growth" in a fragmented world. Cryptocurrencies face a divergence: Bitcoin is increasingly treated as a "digital commodity" and hedge, while equity-like tokens must offer substantial risk premiums to compete with high risk-free rates. The key takeaway is that investors should prioritize hard assets with inelastic supply, embrace structural differentiation across asset classes, and manage portfolios around constraints rather than predictions, as the era of easy liquidity and centralized bank support has ended.

marsbit02/02 02:39

2026 Macro Forecast: Liquidity, Expectations, and the New Order

marsbit02/02 02:39

From Libya to Iran: Nations in Blackout, Bitcoin Miners Uninterrupted

From Libya to Iran: Nations in Darkness, Bitcoin Miners That Never Stop In the summer of 2025, Tehran and other parts of Iran faced extreme heat and severe power outages, forcing government offices and schools to shut down. Hospitals relied on diesel generators to keep life-saving equipment running. Yet, behind city walls, rows of Bitcoin mining machines continued operating at full capacity, almost never losing power. Similarly, in Libya, residents endure daily blackouts of 6 to 8 hours, while unauthorized mining farms in abandoned industrial sites run non-stop, using some of the world’s cheapest electricity—subsidized as low as $0.004 per kWh—to mine Bitcoin, often with outdated equipment smuggled into the country. This reflects one of the 21st century’s starkest energy paradoxes: in nations crippled by sanctions and civil conflict, electricity is no longer just a public service but a form of “exportable” hard currency. In Iran, mining was legalized in 2019 as a state strategy to bypass international financial sanctions. Miners were required to sell mined Bitcoin to the central bank. However, an estimated 85% of mining occurred illegally or semi-legally, often with ties to powerful entities. Despite temporary bans and crackdowns, mining rebounded quickly, draining the national grid and worsening public power shortages. Libya, fragmented since the fall of Gaddafi, lacks coherent regulation. Although cryptocurrency transactions and mining imports are officially banned, enforcement is weak. Low subsidized electricity prices create irresistible incentive for mining operators—including foreign groups—to run energy-intensive operations with obsolete machines, while ordinary citizens face daily blackouts. In both countries, Bitcoin mining functions less as a legitimate industry and more as a form of resource extraction: it creates few jobs, contributes little in taxes, and often channels profits overseas. The real cost is borne by society—frequent blackouts, overloaded grids, and compromised public services like healthcare and education. Ultimately, the issue is not Bitcoin itself, but who controls the allocation of public resources. When energy subsidies meant for public welfare are diverted for private gain, it deepens inequality and institutional distrust. As citizens sit in darkness, the miners’ machines continue to hum—a symbol of energy injustice in a fractured world.

marsbit02/02 02:38

From Libya to Iran: Nations in Blackout, Bitcoin Miners Uninterrupted

marsbit02/02 02:38

Crypto Morning Report: Bitcoin Falls Below $80,000, Tokens Like HYPE, BERA, XDC to See Large Unlocks This Week

Bitcoin fell below $80,000 amid a broader crypto market downturn. The U.S. government entered a partial shutdown, and Federal Reserve chair nominee Kevin Warsh was linked to the Epstein scandal. Binance released a report attributing the October 11 flash crash to macro shocks and market-wide liquidations, denying platform-specific failures. However, OKX CEO Star blamed Binance’s USDe yield promotion for encouraging risky leverage. Wintermute and Dragonfly partners countered, citing multiple factors including Trump’s tariff threats and liquidity issues. Michael Saylor hinted at further Bitcoin acquisitions by MicroStrategy. Several tokens, including HYPE, BERA, and XDC, are set for major unlocks totaling over $300 million this week.

marsbit02/02 01:26

Crypto Morning Report: Bitcoin Falls Below $80,000, Tokens Like HYPE, BERA, XDC to See Large Unlocks This Week

marsbit02/02 01:26

Bitcoin Falls Below $80,000, Ushering in a New Round of 'Crisis of Confidence'

Bitcoin has fallen below the $80,000 mark, dropping to under $76,000 and marking a roughly 40% decline from its 2025 peak. This downturn, which occurred during a low-liquidity weekend session, reflects a shift from a price correction to a deeper crisis of confidence. Unlike previous sell-offs, this decline lacks a clear catalyst—no major liquidations or systemic shocks were observed. Instead, it appears driven by a lack of buyers, weakening momentum, and eroding conviction. The drop represents Bitcoin’s fourth consecutive monthly decline, its longest losing run since 2018. Market depth has shrunk by over 30% since October, reaching levels last seen after the FTX collapse. Despite regulatory wins and earlier institutional interest, demand has stagnated. ETF outflows continue, and corporate buyers have slowed their purchases. Analysts suggest the current cycle may only be 25% complete, with a meaningful recovery potentially 6–9 months away. Competition for capital is intensifying, with AI stocks and precious metals drawing attention away from Bitcoin. Its volatility now lags behind gold and silver, diminishing its appeal as both a hedge and a speculative asset. The path to recovery appears prolonged, with previous cycles taking years to rebound fully.

华尔街日报02/02 00:53

Bitcoin Falls Below $80,000, Ushering in a New Round of 'Crisis of Confidence'

华尔街日报02/02 00:53

活动图片

Популярные категорииright-arrow

Популярные тегиright-arrow

Regulatory Policy

Industry News