Bitcoin sank to its lowest levels since April as profit-taking by early holders collided with thinning liquidity and a sharp drop-off in fresh capital.
Bitcoin drops to $78,000 as MicroStrategy-fueled rally runs out of buyers, traders say
Bitcoin sank to its lowest levels since April as profit-taking by early holders collided with thinning liquidity and a sharp drop-off in fresh capital.
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In just 20 days, USDe added over $3.1B in supply, eclipsing inflows into BlackRock’s IBIT and ETHA combined. Reflexive market dynamics and rising yields are fueling the stablecoin’s explosive growth.
Nearly equal losses across long and short positions showed traders were wrong-footed as crypto prices swung violently within hours.
Outflows underscore persistent institutional wariness toward bitcoin after the early October crash.
Supply has surged 72% year-over-year, led by Ethereum, Solana, and Plasma’s record debut, as stablecoins begin to mirror core banking functions