Group 1 - The Bitwise Crypto Industry Innovators ETF is flat year to date, despite Bitcoin's 20% decline over the past year, with most losses occurring recently [1][2] - The ETF has almost tripled from its trough to peak last year, indicating potential despite Bitcoin's current weaknesses [2] - The ETF is primarily composed of crypto mining companies pivoting to AI infrastructure, with eight of its top ten holdings focused on this transition [5][7] Group 2 - Iren is the largest position in the ETF, accounting for nearly 15% of total assets, while Applied Digital and Cipher Mining together make up over 12% [7] - Five of the top ten positions have more than doubled in value over the past year, representing about two-thirds of the fund's total assets [8] - The ETF has a high expense ratio of 0.85%, which is considered excessive compared to many index funds with ratios below 0.1% [9][10]

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, primarily triggered by the hawkish nomination of Kevin Warsh as the Federal Reserve Chairman, leading to a crisis of asset identity for Bitcoin [1][3]. Group 1: Macro Impact - The hawkish stance of Kevin Warsh, characterized by high interest rates and rapid balance sheet reduction, is detrimental to the liquidity-dependent cryptocurrency market, effectively removing the "oxygen" of liquidity [3]. - The market's response to this environment has been a rapid sell-off, indicating a loss of liquidity premium and a focus on immediate liquidation [3]. Group 2: Key Price Levels - A critical price level for Bitcoin is $76,038, which is the average holding price for MicroStrategy, the largest corporate holder of Bitcoin. Falling below this level could signify a loss of confidence and trigger further selling pressure [4]. - The significance of this price point extends beyond technical analysis; it represents a psychological barrier for institutional investors [4]. Group 3: Identity Crisis - Bitcoin is currently facing a severe "identity crisis," being pulled in four conflicting valuation directions, which has led to algorithmic trading taking over the market dynamics [6]. - Despite a 266% increase in the usage of the Lightning Network, irrational market behavior continues to dominate, resulting in widespread sell-offs [6]. Group 4: Strategic Recommendations - In the current environment where institutions are uncertain about Bitcoin's identity, ordinary investors are advised against trying to "catch the bottom" and should instead focus on utilizing hedging strategies [6]. - Short-term hedging can be achieved through instruments in the Hong Kong or U.S. markets, while a long-term mindset should be adopted to accept volatility and avoid seeking perfect entry points [8].

Core Viewpoint - Bitcoin has reached its lowest point since Trump's return to the White House, erasing gains accumulated since his election, with a decline of over 40% since its peak in October 2025 [1] Group 1: Market Performance - Bitcoin dropped below $73,000, falling over $6,000 from its earlier high of $79,100, marking an 8% decline and hitting a low not seen since early November 2024 [1] - Ethereum, the second-largest cryptocurrency, experienced a sharper decline, falling below $2,110, a drop of over 10% from its earlier high of $2,350 [3] - Since the beginning of 2026, Bitcoin has accumulated a decline of over 15%, with market sentiment towards cryptocurrencies reaching a low point [5] Group 2: Market Dynamics - The recent drop in Bitcoin's price has been exacerbated by leveraged liquidations, with many traders attempting to buy the dip, leading to significant pressure on prices [6] - Following a major sell-off in October 2025, the cryptocurrency market has faced ongoing downward pressure, with a total of $19 billion in leveraged token bets wiped out [6] - While institutional holders remain steadfast, retail participation has decreased as major long-term Bitcoin holders have sold off billions in assets [6] Group 3: Altcoin Performance - Altcoins have significantly underperformed compared to Bitcoin and Ethereum, with the MarketVector Digital Assets 100 Small-Cap Index dropping nearly 70% over the past year [7] - The approval of exchange-traded products for Bitcoin and Ethereum has not translated into similar performance for other cryptocurrencies, which have seen substantial outflows [7] Group 4: Market Outlook - The cryptocurrency market has been in a comprehensive winter since January 2025, akin to previous bear markets in 2018 and 2022 [7] - The current bear market may be nearing its end, with historical down cycles lasting about 13 months, suggesting a potential bottoming out in the coming weeks [7]

Core Viewpoint - Bitcoin's price has experienced significant volatility, recently dipping below $70,000 amid concerns over government intervention and broader market pressures [1][2][3]. Group 1: Market Reactions - Bitcoin fell to a low of $69,936, continuing a downward trend following comments from Treasury Secretary Scott Bessent regarding the government's lack of authority to intervene in the cryptocurrency market [2]. - The decline in Bitcoin's price is part of a larger market trend, with the cryptocurrency down nearly 20% year-to-date and experiencing its fourth consecutive month of losses [3]. - The market's reaction was further influenced by President Trump's nomination of Kevin Warsh to lead the Federal Reserve, which is perceived as a hawkish move [3]. Group 2: Investor Sentiment - 10X Research strategists noted a significant shift in investor sentiment, indicating that current flows suggest investors are not positioned to buy the dip, reflecting a broader downtrend in the market [4]. - The firm highlighted that traders are focused on deleveraging and unwinding positions rather than preparing for a potential market recovery [4]. - Michael Burry's warning about Bitcoin being a speculative asset and the potential for a "death spiral" adds to the negative sentiment surrounding the cryptocurrency [2]. Group 3: Market Conditions - The pressure on Bitcoin and other digital assets reflects a fragile state across the crypto market, exacerbated by whale selling and forced liquidations since October [5]. - The recent price movements have been characterized by a lack of clear catalysts for recovery, contributing to a cautious market environment [4].

Bitcoin (BTC-USD) dropped to $67,000 per token on Thursday, falling to its lowest level since 2024, after Treasury Secretary Scott Bessent suggested the US government would not bail out the cryptocurrency. In a heated back-and-forth during a House Financial Services Committee on Wednesday, Bessent was asked if the US Treasury had the authority to buy bitcoin or other cryptos. "I do not have the authority to do that, and as chair of FSOC, I do not have that authority," Bessent stated. Bitcoin fell to as ...

🇧🇹 TODAY: The Royal Government of Bhutan sold another 184 $BTC worth $14.09M, per Arkham. https://t.co/08hOAAEgZG ...

U.S. Treasury Secretary Scott Bessent said during a congressional hearing that the U.S. will retain Bitcoin obtained through asset seizures but will not direct private banks to buy BTC during market downturns or “bail out Bitcoin.” In an exchange with California Congressman and longtime crypto critic Brad Sherman, Bessent stressed that neither he nor the Financial Stability Oversight Council has such authority, adding that seized BTC held by the government has grown in value from about $500 million to over ...

The price of Bitcoin hit its lowest price in over a year on Wednesday, dragging the price of top crypto stocks with it. Bitcoin was recently trading at around $73,013 after dipping by more than 3% over a 24-hour period, according to CoinGecko data. It dropped under $72,000 earlier on Wednesday — its lowest price since November 2024. Over the past week, the leading digital asset has shed nearly 19% of its value. The drop comes as markets across the board sell-off and market observers are divided on wheth ...

Core Insights - The cryptocurrency market has started 2026 on a negative note, with Bitcoin experiencing a significant decline, dropping below $73,000, which is its steepest drop since November 2024 [1] - MicroStrategy, now known as Strategy, faces challenges as its average Bitcoin purchase price is $76,052, meaning its corporate treasury is currently underwater ahead of its earnings report [2] - Analysts are adjusting their expectations for Strategy, with Joseph Vafi of Canaccord Genuity reducing his price target for the stock by over 60% from $474 to $185, while still maintaining a "buy" rating [3] Company Performance - Strategy's shares have decreased by 19% year-to-date, 64% year-over-year, and 72% from their peak in November 2024 [4] - The current market phase for Bitcoin is described as an "identity crisis," where it is seen as both a long-term store of value and a speculative asset, highlighting its connection to market liquidity [4] - Despite the challenges, Vafi notes that Strategy is "built to weather volatility," indicating that the company can manage preferred dividends even as its stock price declines relative to its Bitcoin holdings [5] Market Context - Bitcoin has not followed gold's upward trend in 2025, indicating its reliance on risk appetite rather than being viewed as a safe-haven asset [5] - The fourth-quarter results for Strategy may serve as a symbolic reminder of the market's volatility and the cautious stance of even bullish analysts during challenging market conditions [6]

Group 1 - Nevada has filed a lawsuit against Coinbase, alleging that some of its events contracts violate state law, leading to a decline in Coinbase's stock price [1] - Following the lawsuit, DraftKings and FanDuel-parent Flutter Entertainment saw their stock prices increase [1] - Cathie Wood's ARK Invest purchased Coinbase shares after the stock dip and sold approximately $21 million worth of DraftKings shares [1] Group 2 - Bitcoin has fallen to a 16-month low, with Stifel warning of a potential drop to $38,000 [1] - The cryptocurrency market is experiencing a downturn, referred to as a "crypto winter," which is impacting Coinbase's stock performance [1] - Analysts have noted that DraftKings is benefiting from positive comments and new data-center plays, leading to a target price hike [1]