Kategorie: Bitcoin News

• Bitcoin price rose to near $93,000 on Friday before sell-off pressure resumed.
• Ethereum and XRP also climbed but faced key hurdles around $3,000 and $2.25.
• Sentiment remains downbeat across the crypto market despite notable gains for a few top altcoins.

The cryptocurrency market continued to witness a mixed outing on Friday, with Bitcoin retesting the $92,500 mark while Ethereum and XRP both broke to key resistance areas.

While gains indicated renewed investor optimism amid broader economic uncertainties, the swift retreat to below $91k for BTC highlights the fragile market sentiment.

Also, while Sky, Monero and Bitcoin Cash gained, Zcash, Dash and Aptos led the top losers in the leading 100 coins by market cap.

Bitcoin breaks to highs near $93k

Bitcoin’s price marked a decisive breach of the $92,500 resistance level by rising to near $93,000.

On Friday, the benchmark asset hit highs of $92,969 across major exchanges. However, the level has proved a robust barrier that means the quest to break higher towards the psychological $100 mark continues to evade bulls.

QCP Group analysts shared the short-term Bitcoin price outlook via an X post. They see mid-$90k levels as key supply wall zones, while major support remains in the $82k-$80k area.

“Options markets show caution even as year-end BTC call open interest stays heavy. Skew, IV and sentiment have softened, reinforcing a rangebound profile. Supply likely caps moves toward mid-90Ks, while support sits near 80–82K, leaving macro catalysts firmly in control of direction.”

Despite the dip to below $91k as of writing, BTC’s gains earlier in the day allowed layer-1 and layer-2 solutions on the Bitcoin network to post gains.

As noted, BounceBit and Stacks were among the Bitcoin ecosystem tokens to see an uptick.

But as prices have dipped again, rather than bounce higher, this latest move could be a dead cat bounce.

ETH and XRP face resistance

Like Bitcoin, Ethereum has struggled to sustain momentum. Recently, the top altcoin fell to lows of $2,600 after closing above $4,000 in late October. The breach of the $3,000 level threatened more pain for bulls.

However, after testing the demand reload zone, the ETH price has jumped back to the resistance area above $3,000.

That’s despite a 25% dip over the past month.

While prices are nearly 9% up in the past week, ETH’s inability to break higher reflects broader altcoin fatigue. Bitcoin’s drop to $90,504 at the time of writing suggests a potential downward cascade for ETH.

XRP has fared similarly, trading at $2.18 amid a 1.4% dip in the past 24 hours.

The token faces formidable overhead resistance at $2.25 and at $2.50. Per market data, the latter marks a level at which bulls have struggled since the crash on Oct. 10,2025.

The launch of spot XRP ETFs in recent days has failed to help bulls break higher.

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• The state legislation sets aside $10 million for Bitcoin accumulation.
• Texas is preparing a formal tender to choose a custodian for the reserve.
• New Hampshire authorised a Bitcoin reserve and approved a $100 million Bitcoin bond.

Texas is moving ahead with one of the most ambitious state-level crypto strategies in the country as it begins shaping the framework for a government Bitcoin reserve.

The state has now taken its first formal step by acquiring $5 million in shares of BlackRock’s iShares Bitcoin Trust.

The purchase is part of a wider plan triggered by legislation passed earlier this year, which allocated $10 million for future Bitcoin accumulation.

The early activity positions Texas to become the first US state to hold a dedicated cryptocurrency reserve, giving it a lead in a growing competition among states exploring digital asset policies.

Texas builds foundation for Bitcoin reserve

The state has been gathering information from the cryptocurrency industry to help design how its reserve will operate.

The review began after Texas issued a request for information in September seeking guidance on best practices for storage, security, and management.

Industry groups sent detailed submissions covering custody models, investment structures, governance frameworks, and security systems.

The process is part of a wider effort to ensure the reserve can be managed with clear procedures once it transitions from planning to execution.

Texas officials are expected to follow this phase with a formal request for proposal.

The tender will be used to select a custodian and determine the final operational rules for the programme.

The recent $5 million allocation acts as a temporary measure rather than direct Bitcoin ownership while the state completes its selection process, according to a CoinDesk report.

States explore government crypto strategies

Other states have also gained exposure to Bitcoin, though through different channels.

Michigan and Wisconsin accessed cryptocurrency markets through public-employee retirement funds.

Wisconsin sold a $350 million allocation in May, according to public records.

These moves reflect growing institutional interest at the state level, even in cases where governments have not yet adopted dedicated reserves.

Several states are actively studying the idea of holding Bitcoin for strategic purposes.

New Hampshire has authorised the creation of a government Bitcoin reserve, although it has not yet made any purchases.

Last week, the New Hampshire Business Finance Authority approved a $100 million Bitcoin bond designed to support an economic development fund backed by cryptocurrency.

The structure relies on private sector activity rather than direct state accumulation.

Early development continues nationwide

Arizona is also taking steps toward a government-level reserve.

Its legislation directs unclaimed cryptocurrency assets held by the state into a dedicated reserve.

The plan creates an initial legal foundation that could support future accumulation, although the full reserve framework is still in development.

These early efforts reflect a rising interest among states in integrating digital assets into long-term financial planning.

The state-level activity is unfolding alongside federal discussions.

President Donald Trump has publicly supported the idea of a national Bitcoin investment strategy.

The administration has issued an executive order directing officials to begin planning for a federal reserve structure.

Government teams working on the project are now waiting for congressional approval before advancing to the next stage.

Texas sets the pace in state crypto adoption

Texas remains the most advanced of the state-level initiatives due to its legislative backing and its first confirmed investment.

The move signals a shift from exploratory interest to practical implementation, with a structured plan for selecting custodians and defining reserve operations.

The next steps will determine how the state transitions from temporary allocations to direct Bitcoin ownership once contracts and governance systems are finalised.

The post Texas buys $5mn BTC ETF, pushes for Bitcoin reserve plan appeared first on CoinJournal.

• The company used common equity, preferred equity, and convertible debt this year.
• Preferred equity became a major part of the 2025 structure.
• Structured offerings included STRF, STRC, STRE, STRK, and STRD.

Strategy has entered 2025 with a funding approach that looks markedly different from its previous cycle, using a wider mix of securities to accelerate its capital inflows.

The company confirmed that it has raised $20.8 billion year-to-date in 2025.

The pace brings Strategy close to its entire 2024 total despite being recorded within a shorter period.

The latest breakdown signals how the firm’s financing activity is now tightly linked to its position in the corporate Bitcoin market, where it remains one of the largest holders globally.

New mix

Company data showed that Strategy raised $20.8 billion so far this year through a combination of common equity, preferred equity, and convertible debt.

The largest component was $11.9 billion in common equity, followed by $6.9 billion in preferred equity and $2.0 billion in convertible debt.

The preferred equity portion marks a notable shift for Strategy.

In 2024, the company relied on common equity and convertible debt, raising $16.3 billion and $6.2 billion, respectively.

The absence of preferred equity at scale in the previous cycle makes the new mix stand out as a structural change rather than a one-off adjustment.

The company also detailed activity across structured offerings.

These included $1.18 billion in STRF, $2.68 billion in STRC, $0.71 billion in STRE, $1.25 billion in STRK, and $1.07 billion in STRD.

Each of these securities contributed to the overall capital formation that pushed the year’s total to $21 billion.

Capital strategy

The broader mix in 2025 indicates that Strategy is increasing its reliance on varied securities to support its plans linked to digital assets.

Previous company statements have described Bitcoin as a treasury reserve asset, and the firm continues to align its fundraising operations with this approach.

Industry tracking data shows that Strategy holds one of the largest corporate Bitcoin positions worldwide.

This has drawn institutional participation into its offerings, as noted by the company.

The expansion of preferred equity and the continued use of convertible debt point to a funding structure designed to maintain access to capital while supporting the company’s cryptocurrency allocation strategy.

Although the company did not reference specific future goals in the latest update, the steady pace of fundraising and the widened mix suggest a model that can scale alongside digital asset accumulation.

The company’s method offers flexibility in market conditions, allowing it to tap investors through different instruments depending on demand.

Momentum

Figures showed that Strategy’s 2025 capital raising is approaching its 2024 total of $22.6 billion.

The rapid accumulation implies that if the current level continues, Strategy may exceed last year’s amount by year-end.

The pace adds further weight to the shift in how the firm uses capital markets to manage its treasury positioning and broader financial structure.

Investors have continued to participate across the company’s offerings as Strategy builds on its role in the Bitcoin market.

With the capital raised this year coming from a wider range of instruments, the company has positioned itself to keep drawing institutional demand while supporting its ongoing cryptocurrency acquisition strategy.

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• Bitcoin ETF outflows and shrinking liquidity intensified the recent BTC price decline.
• Margin liquidations accelerated the selloff as key support levels broke.
• Correlation with tech stocks added pressure amid broader risk-off sentiment.

Bitcoin price has come under intense pressure in recent weeks, with the market enduring a deep pullback fueled by weakening demand, heavy ETF outflows, and a wave of forced liquidations.

The downturn has erased months of gains and pushed traders to question whether the latest slide marks a temporary setback or the start of a deeper cycle reset.

ETF outflows add fuel to the decline

Bitcoin’s slide has been sharp and persistent since its early October peak above $126,000.

Since the October peak, the cryptocurrency has shed almost $800 billion in value, sinking to levels last seen in the spring.

ETFs, once a stabilising force for Bitcoin (BTC), are now driving additional weakness.

BlackRock’s IBIT ETF, which previously absorbed sell-offs, has posted its largest monthly redemption on record, with $520 million leaving the fund.

This reversal marks a shift in institutional sentiment and has become a major source of downward pressure.

A recent NYDIG research highlights how ETF outflows, shrinking stablecoin supplies, and changing corporate treasury strategies are eroding the demand engine that supported Bitcoin earlier this year.

Greg Cipolaro of NYDIG describes the current cycle as a “negative feedback loop,” in which factors that once boosted the market are now accelerating the downturn.

This shift has placed Bitcoin under sustained selling pressure at a time when broader risk appetite is also weakening.

A key part of this shift can be seen in the stablecoin market, where supplies have declined for the first time in months, with some tokens losing significant value after liquidation events.

In addition, digital asset treasuries, once active Bitcoin buyers, are pulling back as they reduce liabilities through asset sales or share buybacks.

These moves have contributed to a steady drain of liquidity across the crypto sector.

Bitcoin price outlook

From a technical standpoint, Bitcoin has plunged into oversold territory and printed a hammer candle, hinting at a potential swing low.

Eyes are now on $88,500, which capped rallies earlier in the year and briefly halted last week’s selloff.

A sustained break above it could create conditions for a short-term recovery, with targets near $94,000 and $95,000.

However, that setup faces stiff resistance from broader market sentiment.

Bitcoin’s tight relationship with risk assets adds another layer of complexity.

The correlation between Bitcoin and Nasdaq 100 futures has climbed to unusually high levels, reaching near 0.96.

When tech stocks fall, Bitcoin tends to follow, and recent turbulence tied to concerns over an AI bubble has weighed heavily on both markets.

Bitcoin dominance has also slipped to multi-month lows, signalling that capital is drifting away from BTC and into either safer assets or high-risk alternatives.

The market is also seeing increased volatility from margin liquidations.

Leveraged positions, especially in perpetual futures, have magnified the recent moves.

As Bitcoin fell below $87,000, more than $900 million in positions were wiped out, with longs taking most of the damage.

Notably, liquidation cascades have become a recurring theme, deepening each leg lower.

Furthermore, oscillating indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), remain bearish, hinting that previous bounces have been sold into quickly.

A drop below recent lows could open the door to a retest of the $76,000 region, where Bitcoin (BTC) stabilised during an earlier market shock linked to tariff fears.

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