Digital Currencies incl NFT etc. 03; (Mar 23 - Dec 26)

[winston]

Bitcoin’s US$1 tril identity crisis hits from every direction

By Isabelle Lee & Vildana Hajric

Washington has never been more accommodating. Institutional adoption has never been deeper. Wall Street has never been more bought in. Bitcoin got everything it wanted — and it wasn’t enough.

If it isn’t the best hedge, the best payment rail or the best speculation — what, exactly, is it for?

Retail traders who bought into the Trump-fuelled rally are now deeply underwater.

US-listed gold and gold-themed ETFs pulled in more than US$16 billion in the past three months, while spot bitcoin ETFs saw roughly US$3.3 billion in outflows.

Bitcoin’s market cap has shrunk by over US$1 trillion.

Source: Bloomberg

https://theedgemalaysia.com/node/793542

[winston]

Hedge funds that piled into US Bitcoin funds, are first to exit

A shift in price momentum is partly the reason. Bitcoin has fallen with and at times faster than, the macro risks it was meant to hedge

Aggregate Bitcoin ETF allocations, among the largest hedge fund holders, fell 28 per cent from the third to the fourth quarter of 2025.

Funds bought spot Bitcoin ETFs while shorting Chicago Mercantile Exchange futures, capturing the premium at which futures traded above spot.

Source: Bloomberg

https://www.businesstimes.com.sg/wealth ... first-exit

[winston]

JPMorgan sees crypto boost if market-structure bill passes

The Clarity Act is part of a broader push in Congress to create a comprehensive regulatory framework for digital assets

Bitcoin is in the process of bottoming. The process will take a while and will be messy. There could be lower lows.”

Source: Bloomberg

https://www.businesstimes.com.sg/compan ... ill-passes

[winston]

Bitcoin’s latest rally fails to convince nervous traders in options market

Deribit data shows the largest concentration of open interest clustering around downside protection, signaling they are betting the rebound may not last

The largest concentration of open interest – the number of outstanding contracts in the Bitcoin options market – is clustered around downside protection at US$60,000.

That signals traders are betting the recent rebound may not last.

Bitcoin has already retraced more than 50 per cent from its all-time high. At those levels, not many sellers are left.

He attributed the recent price surge to short sellers being forced to buy back their positions while sell-side liquidity was low and interest in shorts was elevated, in addition to an uptick in buying from exchange-traded funds (ETFs). It was not a return of bullish conviction.

The combination of low activity and shallow market depth has kept money on the sidelines, reinforcing thin liquidity and lower prices.

US-listed spot Bitcoin ETFs have attracted more than US$900 million in inflows so far in March.

Source: Bloomberg

https://www.businesstimes.com.sg/intern ... ons-market

[behappyalways]

The 20 millionth Bitcoin was mined yesterday. This means that 95% of all Bitcoin that will ever exist is now in circulation, and it will take 114 years to mine the remaining 5%. No other asset on earth works like this.
https://x.com/jameslavish/status/2031379276940062740

[behappyalways]

Circle Plunges Most Ever On Stablecoin Legislation, As Tether Prepares Full Audit
https://www.zerohedge.com/markets/circl ... full-audit

[behappyalways]

Today, they released groundbreaking progress towards breaking crypto using a quantum computer.
https://x.com/projecteleven/status/2038807049262264502


Google's New Quantum Research Reignites Push To Harden Bitcoin
https://www.zerohedge.com/crypto/google ... en-bitcoin