Market Overview
Bitcoin touched the sun (hitting a two-month high near $97k) and immediately got slapped back down. Classic. The total crypto market cap shed about $66.19B (-2%) overnight, landing at $3.25 trillion.
On the surface? Looks like a rejection. Dig deeper? It's a liquidity transfer.
While price action looks weak, the plumbing tells a different story. Spot Bitcoin ETFs saw their best inflows since October. over $1.7 billion in 72 hours. Dartmouth College just disclosed a $10M position. Russia is drafting bills to legalize crypto for everyone. The money is moving in, even if the candles are temporarily red.
Bitcoin & Majors
Bitcoin ($BTC) is trading heavy at -1.49%. We are seeing resistance from supply concentrated above the $80k mark (per Glassnode data). It's frustrating for leverage traders, but spot buyers are clearly unfazed.
Ethereum ($ETH) dipped 1.27%. Staking just hit a record 30% of total supply, yet price action remains lethargic. The "Fusaka" upgrade is drawing criticism for not solving immediate scaling issues fast enough. Typical Ethereum — improving the tech while the price naps.
Tron ($TRX) is the annoying overachiever today, up 2.13%. Why? MetaMask finally added support. It only took them forever. Traders are eyeing a breakout to $0.32.
Outliers & The ugly
Some serious pain in specific sectors today.
- $KAITO (-20%): Elon Musk pulled the plug. X (Twitter) banned API access for "InfoFi" apps to stop spam. If your entire protocol relies on another company's API key, you don't have a decentralized business — you have a feature. Market punished this instantly.
- $IP (Story) (-27.45%): The biggest loser on the board. No clear news catalyst often implies a large holder exit or a repricing of recent hype.
- $SUI (Sui Network): Went dark for six hours. "Solana Killer"? Maybe. But you can't kill anything if you aren't online. Service is restored, but trust takes longer to reboot.
On the flip side, Privacy Coins are waking up. Zcash ($ZEC) saw the SEC drop its investigation (huge regulatory win), and Monero ($XMR) is catching a bid as capital rotates into "forgotten" sectors.
Sentiment: The Divergence
Here's the thing: The Fear & Greed index is flashing "Greed," but the chart is printing red. Usually, that's a warning sign of a local top.
My Take: Ignore the daily noise. When you have Dartmouth College buying, Russia legalizing, and BlackRock scooping $1B+ in a week, a 1.5% drop is gift-wrapping. The "sell the news" reaction to the ETF inflows is short-sighted. I'm watching the $94k support level — if that holds, we rip to $100k by next week. If we lose it, we flush the leverage and try again.
Don't get shaken out by a red Thursday.
