Market Overview
SpaceX drops $750M into Bitcoin. Colombia's pension giants want in. Trump talks legalization at Davos. And the price? It tanked.
BTC slid under $88,000, dragging the entire market down with it. Why? Because the market doesn't care about your long-term thesis when leverage is piled up to the ceiling. We saw over $320M in long liquidations in just four hours. Ouch.
The catalyst wasn't just technical — it was physical. A massive storm knocked out 60% of Foundry USA's hashrate. The network slowed down, fear spiked, and weak hands folded. It's a classic disconnect: fundamentals are screaming "buy," but the charts are screaming "pain."
Bitcoin & Majors
Bitcoin is trading heavy. We lost the $89k support and wicked down to $87k. The narrative battle is intense right now.
On one side, you have Michael Saylor hinting at "Unstoppable Orange" buys and SpaceX bridging the gap between Silicon Valley and sound money. On the other, you have GameStop moving their entire BTC treasury to Coinbase Prime. Retail saw that transfer and panicked, assuming a dump was imminent.
Ethereum remains the quiet workhorse. $28B in active loans on-chain — it's dominating DeFi lending by a mile. But price action? Lethargic.
Then there's Solana. Staking just hit a new ATH of 70%. Holders aren't selling, they're locking up. Yet, we saw suspicious USDT volume spikes on Binance. Someone is churning, likely fighting the tape.
Outliers
Some assets moved weirdly today. Not normal volatility.
- $LINK (-11% in 13 mins): Someone wanted out. Fast. Over 1.26M USDT was market-sold in under a quarter of an hour. That’s not retail — that’s a fund exiting or a liquidation cascade.
- $XTZ (Tezos): The "Tallinn" upgrade is live, cutting block times to 6 seconds. Did the price care? Barely. Tech upgrades in a macro flush usually get ignored until the dust settles.
- $BNB: Grayscale filed for a BNB ETF. In a bull market, this sends the coin to the moon. Today, it barely helped hold the $890 level.
Sentiment
Short-term? Ugly. The "consecutive red days" trend is real, and the "Greenland tariff" headlines are spooking algos.
But look at the data. China is quietly nearing the US in Bitcoin holdings despite their ban. Pension funds are launching products. This is a leverage flush, not a fundamental breakdown. The weak hands are selling to SpaceX. Think about that.
