Crypto prices plummet
Well, crypto is dumping… BTC dropped below $95k this morning – now down nearly 25% from ATH.
Meanwhile, spot bitcoin ETFs in the U.S. saw $869.9 million in outflows yesterday, marking the second-largest drop on record. What were just recently reliable sources of support, large investment funds, ETF allocators, and corporate treasuries have stepped back from buying. Read more →
An interesting stat: At $96K, nearly 99% of investors who accumulated Bitcoin within the past 155 days are now holding at a loss (source).
Strategy Officially at a Discount
Strategy’s market-to-NAV fell below 1.0 (~0.964) for the first time since the 2023 bitcoin bear market, meaning the stock now trades under the value of its BTC. Rumors circulated online about forced sales, but Saylor was quick to shut them down on CNBC: “We are buying,” adding that investors should “zoom out” – BTC was $55k–$65k just over a year ago. Read more →
Good News
While the market looks sluggish, we’ll end the day’s news on a good note. In a true zero to one moment for central banking, the Czech National Bank has set up a $1 million test portfolio of bitcoin and dollar-backed stablecoins to gain hands-on experience and build internal processes. Gov. Aleš Michl says the project will be evaluated in 2-3 years, and no additional purchases will be made before that review. It’s tiny versus the bank’s +$100 billion balance sheet but notable as a central banking stepping in to learn by doing. Read more →
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