Из жизни альткоинов

Компания Tether заморозила около 3.3 млрд USDT на 7268 адресах с 2023 по 2025 год. За тот же период компания-конкурент Circle заблокировала 109 млн USDC на 372 адресах, сообщили специалисты платформы AMLBot.

Неизвестные хакеры получили несанкционированный доступ к аккаунтам пользователей блокчейн-платформы предсказаний Polymarket и похитили средства. Платформа пообещала выплатить пострадавшим компенсации.

Эксперты платформы Santiment заявили, что вокруг компании Strategy сформировался рекордный уровень страха, который нужно рассматривать как скрытый бычий сигнал для первой криптовалюты.

Крупнейшая в мире криптобиржа Binance стала первой централизованной площадкой, которая добавила в листинг национальный стейблкоин Кыргызстана KGST, привязанный к кыргызскому сому в соотношении 1:1.

Сбербанк рассматривает возможность предоставления кредитов под залог цифровых активов, сообщил зампред правления финучреждения Анатолий Попов.

В уходящем году в криптоиндустрии было заключено рекордное число сделок на общую сумму $8,6 млрд, сообщили опрошенные изданием Financial Times аналитики.

С адресов, связанных с сооснователем рухнувших криптобирж BTC-e и Wex Алексеем Ивановым-Билюченко, 1300 биткоинов были переведены на неизвестные площадки. Об этом сообщил аналитик Arkham Intelligence Эммет Галлик (Emmett Gallic).

Устойчивый отток капитала из криптовалютных биржевых фондов (ETF) вызван тем, что институциональные инвесторы покидают рынок, заявили эксперты ончейн-платформы Glassnode.

Mt. Gox-linked bitcoin tied to Aleksey Bilyuchenko is continuing to filter onto exchanges, extending a slow, closely watched stream of legacy supply that on-chain analysts have been flagging since the fall.

Mt. Gox Hacker Unloads More Bitcoin

Arkham analyst Emmett Gallic said entities related to Aleksey Bilyuchenko deposited another 1,300 BTC, about $114 million, into unknown exchanges over the past seven days. The wallets still hold roughly 4,100 BTC (around $360 million), and have sold a total of 2,300 BTC.

Gallic wrote via X on Dec. 23: “The entity related to Aleksey Bilyuchenko has deposited another 1.3K BTC ($114M) to the unknown exchanges in the past 7 days. They still hold 4.1K BTC ($360M). They have sold a total of 2.3K BTC.”

Bilyuchenko has been charged by the US Department of Justice in connection with the Mt. Gox hack.

The Dec. 23 deposits build on earlier posts in which Gallic described a methodical unwind rather than a one-off dump. On Nov. 9, he said bitcoins “once belonging to BTC-E cofounder Aleksey Bilyuchenko are slowly being sold off through unknown exchanges,” citing 110 BTC deposited over two days.

That Nov. 9 note also emphasized uncertainty around who is actually controlling the funds. “Unclear if he’s still jailed in Russia or in control of these funds, but Moscow courts have seized most of his other assets,” Gallic wrote.

The repeated use of “unknown exchanges” suggests the destination clusters are not cleanly attributable to major, labeled venues in the datasets Gallic is using. For market participants, that makes the flow harder to handicap: deposits can signal intent to sell, but the execution path is less transparent than transfers into well-known exchange wallets.

In an Oct. 17 post, Gallic went further, alleging that “almost 8K BTC … related to the WEX/BTCE case are controlled by Russian authorities,” including “the 6.5K BTC that moved earlier today.” He attributed that control to a specific unit—“3rd department of the 2nd service of the CSS of the FSB”—and linked to a Russian-language investigative article.

Who Is Bilyuchenko?

In Russia, Bilyuchenko has faced a separate WEX-related criminal case that has already produced a conviction. On March 18, 2024, the Moscow City Court upheld an earlier guilty verdict against Alexey Bilyuchenko, described in local reporting as a system administrator of the WEX exchange.

Bilyuchenko was accused of embezzling 3.1 billion rubles in WEX assets; the Meshchansky District Court sentenced him in September 2023 to 3.5 years in prison and a 500,000-ruble fine, and the appeal court left that decision in place, bringing the verdict into legal force.

In the United States, the posture is different: prosecutors have unsealed charges. The case is still ongoing. In June 2023, the Department of Justice announced the unsealing of charges against Bilyuchenko and Aleksandr Verner in the Southern District of New York, accusing them of conspiring to launder approximately 647,000 bitcoin tied to the 2011 Mt. Gox hack. The SDNY indictment charges both men with conspiracy to commit money laundering, carrying a maximum potential penalty of 20 years in prison.

Separately, Bilyuchenko is charged in the Northern District of California with conspiracy to commit money laundering and operating an unlicensed money services business, tied to allegations that he worked with Alexander Vinnik and others to operate BTC-e from 2011 until it was shut down in July 2017. DOJ listed a maximum potential penalty of 25 years on those NDCA charges.

At press time, BTC traded at $87,756.

Инвестор, ветеран криптоиндустрии и генеральный директор 10T Holdings Дэн Тапиеро (Dan Tapiero) считает, что говорить об окончании цикла роста биткоина преждевременно ― наоборот, рынок находится лишь в его середине.

Крупные майнинговые компании перепрофилируют свои дата-центры под задачи искусственного интеллекта (ИИ), ввиду снижения доходов от добычи первой криптовалюты,  заявили аналитики The Wall Street Journal (WSJ).

On-chain data shows newbie Bitcoin whales have seen their loss-taking flatten recently, a potential sign that their capitulation has paused.

Bitcoin Whale Selling Has Returned To Neutral Recently

In a new post on X, on-chain analytics firm CryptoQuant has talked about how the behavior of the Bitcoin whales has changed recently. “Whales” refer to the BTC investors who are carrying more than 1,000 tokens of the cryptocurrency in their wallet balance.

At the current exchange rate, the cutoff for the cohort converts to $86.7 million, which is quite significant. The large size of their holdings can make these investors carry some degree of influence in the market.

As such, the behavior of the whales can be worth keeping an eye on. There are many ways to track whale behavior, with one such being through the Realized Profit/Loss indicator.

This metric measures, as its name implies, the net amount of profit or loss that the members of the group as a whole are realizing through their transactions. A positive value indicates profit-taking is dominant, while a negative one suggests realized losses outweigh profits.

Whales can be divided into two subgroups, called the short-term holder (STH) or New Whales and long-term holder (LTH) or Old Whales. The former group includes the whale investors who purchased their coins within the past 155 days, while the latter is made up of the whales who have been holding for longer than this period.

Now, here is the chart shared by CryptoQuant that shows the trend in the Bitcoin Realized Profit/Loss for New and Old Whales over the last few months:

As displayed in the above graph, the Bitcoin Realized Profit/Loss has mostly been inside the loss territory for the whales since the cryptocurrency’s price witnessed a bearish shift in October.

New Whales in particular have been responsible for the majority of the loss realization, with one loss-taking spike even crossing the $600 million mark. “Realized losses from new whales significantly impacted the price drop from $124K to $84K,” noted the analytics firm.

From the chart, it’s visible that loss realization from these humongous Bitcoin investors has seen a decline recently as BTC’s bearish momentum has subsided and its price has settled into a phase of consolidation.

During the past week, the Realized Profit/Loss has even minimized to a neutral level for both New and Old Whales, implying the largest of hands in the market have only been shifting coins close to cost basis.

Whether this suggests that the phase of whale capitulation is over only remains to be seen, but for now, these investors have indeed hit the pause button.

BTC Price

Bitcoin started the week with a recovery surge above $90,000, but the asset has quickly gone downhill as it’s back at $87,000.

An interesting round of institutional repositioning played out across crypto investment products last week, as nearly $1 billion exited the market following several weeks of steady inflows. 

The latest Digital Asset Fund Flows Weekly Report from CoinShares shows that the pullback was not evenly distributed. Capital rotated away from Bitcoin and Ethereum, while select altcoins like XRP and Solana continued to attract interest and inflows among institutional investors.

US-Led Outflows As Regulatory Delays Weigh On Sentiment

The report shows that digital asset investment products recorded $952 million in net outflows last week, which is the first negative week of trading after three weeks of consecutive inflows. CoinShares attributed the shift largely to delays surrounding the US Clarity Act.

Therefore, the outflows were overwhelmingly concentrated geographically in the United States, which accounted for $990 million in withdrawals during the week. As it stands, these products are on track to end 2025 with lower net inflows compared to 2024, with total assets under management standing at $46.7 billion compared with $48.7 billion in 2024. 

Investor sentiment outside the US was much more resilient than expected. However, the heavy US selling was only partially offset by inflows from other regions, most notably Canada and Germany. Particularly, Canadian-listed products saw inflows of $15.6 million for the week, while crypto products based in Germany added about $46.2 million during the week.

Capital Rotates From Bitcoin And Ethereum To XRP And Solana

At the asset level, Ethereum experienced the largest outflows, with $555 million leaving ETH-based investment products. This deviates from the trend of Bitcoin leading inflows and outflows every week. Most of the Ethereum fund outflows were from US-based Spot Ethereum ETFs, which witnessed net outflows every day of the week last week.

CoinShares noted that the Ethereum outflows are because it is currently sensitive to regulatory developments, given it has the most to gain or lose if the Clarity Act is passed into law. Even so, Ethereum’s year-to-date inflows are at $12.7 billion, well above the $5.3 billion recorded throughout last year.

Bitcoin followed closely behind, posting $460 million in weekly outflows. Although Bitcoin is still leading the market in cumulative inflows for the year at roughly $27.2 billion, this figure is significantly below the $41.6 billion seen in 2024.

Despite the broader risk-off tone set by Bitcoin and Ethereum, Solana and XRP attracted notable inflows last week, and this supports the idea of ongoing selective institutional support. In terms of numbers Solana recorded $48.5 million in inflows last week, while XRP led the altcoin pack with $62.9 million. Spot XRP ETFs, for one, are yet to register a day of net outflows since their launch in the United States

Taken together, the data from CoinShares’ latest report points to a market that is not abandoning crypto entirely but reevaluating allocations while waiting for clearer regulatory signals, particularly from the United States.

Market expert Mr. Crypto Whale on the social media platform X (formerly Twitter) has attributed the recent Bitcoin price drop—falling below the $90,000 mark—to key developments in China. According to this analyst, the situation has been set in motion by renewed restrictions on domestic Bitcoin mining.

China’s Crackdown On Bitcoin Mining

Specifically, it was reported that China has intensified its crackdown on mining activities, particularly in the Xinjiang region, where a large segment of operations was halted in December. 

The expert noted that this abrupt closure led to around 400,000 miners being taken offline in a very short time, reflecting a significant shake-up in the network’s mining capacity.

The ramifications of this disappearance of miners are already evident in the data; the Bitcoin network’s hashrate has dropped by approximately 8%. 

Notably, when miners are suddenly forced offline, the immediate consequences can be severe. Revenue comes to a halt, and the costs associated with relocating operations can result in cash flow pressures. As a result, some miners are compelled to liquidate BTC holdings, contributing to sell pressure in the market.

Despite these current challenges, Mr. Crypto Whale suggests that this should not be viewed as a long-term bearish signal for Bitcoin. The expert believes that this is temporary supply shock driven by policy changes rather than a decrease in demand for the cryptocurrency.

Potential 60% Drop Ahead

Historical patterns indicate a cyclical nature to these events: after China enacts mining crackdowns, miners are forced to shut down, the hashrate takes a hit, and Bitcoin’s price experiences volatility. However, the network typically adjusts, allowing Bitcoin to recover.

In the short term, increased volatility can be anticipated. However, Mr. Crypto Whale asserts that in the long term, the fundamentals for the Bitcoin price remain intact. 

Technical analysis conducted by noted analyst Ali Martinez underscores the immediate focus for investors, particularly regarding the critical price level of $86,738, deemed essential to prevent a new crash. 

Martinez notes that historically, each time Bitcoin has fallen below the 50-week simple moving average (SMA), it has dropped, on average, by 60%. 

Currently, Bitcoin is trading just above that crucial threshold at $87,930. If this level is breached, Martinez’s analysis warns that the price could plummet to as low as $40,000.

Featured image from DALL-E, chart from TradingView.com 

Ethereum is struggling to reclaim higher price levels as persistent resistance continues to cap upside momentum. After repeated failed recovery attempts, ETH remains locked in a fragile structure that reflects broader uncertainty across the crypto market. While analyst opinions remain divided on the near-term outlook, a growing majority are increasingly vocal about the risk of a broader bear market emerging in 2026, citing weakening momentum, deteriorating sentiment, and fading liquidity as key warning signs.

Against this uneasy backdrop, on-chain activity has drawn renewed attention. Data tracked by Arkham shows that a high-profile Bitcoin OG — known for correctly shorting the market during the sharp sell-off on October 10 — has made a significant move involving a substantial Ethereum position. The scale and timing of this activity have not gone unnoticed, particularly given the trader’s track record and influence on market sentiment.

The transaction has fueled speculation about intent. Some market participants interpret the move as a defensive repositioning amid rising downside risk, while others view it as a calculated adjustment ahead of heightened volatility. Regardless of interpretation, large transfers from well-known entities tend to carry signaling value, especially when they occur during periods of technical fragility.

As Ethereum remains pinned below key resistance levels, the market is now watching closely to see whether this on-chain development foreshadows renewed selling pressure or signals a more complex shift in positioning. With sentiment already strained, the coming sessions may prove pivotal for Ethereum’s medium-term direction.

Ethereum Whale Transfer Sparks Positioning Speculation

On-chain data shared by Lookonchain has flagged a significant move by the so-called Bitcoin OG, a trader known for managing a massive $717 million long exposure across Bitcoin, Ethereum, and Solana. The wallet associated with this entity has deposited 100,000 ETH, worth roughly $292 million, into Binance, immediately drawing attention from both investors and analysts.

Given the size of the transfer and the trader’s prior market influence, the transaction is widely viewed as a potential signal rather than a routine activity.

Several scenarios stand out as the most plausible explanations. The most straightforward is risk management. Moving ETH onto an exchange allows the holder to reduce exposure, either by selling spot ETH or by opening hedges through derivatives to protect an existing long portfolio amid heightened volatility. Another possibility is collateral management. Large traders often transfer assets to exchanges to support margin requirements or rebalance leverage, especially during periods of declining prices.

Less bearish interpretations also remain on the table. The deposit could be part of a short-term tactical trade, enabling rapid execution without signaling an intention to fully unwind the position. In some cases, large holders move assets between custodians or exchanges for operational reasons, though the timing makes this less likely.

Ultimately, the deposit does not confirm outright selling. However, it does suggest that the trader is actively managing risk. As Ethereum remains under technical pressure, markets will be watching closely to see whether this ETH transfer precedes further distribution or proves to be a temporary adjustment within a broader long-term strategy.

Price Holds Long-Term Support

Ethereum is trading near the $2,930 level on the weekly chart, consolidating after a sharp pullback from the $4,800–$5,000 highs set earlier in the cycle. While price remains well above long-term macro support, the recent structure reflects a clear loss of momentum. ETH has transitioned from a strong impulsive advance into a corrective phase, marked by lower highs and increasing selling pressure at key resistance zones.

From a trend perspective, Ethereum is now hovering around its medium- and long-term moving averages. The loss of the faster weekly moving average signaled the start of the correction, while the price is currently testing the zone around the 200-week average, which has historically acted as a critical inflection point during major market transitions. This area is now functioning as a battleground between longer-term buyers and sellers defending prior gains.

Price behavior over recent weeks suggests indecision rather than capitulation. Large downside candles have been followed by smaller-bodied candles, indicating that aggressive selling has slowed, but buyers have yet to regain control. Volume supports this interpretation, with elevated activity during the initial sell-off and more muted participation during the consolidation.

Structurally, the $2,800–$3,000 range is pivotal. Holding this zone preserves Ethereum’s broader bullish market structure. A sustained breakdown below it would likely confirm a deeper corrective move, while stabilization could allow ETH to build a base before attempting to challenge higher resistance levels near $3,400 and $3,800.

Featured image from ChatGPT, chart from TradingView.com 

Russian stock exchanges have backed the Central Bank of Russia (CBR)’s recently shared framework to regulate cryptocurrencies, expressing their readiness to support the new rules and offer digital assets trading services next year.

Top Stock Exchanges Ready To Launch Crypto Trading

On Tuesday, local news reported that the leading stock exchanges in Russia, the Moscow Exchange (MOEX) and SPB Exchange, expressed their support of the Central Bank of Russia’s proposed regulatory framework for cryptocurrencies.

The exchanges affirmed they are prepared to launch crypto trading services under the recently unveiled framework as soon as it is enacted. In a statement, The Moscow Exchange, which is the largest exchange in Russia, backed the Central Bank’s proposals.

The platform asserted that the Russian financial market’s reliable and effective solutions will be “highly applicable” under the new framework, noting that they are “actively working on solutions to serve the cryptocurrency market and plans to launch their circulation as soon as the relevant regulations are in place.”

“In our opinion, the regulatory concept draws on the accumulated experience of conducting operations in the currency market, where the Moscow Exchange Group has accumulated expertise in trading, clearing, and settlement technologies that is unique in the international context,” the exchange reportedly said.

Meanwhile, the SPB Exchange also stated its support to the Central Bank’s efforts to create “transparent and secure conditions” for crypto trading, noting that it is prepared to participate in joint efforts to develop the relevant infrastructure within the regulated market.

“We are ready to start trading cryptocurrencies after the relevant changes are made to the legal regulation. The SPB Exchange has the appropriate technological infrastructure for trading and settlements,” the exchange’s statement read.

Russia’s New Regulatory Framework

As reported by Bitcoinist, the central bank unveiled new regulatory proposals this week that will allow retail and qualified investors to buy crypto assets through already licensed platforms in Russia.

The proposed rules, expected to take effect by July 2026, will permit non-qualified investors to purchase up to 300,000 rubles, worth around $3,800, annually in the most liquid digital assets after passing a knowledge test. Meanwhile, qualified investors will be able to purchase unlimited amounts of any cryptocurrency after passing a risk-awareness test.

The framework would also require that transactions are conducted through already licensed platforms, including exchanges, brokers, and trust managers, with additional requirements applied to custodians and exchange services.

In addition, residents will be allowed to buy crypto assets abroad and transfer their holdings through Russian licensed intermediaries, while subject to the necessary tax reporting.

Recently, Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of Russia, affirmed that the local financial market has all the necessary infrastructure to work with crypto assets.

The Deputy chairman explained that Russian financial authorities consider it “fundamentally important” to legitimize the digital assets sector and ensure that it is compliant with the law.

However, he noted that the country needs to adopt regulations quickly due to “international attention” and this process will require amendments to multiple laws, including digital financial assets, the securities market, and banking legislation.

Strategy, the business intelligence company founded by Michael Saylor, has added hundreds of millions of dollars to its balance sheet after completing a sizable stock sale, while staying on the sidelines in the Bitcoin (BTC) market. The latest disclosure shows the firm prioritizing cash generation over Bitcoin accumulation as it evaluates its next steps. This change in capital allocation comes as rumors spread that Strategy could sell a significant portion of its Bitcoin holdings. 

Strategy Prioritizes Cash Reserve Over Bitcoin Buys

Strategy has released a new financial update showing a clear shift toward US dollar accumulation, stepping back from its previous pattern of aggressive Bitcoin buys. Saylor shared the report on X this Monday, outlining the company’s most recent capital activity. The filing focuses on equity sales, Strategy’s bitcoin holdings and activity, and its cash reserves. 

During the week of December 15 to December 21, Strategy raised significant funds through its ATM equity program. The business intelligence firm did not sell any of its preferred stock offerings within this period, leaving billions of dollars in remaining issuance capacity. Notably, the filing shows that the STRK preferred stock program still holds more than $20 billion in available capacity.

 Instead of preferred shares, Strategy had tapped its common stock program. The company sold 4.5 million shares of Class A common stock, generating roughly $747.8 million in net proceeds after fees. Even after this raise, Strategy still has approximately $11.8 billion of common stock available for future issuance. 

While the business intelligence firm has increased its cash position, it paused Bitcoin purchases for the week. The filing reported that no new Bitcoin purchases were made during the week of December 15 to December 21, keeping its total holdings unchanged at 671,268 BTC. Those holdings carry an aggregate purchase cost of about $50.33 billion, with an average price near $74,972 per coin. 

Update On Strategy’s US Dollar Reserve

Strategy’s latest addition to its cash reserve this past week builds a larger cushion to cover the company’s financial obligations. The firm started the month with a reserve of $1.14 billion and increased it to approximately $2.19 billion by December 21. This growth suggests a deliberate move to secure liquidity amid ongoing market activity. 

The boost in cash comes after rumors circulated that Strategy could face pressure to meet dividend obligations on its preferred shares. Additionally, there has been speculation that the business intelligence firm may sell its over $50 billion Bitcoin holdings if the market continues to trend downward for a prolonged period. 

According to the filing, the primary purpose of the Strategy’s US dollar reserve is to cover dividend payments on preferred stock and interest payments on outstanding debt. Because the company holds a large amount of Bitcoin, selling a significant portion to fund these dividends could disrupt the market, especially during periods of volatility. This underscores the importance of maintaining a cash reserve for easy liquidity.

Bitcoin’s current pullback continues to reflect on multiple major on-chain metrics, reinforcing the volatility across the market. With selling pressure still present among retail and institutional investors, the BTC Coin Days Destroyed (CDD) metric has experienced a sharp decline to levels that could shape the market’s direction.

Major Coinbase Transfer Triggers Bitcoin CCD Drop

While ongoing volatility has increased within the broader cryptocurrency sector, the Bitcoin market appears to be entering a pivotal phase. This new phase, which goes beyond routine volatility or short-term price noise, is largely driven by the BTC Coin Days Destroyed, an indicator that simply measures the number of holding days of a UTXO before it is spent, after undergoing a notable drop.

Beneath the surface, key structural indicators point to a significant shift occurring, characterized by evolving on-chain patterns, shifting liquidity dynamics, and altered investor behavior. This is a crucial turning point in the current cycle since it has the potential to redefine the market’s next major direction.

In the report shared on X by Darkfost, a market expert and author at CryptoQuant, it shows that the drop in the BTC CDD metric emerged following a large BTC move from Coinbase over a month ago. As a result, all leverage data are now slowly returning to normal levels.

According to the expert, the most interesting aspect of the development is that this decline has reached a level well below the previous spike. In addition to the Coinbase-related action, this implies a sign of slowdown in Bitcoin long-term holders’ activity. It is worth noting that when BTC held in the long term begins to move, it is usually in preparation for a sell-off. 

Although it may sound bad, this drop in CDD is a positive signal. This is because long-term holders continue to be the biggest possible source of selling pressure as they account for the largest share of the total supply. However, a decrease in long-term holder selling pressure aids in relieving the market and may add to the formation of a bottom if this trend persists.

When Is The Time To Buy The Crypto Asset?

After weeks of waning price action, Joao Wedson, the founder of Alphractal, has offered insights into when to purchase Bitcoin using the Financial Stress Index (FSI). Historically, this key metric has acted as a reliable signal for when to buy BTC, making it one of the most closely watched indicators.

Presently, the FSI metric has flipped into a positive territory. Wedson highlighted that each time this happens, good opportunities to acquire more BTC have emerged. However, this trend has not yet unfolded.

The indicator, which uses a wide range of factors, including volatility, spreads, and risk premiums, to gauge systemic stress in international financial markets, was created by the Office of Financial Research. Wedson stated that these kinds of metrics are uncommon in the macroeconomic environment, which is characterized by substantial data delays and sluggish decision-making.

Bitcoin is struggling to regain traction below the $90,000 level as selling pressure and uncertainty continue to weigh on the market. After repeated failed attempts to reclaim higher ground, price action has turned choppy and directionless, reflecting a market increasingly driven by apathy and fear rather than conviction.

On-chain data reinforces this fragile backdrop. Analysis shared by Axel Adler shows that Bitcoin’s short-term holder Net Pressure has fallen into the bottom 5% of its historical distribution, a rare condition that signals an unusually subdued intensity of trading activity. This metric captures the balance between buying and selling from recent market participants, and its current reading points to a state of near equilibrium rather than strong directional bias.

At the same time, Bitcoin is trading below the short-term holder realized price, meaning a large share of recent buyers are sitting at or below breakeven. This dynamic typically suppresses aggressive buying while encouraging selling into rallies, as participants look to exit positions with minimal loss. The result is a market caught in balance, where upside attempts lack follow-through, and downside moves struggle to accelerate.

As Bitcoin remains pinned below $90,000, the coming weeks are likely to determine whether this rare equilibrium resolves into renewed downside or sets the foundation for a broader trend reset.

Short-Term Holder Pressure Enters Rare Neutral Zone

Recent on-chain analysis highlighted by Axel Adler points to an unusual shift in Bitcoin’s short-term holder dynamics. The chart tracks Bitcoin’s price alongside the short-term holder realized price and the Net Pressure Tilt indicator, which measures the balance between weighted selling and buying pressure from recent market participants. Positive readings reflect dominant selling pressure, while negative values signal stronger buying activity.

At present, the 24-hour moving average of Net Pressure stands at 4.79, with Bitcoin trading near $87,324. This places the indicator deep in historically rare territory. Over the past three years, the median Net Pressure value has been 73.17, a level typically associated with strong selling dominance during expansion phases. By contrast, readings below 10 have occurred in just 5.8% of all observations, underscoring how uncommon the current environment is.

Looking at recent behavior, the indicator has fluctuated between −13.30 and +16.66 over the past month. While it spent roughly 75% of that time above zero, indicating net selling pressure, the intensity has remained unusually low. This lack of force suggests neither buyers nor sellers are acting with conviction.

The market is now firmly inside the so-called neutral zone, defined by Net Pressure values between −10 and +10. Historically rare, this zone reflects a state of equilibrium where buying and selling pressures largely cancel each other out. Such conditions often precede major directional moves, making the current setup particularly important as Bitcoin searches for its next trend.

Bitcoin Holds Near $87K as Medium-Term Structure Comes Under Pressure

Bitcoin is trading near the $87,300 level on the 3-day chart, consolidating after a sharp corrective move from the $120,000–$125,000 highs recorded earlier in the cycle. While price remains well above long-term trend support, the medium-term structure has weakened notably, reflecting a shift from momentum-driven expansion to a corrective phase marked by lower highs and reduced follow-through.

Technically, Bitcoin has lost its faster-moving averages, with price now trading below the 100-day and 200-day averages on this timeframe. Both are beginning to flatten and turn lower, acting as dynamic resistance rather than support. This change signals that upside momentum has faded and that rallies are increasingly being sold into. The rejection of above $110,000 was particularly significant, as it confirmed a distribution phase rather than a simple consolidation.

From a structural standpoint, the $85,000–$88,000 zone is critical. Holding this area preserves the broader bullish market structure, anchored by the rising long-term moving average below. A decisive breakdown, however, would likely open the door to a deeper retracement toward the low $80,000s.

For Bitcoin to regain strength, price must reclaim the $95,000–$100,000 region and reestablish acceptance above its key medium-term averages.

Charles Hoskinson has explained what the Midnight Network’s launch will mean for the Cardano network. This comes as the Cardano network doubles its efforts to improve DeFi on the network and, in the process, boost ADA’s utility. 

Hoskinson Explains Midnight Will Boost Cardano’s DeFi

During a livestream, the Hoskinson rebutted speculation that Midnight would kill the Cardano ecosystem, stating that it would instead 10x DeFi on the network. He also mentioned that the Midnight network provides an incentive for users to leave other networks, such as Ethereum and Solana, and migrate to Cardano. 

The founder noted that these users can go through the Midnight network to Cardano in order to get privacy. The hype around the Midnight launch already looks to be boosting the network’s ecosystem, as DEX aggregator DEX Hunter pointed out that the DeFi volume has been exploding since the launch of the NIGHT token.

Meanwhile, Hoskinson also mentioned why investors should not sell their ADA for NIGHT tokens, describing both tokens as complementary. He further remarked that Midnight is the ‘ChatGPT of privacy’ and that it adds privacy to Cardano decentralized applications (dApps). 

The founder also asserted that these dApps will be the first to adopt privacy, enabling them to leapfrog competitors on other networks, such as Ethereum’s Uniswap. Hoskinson also does not believe Midnight will steal ADA’s TVL, as he sees the latter as one meant to provide on-chain/off-chain infrastructure for networks like Cardano. 

Hoskinson also expects Bitcoin DeFi to grow on Cardano, since they share the same UTXO system. This move could further boost ADA’s utility and lead to significant growth in the ecosystem. However, for now, the blockchain remains well behind, as DeFiLlama data show it ranks 31st in DeFi TVL. 

Big Things In Store For The Blockchain?

Cardano’s core ecosystem organizations proposed an infrastructure budget last month to advance stablecoins, custody, analytics, bridges, and pricing oracles on the network. The ecosystem already appears to be making progress, as the Midnight Foundation President, Fahmi Syed, recently revealed that a legal contract has been received for a stablecoin partner. 

This has led to speculation that it could be USDT or USDC, with these stablecoins likely to provide a significant boost to network activity. Commenting on the network’s future, stakeholder Rami recently expressed optimism, stating that the network is getting a tier-1 stablecoin in months while the DEX trading volume is “exploding.” 

He believes that trading volume will continue to grow as additional NIGHT liquidity enters the market and more trading pairs are established. Rami added that DEXs are faster than ever and that new oracle systems are coming online.

At the time of writing, the ADA price is trading at around $0.35, down over 2% in the last 24 hours, according to data from CoinMarketCap.