If you want a quick update on today’s crypto movements, here are the key developments shaping Bitcoin price action, blockchain trends, DeFi activity, NFTs, Web3 and the latest in global crypto regulation.
Bitcoin ETF Investors Slip Into Losses as BTC Drops Below $89,600
A sharp pullback in Bitcoin has pushed the average U.S. spot Bitcoin ETF investor into negative territory for the first time since the ETFs launched. According to Glassnode analyst Sean Rose, the flow-weighted cost basis across all U.S. Bitcoin ETFs is around $89,600 — a level Bitcoin fell below on Tuesday. Some early investors who bought between $40,000 and $70,000 still remain profitable.
Vincent Liu, CIO at Kronos Research, said most ETF investors are long-term holders and will not exit quickly. He added that in the current risk-off environment, liquidity conditions and macro trends remain the biggest drivers. Tight markets can amplify downside pressure, while signs of easing can support recovery.
Bitcoin is trading near $89,500. U.S. spot Bitcoin ETFs recorded another day of heavy outflows on Monday, with a combined $254.6 million in withdrawals, according to Farside Investors.
Bitcoin Falls Below $90K as BitMine and Bitwise Executives Predict a Bottom
Bitcoin briefly traded below $90,000 this week — its lowest level in seven months — prompting several industry leaders to suggest that a bottom may be close. BitMine chairman Tom Lee and Bitwise CIO Matt Hougan told CNBC that the October liquidation event and uncertainty around potential Federal Reserve rate cuts continue to weigh on sentiment.
Lee said signs of “exhaustion” in the market suggest a bottom could form this week. Hougan agreed, calling the current price zone a “generational opportunity” for long-term investors. Bitcoin last traded below $90,000 in April, according to CoinGecko.
Industry executives also attributed recent weakness to ETF outflows, large-scale selling by long-term holders, and rising geopolitical tensions.
Republic Technologies Raises $100 Million to Build Ether Treasury
Republic Technologies, formerly Beyond Medical Technologies, has secured a $100 million convertible note facility to build a significant Ether treasury. The financing carries a 0% interest rate, no ongoing payments, and no collateral requirements if Ether’s price declines. The company highlighted that the structure limits dilution, contrasting it with BitMine Immersion’s recent $365 million raise, which included warrant coverage and higher dilution.
Republic plans to use the funds to grow its Ether holdings, joining more than a dozen publicly traded companies with similar strategies.
