In a significant development for the cryptocurrency market, Bitcoin (BTCUSD) experienced an 86% surge in liquidations over a 24-hour period, with more than 90% of these being long positions. This sudden spike coincided with a broader selloff in the crypto market, coupled with increasing correlations between cryptocurrencies and equities, indicating a large-scale unwinding of heavily leveraged long positions.
In regulatory news, U.S. authorities have classified Bitcoin as a non-security, paving the way for new funding avenues in the sector. This includes a startup exemption allowing firms to raise funds for up to four years, with an annual fundraising limit set at $75 million.
Michael Saylor, CEO of MicroStrategy, has signaled potential plans for a substantial acquisition of Bitcoin, speculating that the company’s holdings could grow beyond the current range of 761,000 to 768,000 BTC.
Data from Glassnode indicates that the 24-hour moving average for Net Realized Profit/Loss (NRPL) for Bitcoin surged to approximately $17 million per hour as the price began to retreat from a peak of $70,000. Notably, the on-chain metrics displayed a spike in NRPL preceding this price decline, raising questions about investor sentiment.
Currently, Bitcoin is trading around $68,584, marking a 2.4% drop over the past 24 hours, with daily trading volumes down by about 41%. Despite recent fluctuations, Bitcoin has seen a monthly gain of nearly 4.9% and reached a brief peak of $75,000.
From a technical standpoint, Bitcoin has formed a “golden cross” on its daily chart, with the 21-day moving average crossing above the 50-day moving average. Analysts suggest that without a definitive breakout, the price may remain in a range-bound state.
Additionally, the inter-exchange flow for Bitcoin has surpassed its 90-day moving average following a bearish trend since 2025, signaling increased cross-exchange transaction activity.
Anthony Scaramucci has stated that the traditional four-year cycle for Bitcoin remains intact. He anticipates a period of volatility through 2026, with a potential rally expected in the fourth quarter of that year. He also noted that the entry of institutional investments and exchange-traded funds (ETFs) has contributed to reduced market volatility.
