Volume has dropped sharply, and price is drifting lower without much resistance, which usually says more than the move itself. The trigger was familiar: a leverage flush, with over $120M in BTC longs cleared, turning a slow selloff into a faster unwind. Add in an $80M DeFi exploit, and confidence, especially around the Ethereum ecosystem, took another hit. What stands out is how selective the market has become. Capital isn’t leaving entirely; it’s just rotating, with pockets like meme and AI tokens still catching bids while majors lag. So what’s actually happening beneath the surface? Let’s dive in!
Bitcoin Miners Are in the Red
The average cost to mine one Bitcoin is $88,000. BTC is trading at $69,200. That’s a $19,000 loss per coin. Oil above $100 is driving electricity costs up across the board, and the network is already showing the strain. So what’s actually behind the drop? Read more.
Scaramucci Says the Bull Run Is Still Coming
Anthony Scaramucci still believes in the four-year cycle, and he thinks most people are reading this bear market wrong. The crash from $126,000 to below $70,000 shook consensus, but Scaramucci is pointing to a historical pattern that suggests the timing of recovery is more predictable than it seems. So when exactly does he think the rally starts? Read more.
Fidelity Wants the SEC to Move Faster on Crypto
Fidelity just sent the SEC a letter, and it’s more than a formality. The firm, which manages trillions in assets, is pushing regulators to build out a full framework for broker-dealers to offer, custody, and trade crypto on alternative trading systems. What exactly is Fidelity pushing the SEC to change about DeFi reporting rules? Read more.
Crypto Just Got Cleared as Derivatives Collateral
The CFTC published detailed guidance on using Bitcoin, Ether, and stablecoins as collateral in derivatives markets. There’s a three-month window to get in, with strict reporting requirements. After that, other cryptocurrencies can qualify too. So what’s the actual charge on your crypto collateral? Read more.
Traders Are Betting Bitcoin Goes Lower
Traders are paying record premiums to bet on Bitcoin going lower, even as the price holds around $70,000. The put/call ratio just hit its highest level since China banned mining in 2021. Put premiums are running three times higher than they were after the Terra/Luna collapse. That’s a significant level of fear priced into the market. What happened to prices the last time the market was this scared? Read more.
Will new U.S. regulations trigger institutional inflows?
TLDR: New U.S. regulations are likely to support sustained institutional inflows, but only if they land as clear, workable rules rather than backdoor restrictions.
- Regulatory direction has flipped from “enforcement first” toward clarity and bank integration, which institutions explicitly say they want.
- We already see steady spot ETF AUM growth and surveys showing most institutions plan to increase allocations under clearer rules.
- The big swing factor is how stablecoins, bank capital rules, and token classification are finalized in 2026, especially the CLARITY and GENIUS frameworks.
Disclaimer: This alpha is provided by Crypto Mx. Crypto Mx can make mistakes—please DYOR. Not financial advice. Read more.