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Bitcoin coin split in half in front of a bullish BTC candlestick price chart background, concept of Halving, an event that occurs every four years and divides miners' rewards in half. 3D rendering

What Is the Bitcoin Halving? If you’ve spent any time studying Bitcoin, you’ve heard about *the halving*. It happens roughly every four years. It’s widely anticipated. And it plays a central role in Bitcoin’s long-term monetary design. But what exactly is it — and why does it matter? Let’s break it down from first principles. Bitcoin’s Fixed Supply: 21 Million. No Exceptions. At the core of Bitcoin is a simple but powerful rule: Only 21 million BTC will ever exist. Not approximately. Not “unless policy changes.” Exactly 21 million — enforced by code and verified by a decentralized network of nodes. Unlike fiat currencies such as the United States dollar or Canadian dollar, Bitcoin’s supply cannot be expanded by central banks or governments. There is no committee that can vote to increase issuance. New bitcoin enters circulation through mining — the process by which a global network of specialized computers validates transactions and secures the blockchain. In return for performing this work, miners receive newly issued BTC as a block reward. The halving is the mechanism that reduces that reward over time. What Happens During a Halving? Approximately every 210,000 blocks (about four years), the mining reward is cut in half. Here’s the issuance history: 2009– 50 BTC per block2012 – 25 BTC2016 – 12.5 BTC2020 – 6.25 BTC2024 – 3.125 BTC The next halving is expected in 2028, when the reward will drop to roughly 1.5625 BTC per block. Each halving reduces the rate at which new supply enters the market. Over time, issuance approaches zero — until the final bitcoin is mined around the year 2140. This supply schedule was embedded into the protocol by **Satoshi Nakamoto** and has operated exactly as programmed since launch. Why the Halving Matters The halving directly impacts Bitcoin’s inflation rate. When block rewards are cut in half, the daily number of new coins entering circulation also drops by 50%. That means miners — who often sell a portion of their rewards to cover operational costs — have fewer new coins to distribute into the market. Basic supply and demand dynamics suggest that if demand remains constant or increases while new supply declines, upward price pressure can emerge over time. Historically, major bull markets have followed prior halving events, though past performance does not guarantee future results. The 2024 halving occurred during a particularly important phase: the launch of U.S. spot Bitcoin ETFs, including products such as the iShares Bitcoin Trust from BlackRock. That combination of reduced issuance and expanded institutional access marked a structural shift in demand dynamics. What Happens to Miners? As rewards shrink, mining becomes more competitive. Operators must: * Use efficient hardware* Secure low-cost energy* Optimize capital allocation* Manage treasury strategy carefully The result is industry maturation. Mining has evolved from hobbyist-level participation into a capital-intensive global infrastructure sector. One notable development: despite the 2024 reward reduction, Bitcoin’s total hashrate — the measure of computing power securing the network — reached all-time highs in 2025 and 2026. Lower issuance. Higher security. Stronger network. That dynamic reinforces long-term confidence in the protocol. Bitcoin’s Monetary Policy vs. Central Banking Central banks publish policy targets, adjust interest rates, and expand or contract balance sheets based on economic conditions. Bitcoin’s monetary policy, by contrast, is: * Transparent* Algorithmic* Non-discretionary* Enforced by decentralized consensus Its issuance schedule does not respond to recessions, elections, or political pressure. Each halving increases Bitcoin’s stock-to-flow ratio — the relationship between existing supply and new production. On that metric, Bitcoin has already surpassed gold in scarcity, and it becomes progressively harder over time. This is what credible, rule-based monetary policy looks like when implemented in software. The Bottom Line The Bitcoin halving isn’t just a technical event on a calendar. It is the mechanism that enforces long-term scarcity. Every four years: * Inflation declines* Supply issuance tightens* The network matures* The economic model proves itself again Whether you’re analyzing past cycles or preparing for 2028, the halving is central to understanding Bitcoin’s long-term value proposition. Predictable supply. No surprise dilution. No central authority. And if you choose to hold it yourself — in your own wallet — you participate directly in that system. Because in Bitcoin, ownership is simple: Not your keys, not your coins.With your keys? That’s sovereign custody.

The bitcoin halving

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A firm few retail investors recognize has suddenly become one of the most discussed names in global markets. Jane Street does not run advertising campaigns. Its leadership rarely appears in interviews. It famously avoids traditional corporate hierarchy. Yet in early 2026, it found itself at the center of lawsuits, regulatory scrutiny, and intense debate within Bitcoin markets. Here’s what’s known — and why it matters. Who Is Jane Street?Founded in New York, Jane Street is a quantitative trading powerhouse specializing in high-frequency strategies across equities, ETFs, bonds, and derivatives. The scale of its operations is enormous: $24 billion in trading revenue in the first nine months of 2025 $10.1 billion in a single quarter (April–June 2025) Roughly $2 trillion in monthly equity trading volume Approximately 41% of U.S. bond ETF trading activity By any metric, Jane Street is one of the most influential liquidity providers in modern markets. When firms of this size adjust positioning, markets notice. The Terra Luna LawsuitThe latest controversy traces back to the collapse of Terra (LUNA) in May 2022 — a collapse that erased roughly $40 billion in value and triggered cascading failures across the crypto industry. The fallout contributed to the unraveling of firms such as: Celsius Network Three Arrows Capital FTX A lawsuit filed in Manhattan federal court alleges that Jane Street acted on non-public information related to liquidity movements by Terraform Labs shortly before the collapse accelerated. According to the complaint: Terraform Labs withdrew $150 million from a major liquidity pool. Minutes later, a wallet allegedly linked to Jane Street withdrew $85 million from the same pool. The suit claims insider knowledge may have been shared through former professional connections. Jane Street has denied the allegations, calling them baseless and without merit. The case is ongoing. No court has ruled on the claims. Regulatory Action in IndiaSeparate from the Terra-related lawsuit, India’s securities regulator — Securities and Exchange Board of India (SEBI) — brought market manipulation charges against Jane Street in 2025. Regulators allege that between 2023 and 2025, the firm executed repeated index-option strategies involving the NIFTY Bank, commonly referred to as Bank Nifty. According to SEBI: Morning stock purchases allegedly pushed index levels higher. Simultaneous derivatives positions were structured to benefit from afternoon declines. Regulators estimate approximately $580 million in improper gains. Jane Street has appealed the decision and disputes the characterization of its trading activity. The firm was temporarily restricted from Indian markets pending the outcome. The “10 AM” Bitcoin PatternBeginning in late 2025, traders began noting a recurring pattern in Bitcoin price action around the U.S. equity market open (10 AM Eastern). On multiple occasions, Bitcoin experienced sharp, short-term declines at that hour before recovering later in the session. Social media labeled the phenomenon the “10 AM slam.” Speculation intensified because Jane Street is one of the Authorized Participants (APs) for BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust. Authorized Participants play a key structural role in ETF markets: They create and redeem ETF shares. They facilitate liquidity between the ETF and underlying assets. They can transact directly in large blocks. Public filings showed Jane Street holding significant IBIT exposure and expanding positions in Strategy, a firm widely known for its substantial Bitcoin treasury. Some market participants theorized that ETF mechanics could influence intraday liquidity patterns. Jane Street has denied wrongdoing, and there is no regulatory finding linking the firm to systematic Bitcoin price suppression. Notably, after news of the Terraform lawsuit surfaced in February 2026, Bitcoin posted one of its strongest daily moves in months, fueling speculation that trading flows had shifted. Correlation, however, does not establish causation. The Structural Debate Around Bitcoin ETFsThe controversy has reignited discussion about ETF market structure. When spot Bitcoin ETFs launched in January 2024, they were widely viewed as a breakthrough for institutional access. Billions of dollars flowed into products like IBIT within months. However, ETFs rely on a small group of large financial institutions to function. Authorized Participants often include major banks and trading firms such as: JPMorgan Chase Goldman Sachs Citadel Securities Virtu Financial UBS Some analysts argue that the ETF framework introduces intermediaries into a system originally designed to eliminate gatekeepers. Others counter that ETFs operate under established regulatory rules and enhance transparency by bringing Bitcoin into traditional capital markets. The key structural concern raised by critics is not necessarily explicit suppression — but opacity. Much of the arbitrage and inventory management conducted by APs occurs out of public view, making intent difficult to assess. The Bigger Picture for BitcoinWhile controversy surrounds specific trading firms, broader adoption trends continue: Public companies continue accumulating Bitcoin reserves. Institutional flows remain significant. Sovereign-level interest persists. For example, Strategy (formerly MicroStrategy) added another $39 million in Bitcoin during early 2026. The long-term investment thesis for Bitcoin — decentralized supply, predictable issuance, and sovereign self-custody — remains independent of any single intermediary or ETF structure. What Comes Next?Several parallel processes are unfolding: The Terraform lawsuit is in early litigation stages. The SEBI case remains under appeal. Market participants continue analyzing ETF flow data and intraday liquidity patterns. Jane Street, historically media-averse, is now facing unprecedented public scrutiny. Whether courts or regulators ultimately confirm or dismiss the allegations, one development is clear: Bitcoin’s integration into traditional finance has introduced it to the same high-powered trading firms that dominate equities and fixed income markets. That intersection — decentralized money meeting centralized market structure — may define the next phase of Bitcoin’s evolution. The legal outcomes are still uncertain. The structural debate is just beginning.

Jane Street: Inside the Trading Giant at the Center of Crypto’s Latest Controversy

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Bitcoin may be trading 50% below its all-time highs, but adoption continues to compound beneath the surface. Price and fundamentals are often disconnected in the short term. What matters is whether network participation, infrastructure, and capital allocation are expanding. Here are eight structural adoption trends shaping the long-term trajectory of Bitcoin. 1. Institutional Accumulation Reached Record LevelsInstitutions accumulated approximately 829,000 BTC in 2025, spanning corporations, governments, funds, and exchange-traded products. This capital represents millions of individuals gaining exposure through brokerage accounts, retirement plans, sovereign wealth funds, and corporate balance sheets. Institutional demand does not eliminate individual ownership — it broadens access. Much of the 2025 sell-side liquidity came from long-term holders and early adopters distributing into a deeper market. Despite growing institutional participation, individuals still control roughly two-thirds of total supply, meaning they continue to influence marginal price discovery. If current trends persist, institutions could hold a majority share within a decade. But retail and self-custody participants remain foundational to Bitcoin’s ownership structure. 2. Investment Advisors Have Been Net Buyers for Eight Consecutive QuartersRegistered Investment Advisors (RIAs), who collectively oversee an estimated $146 trillion in assets, only began allocating meaningfully after spot ETFs launched in 2024. Even at this early stage: RIAs have added roughly $1.5 billion per quarter into Bitcoin ETFs for two years. There has not been a single net-selling quarter. 29 of the top 30 U.S. RIAs now hold exposure. The average allocation remains extremely small at just 0.008%. Adoption is broad but shallow — which implies substantial room for future expansion as allocations normalize. 3. Major U.S. Banks Are Building Bitcoin ProductsRoughly 60% of top U.S. banks are developing custody or Bitcoin-related financial products. A clearer regulatory backdrop has enabled banks to move from observation to integration. Institutional-grade custody and banking integration significantly lower barriers for high-net-worth individuals and corporations to participate. 4. Public Company Adoption Grew 2.5× in 2025Corporate balance sheet adoption accelerated sharply in 2025. Treasury-focused firms led purchases, but accumulation is no longer limited to single-strategy companies. An increasing number of large corporations are allocating smaller, strategic portions of reserves to Bitcoin. This mirrors the early phases of gold treasury adoption in prior decades. Should this trend expand across major indices like the S&amp;P 500, even modest allocations would represent substantial structural demand. 5. Merchant Adoption Increased 74%Bitcoin payments adoption grew 74% globally in 2025, with the number of U.S. businesses accepting BTC roughly tripling. Brands such as Steak 'n Shake have demonstrated that Bitcoin can reduce payment processing costs and improve margins. Much of this growth is occurring among small and privately held businesses that do not publicly disclose their strategies. Payment adoption tends to be bottom-up before it becomes headline-driven. 6. The Lightning Network Expanded RapidlyThe Lightning Network saw estimated growth of 300% in 2025, with monthly transaction volume surpassing $1.1 billion. This expansion is largely organic, driven by exchanges, merchants, and payment processors integrating faster, lower-cost Bitcoin settlement. Layer-2 scaling growth reflects real-world usage, not speculative trading activity — a key distinction for long-term network health. 7. Nation-State Ownership Continued to GrowFive additional nation-states accumulated Bitcoin in 2025 through mining, direct purchases, ETFs, donations, seizures, and other state-linked strategies. New sovereign participants included investment entities tied to Luxembourg and Saudi Arabia, along with central bank-level exposure in the Czech Republic. It has now been four years since any country enacted a full ban, with Afghanistan in 2022 being the most recent example. Policy posture has shifted from prohibition to strategic engagement. 8. Volatility Continues to DeclineBitcoin’s long-term volatility trend has steadily declined over the past decade, increasingly resembling mature asset classes such as Gold and the S&amp;P 500. Lower volatility reduces barriers for conservative capital pools including pensions, insurance funds, and institutional allocators. The most recent cycle demonstrated this shift clearly: more capital flowed into Bitcoin over a three-year period than in all prior history combined. Looking Ahead to 2026 and BeyondShort-term price performance often obscures structural progress. The current phase of adoption is not speculative mania — it is institutional integration, sovereign positioning, payment infrastructure growth, and treasury diversification. That type of adoption rarely produces overnight price multiples. Instead, it builds durable foundations: Deeper liquidity Broader ownership distribution Stronger regulatory clarity More resilient infrastructure Each year, participation expands across individuals, businesses, institutions, and governments. Trust compounds through usage, custody improvements, and financial integration. Market cycles will continue. Volatility will remain part of the journey. But the data suggests something important: There may be bear markets in price.There is no bear market in Bitcoin adoption.<figure id="figure-mnfjmiva1mmm35gjw9"><img id="mnfjmiva1mmm35gjw9" src="https://cdn.durable.co/blocks/2a8DVQ8o7WuHdopYuJW2m8trjrfMMJqywwLX8Pyqva6Pgdm2zlWHipYnXPXmJSFW.jpg" alt="" title="" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure>

There Is No Bear Market in Bitcoin Adoption

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A First-Principles Examination of Every Major Asset ClassThere’s a question that rarely gets asked seriously when someone says they’re “taking profits” on Bitcoin: Sell it for what? Not when to sell. Not a short-term price target.The deeper question is: what asset has better long-term monetary properties? If you exchange Bitcoin for something else, what are you actually upgrading into? Let’s walk through every major asset class from first principles. Bitcoin Is Competing With the Entire Global Balance SheetBitcoin is not competing with a single industry. It is competing in the global market for stored value — a balance sheet estimated at roughly $900 trillion across real estate, equities, bonds, gold, and fiat. Bitcoin’s market cap remains a small fraction of global wealth. That only matters if it offers superior properties as a monetary asset. So let’s compare. Stocks: Conditional Ownership in a Layered SystemWhen investors buy shares through a brokerage account, they are typically beneficial owners — not direct registered owners. In the United States, most public equities are legally held in the name of Cede &amp; Co., the nominee partnership of the Depository Trust Company. Investors hold claims through intermediaries. Equities also carry: Dilution risk Corporate governance risk Regulatory risk Exchange trading hours and halts Counterparty exposure Markets can suspend trading. Brokers can restrict buying. Corporate management can misallocate capital. Stocks are productive assets, but they are not bearer instruments. They exist within layered institutional frameworks. Bitcoin, by contrast, can be self-custodied directly — no intermediary required. Gold: Historical Money With Structural LimitsGold has served as a store of value for millennia. It is scarce, durable, and globally recognized. But it has limitations: Physical storage and transport costs Custodial risk when stored with third parties Confiscation precedent (e.g., Franklin D. Roosevelt’s 1933 Executive Order 6102) Annual supply expansion through mining Gold’s supply grows roughly 1–2% per year. Bitcoin’s supply is programmatically fixed at 21 million coins and decreases in issuance every four years through halvings. Gold requires physical settlement. Bitcoin settles digitally across borders in minutes. Gold remains a strong monetary asset — but it is not digitally native, nor absolutely scarce. Real Estate: Illiquid and Policy-DependentGlobal real estate is the largest asset class in the world. It provides shelter, utility, and rental income. However: It is immobile It carries ongoing tax obligations It is subject to zoning laws and eminent domain It requires significant maintenance It can take months to sell Property rights ultimately rely on state enforcement. Bitcoin, in contrast, can be transported across borders with a memorized seed phrase and does not incur annual property taxes or maintenance costs. Real estate provides utility — but it is not portable sovereign wealth. Bonds: Counterparty Risk in “Safe” AssetsThe global bond market exceeds $100 trillion. Bonds are traditionally viewed as low-risk allocations. Yet they depend entirely on borrower solvency. Governments can inflate away obligations. Sovereign defaults are historically common. Duration risk can significantly impact long-term bonds, as seen during the sharp bond repricing in 2022. Bonds provide yield — but they are promises, not bearer assets. Bitcoin requires no issuer and no repayment guarantee. It is final settlement. Fiat Currency: Designed to InflateModern fiat currencies are elastic supply systems managed by central banks. Inflation targets of 2% annually imply long-term purchasing power erosion by design. Over extended periods, major currencies have lost substantial value relative to hard assets. Fiat also carries: Counterparty risk in the banking system Capital controls Freezing or seizure potential Political risk Bitcoin operates without a central authority, supply committee, or monetary policy discretion. Why Bitcoin Is Structurally DifferentBitcoin combines several properties that historically have not existed together: Absolute scarcity (21 million cap enforced by distributed consensus) Self-custody capability (private keys grant direct ownership) Permissionless settlement (no central approval required) Portability (cross-border in minutes) Divisibility (100 million satoshis per coin) Censorship resistance Its rules are enforced by cryptography and decentralized nodes — not by executives, governments, or boards. Even during major internal conflicts — such as the 2017 block size debate — the network demonstrated that no single participant group could unilaterally change its core monetary policy. Adoption SignalsBitcoin is increasingly integrated into global financial systems: Nation-states such as El Salvador hold Bitcoin as reserves. Public companies, including Strategy, hold substantial Bitcoin treasuries. Institutional investment products from firms like BlackRock have accumulated significant assets. Bitcoin is no longer fringe infrastructure. It is becoming embedded within the global capital stack. The Core Distinction: Trust vs. VerificationEvery traditional asset requires some layer of institutional trust: Trust in management Trust in governments Trust in custodians Trust in counterparties Bitcoin minimizes trust assumptions. Ownership is cryptographically verifiable. Monetary policy is algorithmically enforced. It replaces discretionary governance with rule-based consensus. So… Sell for What?Selling Bitcoin means reallocating into an asset with: Greater supply flexibility Greater custodial dependency Greater counterparty exposure Greater policy vulnerability That does not mean Bitcoin is without volatility or risk. It remains a young asset relative to centuries-old systems. But from a first-principles monetary perspective, it uniquely combines scarcity, portability, and sovereign ownership in digital form. The relevant question is not merely “When should I sell?”It is: What asset has superior monetary properties over the long term? Every investor must answer that independently. But the comparison is worth running carefully — from fundamentals, not headlines. Study Bitcoin.

Sell Bitcoin for What ???

Over the past several years, one of the most important macro shifts in global markets happened quietly: central banks steadily accumulated gold. Not through ETFs or retail demand — but through sovereign reserve strategy. Beginning around 2022, nation-states sharply increased net gold purchases, exceeding 1,000 tonnes annually in peak years. This wasn’t speculative positioning. It was strategic diversification — reducing exposure to fiat debasement, sanctions risk, and dollar dependency. Price followed later. Gold eventually surged to record highs above $5,000 per ounce in this cycle. The buying came first. The market repriced afterward. A classic lagged signal. Now, a similar dynamic may be unfolding in Bitcoin — this time visible in real time through network data. A V-Shaped Hashrate RecoveryIn early 2026, Bitcoin’s network hashrate staged a textbook V-shaped recovery. After declining 15–20% from its peak due to winter curtailments in North America, regional shutdowns, and post-halving margin pressure, total computational power rebounded sharply. Hashrate climbed from below 900 EH/s to above 1 zettahash per second (ZH/s). Mining difficulty followed with one of the largest absolute increases on record — nearly 15%. This type of recovery is not random volatility. It reflects renewed, deliberate capital deployment. The Rise of Sovereign MiningAt least 13 nation-states are now involved in Bitcoin mining at either the governmental or state-linked level. Examples include: Bhutan converting surplus hydropower into Bitcoin reserves reportedly approaching 40% of GDP United Arab Emirates-linked operations expanding mining exposure through state-affiliated entities El Salvador leveraging geothermal energy for mining infrastructure Russia, Iran, and Ethiopia deploying domestic energy resources into mining initiatives These operations are structurally different from private-sector mining firms. They are not chasing short-term hashprice. They are monetizing stranded or strategic energy, strengthening network participation, and accumulating a censorship-resistant reserve asset. Governments mine for policy reasons: Revenue without expanding local money supply Direct participation in network security Strategic positioning in a multipolar monetary system Reduced reliance on foreign-controlled financial rails The Gold ParallelThe analogy to central bank gold accumulation is direct. Sovereign gold buying absorbed physical supply quietly for years before price fully reflected the demand shift. Sovereign Bitcoin mining absorbs newly issued supply directly into state-controlled balance sheets. Unlike leveraged miners, sovereign operators are not forced sellers during drawdowns. Their time horizon is generational, not quarterly. As a result: Sell-side pressure from new issuance declines Network security strengthens Market structure becomes more resilient The hashrate recovery is therefore not merely a technical metric. It may be a structural signal. Why Hashrate Is a Lagged IndicatorEstablishing sovereign mining capacity requires: Hardware fleet deployment Long-term power contracts Infrastructure investment Regulatory approval Policy alignment These decisions are not reactive to short-term price moves. Governments allocate capital during periods of consolidation or perceived undervaluation — precisely when retail sentiment is weakest. Private miners follow profitability. Sovereigns move strategically. That distinction matters. Network Strength and Supply DynamicsBitcoin increasingly exhibits a dual character: High-beta risk asset in the short term Emerging digital reserve asset in the long term Sovereign mining accelerates the transition toward the latter. As hashrate expands: Network security improves Attack costs rise Institutional validation increases Supply entering exchanges potentially tightens Meanwhile, macro backdrops — fiscal expansion, currency competition, and de-dollarization trends — remain intact. The structural foundation strengthens even when price action appears corrective. A Signal the Market May Be UndervaluingThose who dismissed early sovereign gold accumulation missed one of the clearest multi-year rallies in modern markets. Today, Bitcoin’s hashrate recovery may be sending a comparable message. This is not merely a rebound in mining activity. It represents governments allocating energy infrastructure and capital into a permissionless monetary network. The signal is internal. Structural. Strategic. Price often lags structural shifts. Bitcoin’s network is strengthening from the inside out. If historical parallels hold, market valuation may eventually adjust to reflect that reality. For long-term allocators, the signal is visible — not in headlines, but in the hashrate.

Sovereign Signals: Why Bitcoin’s Hashrate Recovery May Be Signaling the Next Rally

Bitcoin tumbled more than 5% on Sunday evening, plunging below the $65,000 level in a sharp two-hour selloff that intensified an ongoing six-week downturn. The asset was trading near $64,500 at the time of writing, down approximately $3,500 over the past 24 hours. The move followed a breakdown from the $67,000 range, where price had been consolidating in relatively tight conditions before accelerating lower into thin weekend liquidity. Historic Technical Weakness The latest decline marks a series of unprecedented technical developments: * Six consecutive negative weekly closes — the first in Bitcoin’s history* Six straight closes below the 100-week moving average* Three consecutive weekly closes beneath the 2021 cycle high Earlier in the week, Bitcoin rebounded from the $60,000 level but failed to break resistance near $71,800. Price then slid toward support around $65,650 before closing near $67,000 — only to collapse lower days later. According to data from Bitcoin Magazine Pro, trading activity surged during the drop, signaling active distribution rather than passive selling. Whales Dominate Exchange Inflows On-chain metrics from CryptoQuant show that large holders are driving the majority of exchange deposits. Key data points include: * Exchange whale ratio rising to 0.64 — the highest level since 2015* Average deposit size increasing to 1.58 BTC — the highest since June 2022* Seven-day average inflows sitting near 23,000 BTC While total inflows are down roughly 60% from early February’s spike, exchange activity remains elevated. The data suggests whales are leading selling activity, adding pressure to an already fragile market structure. When large holders move coins onto exchanges, it often signals intent to sell, increasing short-term volatility risk. Bears Remain in Control Market structure continues to favor sellers. Buyers have shown limited follow-through, and attempts to reclaim higher resistance levels have failed. The loss of $65,000 weakens short-term momentum and raises the possibility of further downside if support does not stabilize quickly. Institutional Accumulation Continues Despite Slump Despite price weakness, several major institutions continue building exposure. Mubadala Investment Company increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) to 12.7 million shares worth roughly $630 million as of December 31 — a 46% increase from the prior quarter. Al Warda Investments also boosted its IBIT holdings to 8.22 million shares. Combined, the two Abu Dhabi funds held more than 20 million IBIT shares valued at over $1.1 billion at year-end 2025. Meanwhile, Strategy purchased an additional 2,486 BTC for $168.4 million last week, bringing total holdings to 717,131 BTC. Executive Chairman Michael Saylor hinted that the company could complete its 100th Bitcoin purchase this week, extending a 13-week accumulation streak — despite reporting an estimated $5.8 billion unrealized loss. Market Outlook Short-term price action remains under pressure as whale distribution and technical weakness weigh on sentiment. However, continued institutional accumulation suggests that long-term conviction among large players remains intact. The coming sessions will determine whether Bitcoin can stabilize above key support levels — or if the six-week slump extends further into deeper corrective territory.

Bitcoin Price Crashes Below $65,000 After 5% Two-Hour Selloff

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The bitcoin halving

Jane Street: Inside the Trading Giant at the Center of Cr...

There Is No Bear Market in Bitcoin Adoption

Sell Bitcoin for What ???

Sovereign Signals: Why Bitcoin’s Hashrate Recovery May Be...

Bitcoin Price Crashes Below $65,000 After 5% Two-Hour Sel...