Overview
- Bitcoin briefly fell to about $88,400 on Friday before hovering near the high‑$80,000s to low‑$90,000s, with 24‑hour crypto liquidations totaling roughly $493–$500 million, most of them long positions.
- Larry Fink said multiple sovereign wealth funds bought the recent dip, including purchases in the $80,000s, adding to signs of large‑buyer accumulation reported on‑chain.
- Arkham data cited by Bitcoinist showed Matrixport withdrew 3,805 BTC (about $352.5 million) from Binance within 24 hours, a move often read as shifting coins to custody rather than for immediate sale.
- JPMorgan kept its long‑term Bitcoin target at $170,000 even as near‑term pressures persist, noting falling hashrate and miner difficulty, six straight weeks of IBIT outflows over $2.8 billion, and an estimated production cost near $90,000.
- Analysts highlighted key thresholds, with calls to reclaim roughly $97,000 to steady younger long‑term holders and warnings of downside risk toward $86,500–$88,000; separately, Zcash has dropped about 50% from November highs to near $350 despite recent protocol upgrades.