Glassnode co-founder said Bitcoin has accumulated significant long liquidation risk near $61,000 over the past few weeks. A drop to that zone could trigger forced unwinding of leveraged longs, adding sell pressure and driving prices lower. Markets should watch concentrated leverage positions.
TradeXYZ has made its first HYPE token purchase using revenue from perpetual futures trading fees, according to MLM monitoring. Two days ago, the platform moved 250,000 USDC from its perps fee wallet to a spot wallet and bought roughly 2,000 HYPE worth about $110,000, which was then used to buy into a HIP-3 trading pair. New data shows TradeXYZ transferred another 500,000 USDC to the spot wallet and began buying about 9,000 HYPE, valued at roughly $500,000, through a time-weighted average price (TWAP) strategy. Previously, HYPE used to acquire new HIP-3 trading pairs came mainly from spot trading fee income; this is the first time perpetual futures fee income has been used for such purchases. The combined outlay across the two transactions is approximately $610,000.
Bitcoin trades at $62,819, down 4.3% weekly. Analyst TARA warns losing $60K-$61K support could lead to $57,500, even $54,500. Liquidation heatmap flags $67,500-$68,500 as key upside zone.
Bitcoin clawed back above $61,000 in Asian morning Saturday after briefly dipping below $60K, triggering $1.6B in liquidations. A strong U.S. jobs report repriced Fed rate hike expectations, sending risk assets lower.
US spot Bitcoin ETFs saw $221.72M net inflows on July 2, lifting cumulative inflows to $51.08B. Fidelity's FBTC led with $166M, while BlackRock's IBIT saw $40M outflows. BTC stays above $61K with $62,217 as key resistance.
MicroStrategy disclosed in an 8-K filing on March 16 that it purchased 22,337 BTC for approximately $1.57 billion at an average price of $70,194, bringing total holdings to 761,068 BTC with an average cost of $75,696.
Michael Saylor posted 'The Orange March Continues,' signaling further bitcoin accumulation. Strategy now holds 761,068 BTC worth $52.36B, with 11% net leverage. Market expects another massive purchase soon.
Strategy suspends bitcoin purchases to buy back $1.38B in debt, sending BTC down 21% in 10 days to $61K. Analysts warn of a Terra Luna-style doom loop as liquidity tightens.
