Daily News 19

Category: Coins

Digital assets, cryptocurrencies, blockchain, and currency news.

  • TD Cowen Sees 90% Upside for Smarter Web as Preferred Share Plan Advances

    TD Cowen Sees 90% Upside for Smarter Web as Preferred Share Plan Advances

    TD Cowen has raised its price target for The Smarter Web Company to £0.73 ($0.99) from £0.64 ($0.87) while maintaining a Buy rating, following the Bitcoin treasury firm’s proposal for a new perpetual preferred-share offering.

    In a Monday note to clients, analysts led by Lance Vitanza said the planned MORE preferred shares could provide another source of long-term capital and expand financing options for the London-listed company. Shares traded at £0.385 ($0.52) on Monday, up 1.32% from Friday’s close of £0.38 ($0.51), according to London Stock Exchange data. The revised target implies roughly 90% upside from Monday’s trading level.

    The increase partially reverses TD Cowen’s July adjustment, when the investment bank lowered its target from £1 to £0.64 after updating Bitcoin forecasts and treasury assumptions.

    Preferred Shares to Expand Capital Options

    The revised valuation follows Smarter Web’s September 11 announcement that it is considering an initial public offering of a new class of perpetual preferred shares under the reserved ticker MORE. TD Cowen said the proposed structure could give the company another route to raise long-duration capital alongside existing financing tools for its Bitcoin treasury operation.

    “More broadly, we view the initiative as evidence of increasing sophistication across the bitcoin treasury ecosystem as issuers explore preferred equity, secured credit facilities, convertible securities, and other forms of structured capital,” the analysts wrote.

    Smarter Web plans to raise between £15 million and £25 million in gross proceeds through the potential offering, with a minimum £10 million fundraising condition. Admission depends on shareholder approval and Financial Conduct Authority approval of a prospectus. The preferred shares are expected to carry a cumulative variable-rate preferential dividend paid weekly, include a liquidation preference, and grant the company redemption rights. MORE shares would not carry voting rights at general meetings. A general meeting is scheduled for September 28 for ordinary shareholders to vote on changes needed to create the new preferred-share class. If conditions are met, the securities are intended for admission to the Main Market of the London Stock Exchange.

    The proposal follows other Bitcoin treasury companies using preferred securities to raise capital. Strategy has built several preferred-stock products around its Bitcoin financing model, while Strive has used preferred equity as part of its treasury funding structure. Strategy’s STRC preferred stock was listed by Binance in July after the company expanded its use of the security for funding and dividend-related capital management. Bitfinex Securities later listed tokenized treasury products linked to several public Bitcoin holders, including a product providing economic exposure to Strategy’s STRC preferred shares.

    Bitcoin Treasury Performance and Recent Activity

    TD Cowen’s revised target came as analysts assessed Smarter Web’s Bitcoin treasury performance following a financing repayment that temporarily reduced its holdings. The company reported a Bitcoin Yield of approximately 11.5% for the year through September 2, despite an approximately 420 basis point drag caused by the July 23 repayment of the TOBAM-backed Smarter Convert instrument.

    Smarter Web sold 177.8909127 BTC to repay the financing early, using Bitcoin originally purchased with proceeds from the instrument. As crypto.news previously reported, the $11.7 million repayment occurred around two weeks before maturity and removed the potential issuance of more than 7.7 million ordinary shares associated with the convertible structure. Chief executive Andrew Webley said at the time that the convertible had provided an alternative financing source during an earlier stage of the company’s treasury expansion, but management no longer considered convertible instruments the preferred funding option for its current position.

    The repayment left Smarter Web with exactly 2,700 BTC. It resumed buying soon afterward, purchasing another 11.89 BTC and bringing holdings to 2,712 BTC in early August. That purchase moved the company to 28th place in BitcoinTreasuries’ ranking of public corporate Bitcoin holders at the time.

    Smarter Web has used several funding channels during its treasury expansion. In May, the company disclosed it had drawn £18 million from a Coinbase credit facility secured against Bitcoin, with a leverage ratio of roughly 12.19%. The facility carried a variable interest rate of 6.75% to 7.25% and could be repaid without penalty. At the time, the company had increased its holdings to 2,869 BTC after purchasing 10 BTC at an average price of £55,786 per coin. Its total investment in Bitcoin stood at £232.48 million, with an average acquisition cost of £81,032 per BTC.

    Valuation Underpinned by Bitcoin Price Forecasts

    Bitcoin was approaching $78,000 on Monday and remained approximately 38% below its all-time high near $126,000. TD Cowen’s base case assumes Bitcoin reaches roughly $100,000 by December. Its upside scenario puts the cryptocurrency at $175,000, while the downside case assumes a decline to $25,000.

    The bank had previously revised its Smarter Web valuation in July after changing its Bitcoin price assumptions. At that point, TD Cowen assigned £63 million to the company’s treasury operations and projected year-end 2026 Bitcoin holdings worth £229 million. After accounting for an estimated £18 million of net debt, the analysts arrived at an equity value of £274 million, equivalent to £0.64 per share based on 426 million fully diluted shares.

    Company Background and Growth Strategy

    Smarter Web began building its Bitcoin treasury in 2025 under its long-term “10 Year Plan.” The company started accepting Bitcoin payments in 2022 before making BTC accumulation part of its corporate treasury policy. Its Bitcoin position expanded quickly through repeated purchases during 2025 and 2026, supported by equity raises, convertible financing, and secured borrowing. The firm moved from Aquis to the London Stock Exchange’s Main Market in February 2026. TD Cowen expects Smarter Web’s acquisition activity to gradually return to the pace recorded during fiscal 2025 as the company continues developing its treasury and operating businesses.

  • Lighter Surges 11% as Whale Buys $2M LIT: Is $5 Still on the Cards?

    Lighter Surges 11% as Whale Buys $2M LIT: Is $5 Still on the Cards?

    Lighter ($LIT) Stages Trend Reversal, Surging 11% on Volume Spike and CLARITY Act Optimism

    Lighter ($LIT) appears to have found a local bottom after five consecutive days of declines, touching a low of $4.00 before mounting a sharp recovery. The altcoin surged 11% to a local high of $4.68 before settling near $4.55 at the time of writing, signaling a potential trend reversal.

    Volume Surge Confirms Buying Pressure

    The upside move was underpinned by a 52% spike in trading volume, which climbed to $75 million. Turnover also jumped significantly, rising by over $9 million to reach $37 million, according to data from Coinank. The simultaneous rise in volume and turnover points to strong buying pressure rather than short-covering alone.

    CLARITY Act Developments Fuel Renewed Demand

    Market sentiment received a boost from growing social chatter surrounding the CLARITY Act. Analyst Andy highlighted that Lighter stands to benefit from recent legislative developments, noting that Vlad’s presence on the CFTC innovation advisory committee positions the protocol favorably as clearer digital asset rules take shape. The market interprets this regulatory involvement as a strategic advantage for Lighter.

    Whales and Retail Traders Return Aggressively

    On-chain data reveals participation from both large holders and retail speculators. Arkham Intelligence shows a whale address withdrawing 500,000 $LIT—worth approximately $2.07 million—from the Lighter protocol during the rally. The accumulation amid rising prices suggests confidence in further upside.

    Derivatives activity corroborates the bullish tilt. Open Interest surged 13% to $512 million, while derivatives volume exploded 127%, per CoinGlass. The sharp rise in Open Interest alongside heavy volume indicates aggressive new position opening. The Long/Short Ratio on Binance reached 2.8, signaling that the majority of these new positions are long-biased.

    Technical Indicators Flash Early Bullish Signals

    On the technical front, $LIT has reclaimed both the 9-day and 21-day moving averages, reflecting renewed short-term bullish momentum. The Stochastic RSI formed a bullish crossover and climbed to 9, suggesting buyers are beginning to outpace sellers.

    However, the Stochastic RSI reading of 9 also serves as a caution: buyers have not yet fully seized control. The upward trajectory does indicate shifting power dynamics, but confirmation is needed.

    Key Level to Watch: $4.40 Close Above Short-Term MA

    For the uptrend to sustain and target a reclaim of $5.00, $LIT must secure a daily close above its short-term moving average near $4.40. A failure to hold this level could see the reversal stall and price drift back toward recent lows.

    Summary

    • Price Action: $LIT reversed a five-day downtrend, rallying 11% to $4.68 before retracing to ~$4.55.
    • Volume: Spot volume jumped 52% to $75M; turnover rose $9M+ to $37M (Coinank).
    • Catalyst: CLARITY Act progress and Vlad’s CFTC advisory role viewed as regulatory tailwinds.
    • Whale Activity: 500,000 $LIT ($2.07M) withdrawn from protocol amid rally (Arkham).
    • Derivatives: Open Interest +13% to $512M; derivatives volume +127%; Binance Long/Short Ratio 2.8 (CoinGlass).
    • Technicals: Price above 9/21-day MAs; Stochastic RSI bullish crossover at 9 (TradingView).
    • Invalidation: Daily close below ~$4.40 short-term MA.
  • Cardano Price Holds $0.20, But Critical Level Could Decide ADA Recovery

    Cardano Price Holds $0.20, But Critical Level Could Decide ADA Recovery

    Cardano Price Holds $0.20 Support Amid Bitcoin Volatility, Faces Key Resistance at $0.26-$0.28

    Cardano ($ADA) has gained 2.42% over the past 24 hours, accompanied by a 2.5% rise in Open Interest, signaling renewed derivatives activity. The altcoin is up 17.7% over the past month, outperforming many peers despite Bitcoin ($BTC) slipping back below the $80,000 mark after a brief rally above it.

    Technical Structure: Bullish Momentum Meets Overhead Supply

    On the weekly chart, $ADA has climbed above the 20-week Moving Average at $0.198 and flipped it into support. However, the price remains trapped below a critical $0.26–$0.28 supply zone that has capped advances since May. The $0.2887 swing high from May must be decisively breached to confirm a sustainable long-term uptrend.

    Despite the monthly gains, the Chaikin Money Flow (CMF) on the weekly timeframe reads -0.10, indicating capital outflows and fading buying pressure over the past week. This divergence between price strength and money flow warrants caution for longer-term holders.

    Swing Structure and Short-Term Outlook

    The market structure turned bullish in June when price broke above the prior lower high at $0.1849. Since then, $ADA has held above the 50-day moving average, maintaining a bullish bias on the daily timeframe. Yet, the asset has failed to print a new high above $0.258 over the last two weeks, stalling at the May supply zone.

    Trading Levels to Watch

    • Upside target: A break above $0.26–$0.28 could trigger the next leg higher, with $0.2887 as the key level to flip for trend confirmation.
    • Profit-taking zone: Swing traders may consider scaling out near $0.26, where resistance has repeatedly rejected price.
    • Invalidation level: A daily close below $0.20 would signal a bearish shift and undermine the recent recovery narrative.
    • Long-term opportunity: If $0.28 flips to support, it may present a higher-timeframe buy zone for positional investors.

    Summary

    Cardano shows strong recent momentum but faces a pivotal supply zone that has halted progress twice. While the weekly structure remains constructive above the 20-week MA, declining CMF readings suggest waning capital inflows. Traders should monitor the $0.26–$0.28 region closely — a clean break could unlock the next rally, while failure may lead to a retest of $0.20 support.

  • Trading Expert Sets Bitcoin’s Price for End of October 2026

    Trading Expert Sets Bitcoin’s Price for End of October 2026

    Bitcoin Price Analysis: Key Support Trendline Holds $61,500 Downside Target for Late 2026

    Bitcoin (BTC) could decline to $61,500 by the end of October 2026 if a critical support trendline fails, according to a technical analysis published by TradingShot on September 11. The bearish outlook draws parallels to chart patterns that preceded Bitcoin’s two largest sell-offs earlier this year.

    Repeated 50-Week MA Rejection Forms Bearish Arc Pattern

    The analyst noted that Bitcoin has been rejected by its 50-week moving average (MA) for three consecutive weeks. This repeated rejection has generated bearish momentum and formed an arc pattern that closely resembles the structures preceding the January and May 2026 market tops.

    The May peak is highlighted as particularly relevant because Bitcoin was rejected at the 200-day MA — a situation analogous to the current rejection at the 50-week MA. Both earlier patterns were followed by sharp corrections.

    Bitcoin price analysis chart. Source: TradingView

    Higher-Lows Trendline Break Could Confirm New Bearish Leg

    Traders should closely monitor Bitcoin’s higher-lows trendline, which has acted as critical support during the current recovery phase. The analysis indicates that in both January and May, a breakdown below this trendline triggered aggressive selling pressure and accelerated Bitcoin’s decline. A similar breakdown now would likely confirm a new bearish leg for the market.

    Adding to the bearish case, the daily Relative Strength Index (RSI) structure closely mirrors the formations that developed before the previous two corrections, reinforcing the possibility of another downside move.

    $61,500 Target Based on 3.5 Fibonacci Extension

    If the higher-lows trendline breaks, the expert expects Bitcoin to decline toward the 3.5 Fibonacci extension level at $61,500. This bearish target is derived from Bitcoin’s previous two major corrections in 2026, both of which bottomed at the 3.5 Fibonacci extension while the daily RSI dropped to 15.80. The analyst noted that a similar RSI reading could signal another market bottom.

    Bearish Invalidation and Key Support Levels

    The bearish outlook would be invalidated if Bitcoin closes a weekly candle above the 50-week MA. The analyst also highlighted the 250-week MA as a key support level after it held the July 1 low. A breakout above the 50-week MA could potentially confirm a new bull cycle.

    Short-Term Outlook: Consolidation With $78,000 as Key Resistance

    Separately, market analyst Michaël van de Poppe maintained a more constructive short-term outlook in an X post on September 14, noting that Bitcoin remains in a consolidation phase.

    Nothing has changed on #Bitcoin as it’s still consolidating here.I’d much rather want to see that we’re breaking through $78,000 as that would trigger strength on #Altcoins.The crucial one, if that breaks, we’re likely running towards new highs in the upcoming weeks. pic.twitter.com/XT7E0LqprY
    — Michaël van de Poppe (@CryptoMichNL) September 14, 2026

    According to his analysis, the key level to watch is $78,000. A breakout above that resistance could strengthen momentum across the broader cryptocurrency market, particularly altcoins. The analyst suggested that clearing $78,000 would increase the likelihood of Bitcoin advancing toward new highs in the coming weeks.

    Meanwhile, as of press time, Bitcoin was trading at $78,013, up about 1.7% over the past 24 hours. On the weekly chart, the cryptocurrency remained down 1.5%.

    Bitcoin price chart illustration
    Featured image via Shutterstock

  • Ethereum Eyes $3,000 as Supply Tightens: Can ETH Break Out?

    Ethereum Consolidates After Rally to Eight-Month High

    Ethereum (ETH) has entered a consolidation phase following a powerful upward move that lifted the altcoin to an eight-month peak of $2,660. After reaching that level, the asset has pulled back and was changing hands near $2,474 at the time of writing.

    Buyers Defend Key Support

    At the current price zone, market participants are closely watching whether buying pressure can absorb selling activity and establish a higher low. The pullback from the recent high represents a typical cooling-off period after a sharp advance, giving traders an opportunity to reassess momentum indicators and on-chain metrics.

    Technical Context

    The rally to $2,660 marked the strongest price action for ETH since late 2023. A sustained break above that resistance could open the path toward the $2,800–$3,000 region, while failure to hold above $2,400 may invite a deeper correction toward the 50-day moving average.

    Volume profiles during the consolidation will offer clues about whether accumulation or distribution is underway. On-chain data, including active addresses and exchange netflows, should be monitored for confirmation of the next directional move.

  • Final CLARITY Act Draft Ends Ripple Supply Debate, Attorney Says

    Final CLARITY Act Draft Ends Ripple Supply Debate, Attorney Says

    Attorney Bill Morgan stated that the newly released final text of the CLARITY Act resolves a long-standing debate in the cryptocurrency sector. He asserted that XRP will be classified as a commodity in secondary markets irrespective of the volume of supply Ripple continues to hold.

    “Deal with it Bitcoin maxis,”

    Morgan wrote, referencing critics who have long argued that Ripple’s substantial XRP holdings should disqualify the token from commodity status.

    What the Final Draft Actually Does

    Senate Republicans released the finalized 635-page CLARITY Act text Sunday night ahead of Tuesday’s cloture vote, describing it as their “last, best and final” offer to Democrats. The draft reflects 126 changes requested by Democrats during negotiations.

    Ethics Provisions and Divestiture Requirements

    The most significant update centers on ethics provisions backed by President Trump. Federal officials covered under the bill would be required to either divest significant digital asset holdings or place them into a qualified blind trust.

    State attorneys general would gain authority to enforce bans on officials issuing, sponsoring, or holding major stakes in digital assets. Exchanges would be barred from listing any digital asset issued in violation of those rules. Penalties for violations would run 20% of the transaction value or $500,000, whichever is greater, with the rules taking effect within 360 days of enactment.

    Stablecoin Oversight and Circuit Breaker Mechanism

    Other changes include a new “circuit breaker” mechanism giving federal regulators, specifically the Treasury, authority to intervene on stablecoin yield if community banks experience significant deposit flight into stablecoins.

    Narrowed Protections and Conflict-of-Interest Rules

    The Blockchain Regulatory Certainty Act’s protections were narrowed to cover only the Bank Secrecy Act and civil enforcement, removing language that previously extended protections to certain criminal cases.

    The bill also adds tighter restrictions on conflicts of interest and affiliate trading involving digital commodity exchanges, brokers, and dealers. It clarifies that state consumer protection laws remain fully applicable and that developer protections do not exempt anyone from derivatives law or affect prediction markets.

  • Chainlink (LINK) Volume Surges 65% in 24 Hours: Can Price Break $12?

    Chainlink (LINK) Volume Surges 65% in 24 Hours: Can Price Break $12?

    Chainlink Trading Volume Surges 40-60% as LINK Tests $12 Resistance

    Chainlink ($LINK) is showing renewed trading momentum as the token attempts to recover from its recent correction. The key $12 resistance level is back in focus after futures volume across major exchanges jumped between 40% and 60% over the past 24 hours.

    LINK Holds Ground After Volatile September

    After several volatile weeks, LINK is currently trading around $11.40. The asset surged nearly 70% from approximately $8.00 in early August to a peak above $13.50 in September before sellers stepped in. The subsequent correction pulled LINK back toward $11, though the broader breakout structure remains intact.

    LINK/USDT Chart by TradingView

    Futures Volume Spikes Across Major Exchanges

    Trading activity has picked up significantly. Binance LINK/USDT futures volume reached approximately $113 million, representing a 53% increase over the past day. OKX and Bybit recorded gains of roughly 44% and 52% respectively, while some smaller venues posted even higher percentage jumps.

    However, higher volume does not automatically signal bullish pressure. Futures flows have remained negative for extended periods throughout the day. Over a four-hour window, LINK recorded net futures outflows of about $1.84 million, expanding to $3.86 million over twelve hours. Spot flows across one-, four-, eight-, and twelve-hour windows also remain negative.

    Long Positioning Creates Dual Scenario

    Market positioning warrants close attention. The top-trader long/short position ratio exceeds 2.2, while Binance’s account long/short ratio sits at approximately 1.46. Traders maintain a strong bias toward long positions. This could support a breakout if demand persists, but excessive long positioning also increases liquidation risk if LINK loses support.

    Technical Structure Remains Constructive

    From a technical perspective, the structure stays favorable. Following August’s breakout, LINK continues trading above its major moving averages, with shorter-term averages rising rapidly. The Relative Strength Index (RSI) has cooled toward the mid-50s after previously reaching overbought territory, giving the market more room for another upward move.

    Key Levels to Watch

    The first barrier remains $12. Bulls have struggled to establish this area as support despite repeated tests. A sustained volume increase coupled with a daily close above $12 could bring $12.50 and ultimately the September high of $13.50 back into play.

    While the 65% volume expansion has brought increased liquidity and attention to LINK, buyers still need to translate that activity into genuine spot demand to sustain any breakout.

  • Pump.fun Rallies as Whales Drive $40M Capital Inflows: Can PUMP Sustain the Run?

    Pump.fun Rallies as Whales Drive $40M Capital Inflows: Can PUMP Sustain the Run?

    Pump.fun Token Surges on $40.8M Open Interest Spike and Whale Accumulation

    The Pump.fun token ($PUMP) posted a double-digit percentage gain over the past 24 hours, driven primarily by a surge in perpetual futures market activity. Data from CoinGlass shows Open Interest climbed by approximately $40.83 million in fresh capital, pushing the total to $355.08 million at press time.

    Open Interest and Funding Rate Signal Long-Side Dominance

    Open Interest measures the total capital committed to an asset’s perpetual market, with its movement indicating whether traders are adding long or short positions. The current data points decisively toward long positioning. The Funding Rate jumped from roughly 0.0007% in the early hours of September 12 to around 0.0072% — a nearly tenfold increase.

    This significant surge suggests the inflow of fresh capital over the past day came predominantly from traders positioning for a near-term rally.

    Whale Activity Drives Rally

    Large investors, categorized as whales due to their capital capacity to influence price, have entered the market aggressively. The Whale Retail Delta — a metric tracking whale versus retail participation — registered a 0.274 reading, indicating a significantly high positive level.

    When this metric surges and remains positive, it implies whales are the key drivers of the rally and are playing a decisive role through sustained buying activity.

    Market Sentiment Turns Bullish

    Investor sentiment has shifted noticeably toward optimism. CoinMarketCap data places the sentiment index at 3.53 on a scale of -10 to 10, with the trend line tilting upward. The combination of whale accumulation and improving sentiment strengthens the short- to near-term price outlook for $PUMP.

    Spot Investors Accumulate

    Spot market participants are also buying aggressively. Over the past 12 hours, cumulative net buying exceeded selling, with CoinGlass data showing Netflow reaching -$1.13 million. Negative Netflow indicates capital outflows from exchanges into private wallets — a behavior typically associated with bullish expectations, as investors remove tokens from selling pressure.

    Continued spot accumulation could add further momentum to the asset’s ongoing surge.

  • Bitcoin Defies Tech Selloff as AI Safety Concerns Weigh on Stocks

    Bitcoin Defies Tech Selloff as AI Safety Concerns Weigh on Stocks

    U.S. technology and artificial intelligence stocks declined in pre-market trading Monday after prominent industry leaders raised fresh concerns about the rapid pace of AI development over the weekend. While equities slid, cryptocurrencies moved higher, with Bitcoin gaining approximately 1% to $77,800 and Ether rising 1% to $2,500.

    AI Leaders Urge Caution on Development Speed

    Anthropic CEO Dario Amodei called for the industry to slow development to allow safety measures to catch up. OpenAI CEO Sam Altman and Elon Musk, whose xAI developed Grok, voiced agreement with the sentiment. The coordinated warnings from three of the sector’s most influential figures appeared to rattle investor confidence in the near-term trajectory of AI-related equities.

    IPO Developments Add to Sector Narrative

    Amid the safety debate, Anthropic reportedly selected Nasdaq for its anticipated initial public offering. Separately, Altman confirmed that OpenAI will not go public in 2026, removing a potential near-term catalyst that some market participants had speculated about.

    Global Markets React to AI Sentiment Shift

    South Korea’s Kospi index fell 3%, with SK Hynix—a key supplier of memory chips used in AI infrastructure—dropping 6%. The selloff extended to U.S. pre-market trading, where the Invesco QQQ ETF, which tracks the Nasdaq 100 index, declined 1.5%.

    Neocloud and Chipmakers Lead Declines

    Neocloud providers Nebius and CoreWeave fell 6% and 5%, respectively. Chipmakers SanDisk and Intel each lost 5%, reflecting broad-based concern across the AI hardware and infrastructure supply chain.

  • Bitwise Investment Director Attributes Bitcoin Rally to Strong Demand Despite Strategy Sale

    Bitwise Investment Director Attributes Bitcoin Rally to Strong Demand Despite Strategy Sale

    Bitwise Investment Director Matt Hougan has weighed in on Strategy’s recent Bitcoin sale, noting that the transaction reflects routine capital management rather than financial distress. Despite the company selling over $200 million worth of BTC, the cryptocurrency’s price continued to climb — a signal Hougan says points to robust buying demand across the market.

    Sale Driven by Capital Management, Not Funding Pressure

    According to Hougan, Strategy’s decision to offload a portion of its Bitcoin holdings was executed to meet dividend payment obligations and manage cash reserves. The move should be viewed as part of a broader capital management strategy, not an indication that the firm is facing liquidity issues or forced to reduce its position under duress.

    As one of the largest institutional holders of Bitcoin on its balance sheet, Strategy’s trading activity is closely monitored by market participants for potential price impact. However, Hougan emphasized that the market absorbed the sale without disruption, suggesting sufficient buyer appetite to offset large-scale selling.

    Institutional Investors Poised to Become Primary Market Drivers

    Looking ahead, Hougan expects Strategy’s influence on Bitcoin’s price to gradually diminish. He argues that as institutional investors gain greater market share, they will increasingly serve as the primary marginal buyers of BTC. This structural shift is being accelerated by the growth of spot Bitcoin exchange-traded funds (ETFs), asset managers, and other institutional investment vehicles.

    The diversification of capital flows into Bitcoin through these channels could expand the investor base and deepen market liquidity. Hougan’s analysis implies that Bitcoin demand is becoming more resilient and less dependent on the actions of any single corporate entity.

    Market Absorption Signals Strengthening Independent Demand

    The fact that Bitcoin’s price rose despite a significant sale by a major holder underscores a key development: the market now has enough buying power to absorb large sell orders without meaningful downside pressure. This dynamic supports the view that Bitcoin’s demand fundamentals are strengthening independently of individual corporate transactions.

    This is not investment advice.