Bitcoin’s latest cycle is defined by heavier institutional flows, ETF-driven 
liquidity and $24B in tokenized RWAs, with volatility nearly halved as $732B 
in new capital enters. Bitcoin&#8217;s current market cycle has shown increased 
institutional participation and reduced volatility, with tokenized…

Glassnode: Bitcoin absorbs $732B as tokenized RWAs hit $24B

Despite a 9% recovery on Tuesday, Bitcoin (BTC) has experienced considerable 
volatility, with its price plummeting to as low as $84,000 just 24 hours ago. 
This downturn has had a significant impact on Strategy (previously 
MicroStrategy) the public company that holds the largest BTC reserves, 
currently boasting over 650,000 coins. Strategy T-Rex ETFs Plummet Nearly 85% 
NewsBTC reported that the company&#8217;s CEO, Phong Le, suggested the possibility 
of selling some of their Bitcoin holdings in light of the current market 
conditions. Alongside this, the company’s leveraged exchange-traded funds 
(ETFs) have also faced substantial losses, intensifying worries about 
Strategy&#8217;s financial health. Reuters highlighted that Strategy&#8217;s leveraged 
ETFs, which are designed to magnify returns on the firm’s stock, have been 
among the largest casualties of this year&#8217;s cryptocurrency slump. Related 
Reading: You Won’t Believe How Much Bitcoin Companies Now Hold, What % Of 
Supply Do They Control? Two specific ETFs, the T-Rex 2X Long MSTR Daily Target 
ETF and the Defiance Daily Target 2x Long MSTR ETF, have seen dramatic 
declines, losing nearly 85% of their value this year. Additionally, the T-Rex 
2X Inverse MSTR Daily Target ETF has dropped by 48% in the same time frame. In 
this environment, shares of Strategy, MSTR, have fallen more than 40% this 
year, driven primarily by Bitcoin’s price crash. Investor attention is now 
focused on Strategy’s &#8220;mNAV&#8221; (market net asset value) metric, which compares 
the company&#8217;s enterprise value to its Bitcoin holdings. Following Le&#8217;s 
comments, where he mentioned the firm might consider selling cryptocurrencies 
if the mNAV drops below 1, concerns grew about the firm&#8217;s long-term outlook. 
Current estimates place this ratio around 1.1, according to calculations by 
Reuters. Analysts Remain Optimistic Mike O&#8217;Rourke, the chief market strategist 
at JonesTrading, noted that Le&#8217;s remarks diminish the company&#8217;s message of 
steadfastness in holding Bitcoin, even amid market volatility. The company has 
also revised its full-year outlook, warning of a potential profit ranging from 
$6.3 billion to a loss of $5.5 billion, a stark adjustment from its earlier 
forecast of $24 billion in net profit. This prior estimate, made on October 
30, anticipated Bitcoin reaching $150,000 by year-end. Commenting on the 
shifting strategies within the firm, Vincenzo Vedda, chief investment officer 
at DWS, remarked, &#8220;Great strategy from Strategy, while prices go up. When they 
go down, well, the strategic options left to the company are limited.&#8221; Related 
Reading: Here’s What To Expect If The XRP Price Holds $2 Since entering the 
Nasdaq 100 index, Strategy’s shares have dropped more than 70% from their peak 
in November 2024, more than halving in value over the year. Despite this 
dismal performance, analyst sentiments remain relatively optimistic; of the 16 
brokerages monitoring Strategy, 10 recommend it as a &#8220;buy&#8221; while four suggest 
a &#8220;strong buy,&#8221; with an overall median price target of $485, reflecting a 
potential 183% increase over the next year based on LSEG data. When writing, 
the market’s leading cryptocurrency, Bitcoin, managed to recover the $92,000 
line. Featured image from DALL-E, chart from TradingView.com

Bitcoin Slump Claims New Victims: Leveraged ETFs Tied To Strategy Suffer Major Losses

The United States Justice Department has seized a web domain linked to a scam 
compound in Burma that ran cryptocurrency investment scams. U.S. authorities 
have shut down the domain tickmilleas.com, which posed as a trading platform 
but was actually part…

US authorities seize fraudulent website operated by crypto scam compound in Burma

Kevin O’Leary downplays a possible December Fed rate cut, saying persistent 
inflation may keep policy tight and Bitcoin will likely drift within about 5% 
of current prices. American entrepreneur and investor Kevin O&#8217;Leary has stated 
that a potential Federal Reserve…

Kevin O’Leary: December Fed rate cut won’t move Bitcoin much

Stable has released its STABLE tokenomics design ahead of its mainnet launch, 
setting out how supply, vesting, and governance will work across the network. 
Stable, the Bitfinex-backed layer 1 designed for fast settlement and 
stablecoin payments, outlined its economic model…

Cryptocurrency price in VND