GM!
Today’s top news:
Crypto majors crash on Thursday as BTC hits $60k before rebounding HYPE / BTC hits new ATH as Hyperliquid’s token holds strong JPMorgan says BTC could be a stronger play than Gold now post-selloff Polymarket’s parent company filed a trademark for $POLY, outlines token plans Rainbow Wallet’s RNBW token debuts at $34M fdv Bitcoin Erases Trump PumpBitcoin crashed to $60,000 on Thursday.
Erasing every gain since Trump’s election and completing a full 50% drawdown from October’s $126,000 all-time high.
What HappenedThe selling accelerated through the session, with BTC briefly touching $60,000 before a modest bounce ($66,000 this morning).
The carnage wasn’t contained to spot. Over $1.1B in Bitcoin derivatives alone were liquidated.
“It’s clear the crypto market is now in full capitulation mode,” said Nic Puckrin of Coin Bureau. “This is no longer a short-term correction, but a transition from distribution to reset - and these typically take months, not weeks.”
Strategy CFO Andrew Kang tried to steady nerves on the earnings call: “Our strategy is built for the long term. It’s built to withstand short-term price volatility, even extreme conditions like we’re seeing today.”
🧠 Why It MattersThere’s no sugar coating it—this is a rough stretch for crypto.
Here are some of the leading takes and narratives on why crypto has been underperforming:
Gold won. It was supposed to be Bitcoin’s moment (dollar doubt, sovereign stress) but capital fled to gold instead. Makes it much harder to believe the “digital gold” narrative. AI is eating crypto’s lunch. Mindshare, talent, and capital are all flowing to AI. If you have cheap power, why mine BTC when you could build a data center? The Trump bet imploded. Crypto traded as a Trump proxy and his approval rating is at lows. Regulatory progress could reverse. Institutional adoption isn’t helping tokens. Wall Street loves stablecoins, RWAs and tokenization - but value isn’t accruing to ETH, SOL, or existing networks. DATs are now a liability. Treasury companies below NAV invite activists to liquidate underlying BTC / DAT tokens. No excuses left. The double-edged sword of the crypto-positive Trump admin - now we can’t blame hostile regulators for the pain. We’re not early anymore. ETFs exist. Zero barriers. Fully mainstream. And prices are still down.There are plenty of other reasons to help cope with pain and describe why price action is bad, but that’s enough for today.
So where does this leave us?
In the “stress zone” where long-term holders historically accumulate and short-term holders panic.
I’m personally getting texts from “What’s going on with crypto?” - typically a sign that we’re near a bottom (local at least).
It’s hard to predict near-term price action and I certainly don’t have a crystal ball. But $60k seems much more likely to be closer to the bottom than the top.
We will find out soon enough.
