Brian Armstrong, the CEO of Coinbase, found himself at the eye of a widening storm between Wall Street and the crypto industry last week at the World Economic Forum in Davos — and it got personal.
During a chance encounter over coffee with former U.K. prime minister Tony Blair, JPMorgan Chase CEO Jamie Dimon abruptly cut in, pointing a finger and telling Armstrong bluntly, “You are full of s—,” according to reporting from The Wall Street Journal. The outburst underscored some of the raw tensions happening between traditional banks and crypto firms over the future of U.S. financial regulation.
The confrontation, described by some attendees as uncharacteristically heated for the annual gathering of global elites, followed Armstrong’s series of television appearances earlier in the week.
On business networks, he accused big banks of trying to sabotage key provisions of the Senate’s Clarity Act — a crypto market-structure bill that could redefine how digital assets are regulated and whether exchanges can offer interest-like rewards on stablecoins.
Armstrong argued that banks are using legislative muscle to stifle competition rather than compete fairly in a free market.
At the heart of the dispute is the issue of yield. Coinbase and others offer rewards on stablecoins — digital tokens pegged to the U.S. dollar — that can return about 3.5% to holders. Traditional banks, by contrast, pay near-zero on checking and savings accounts.
Banking executives say allowing crypto platforms to offer such returns is economically indistinguishable from interest on bank deposits and could trigger a mass shift of consumer funds out of the banking system. They warn community banks might struggle to lend to businesses if deposits erode.
Coinbase’s role in crypto legislation
Armstrong’s advocacy comes as the Clarity Act faces legislative gridlock. The Senate Banking Committee abruptly postponed a markup and vote after Coinbase withdrew its support for the bill, calling the current draft “materially worse than the status quo” because of its restrictions on stablecoin yields and other concerns.
At Davos, other bank chiefs reportedly kept their distance. Bank of America CEO Brian Moynihan reportedly told Armstrong that if Coinbase wants to offer deposit-like products, “just be a bank,” pointing to the extensive regulatory oversight traditional deposit takers face.
Citigroup’s Jane Fraser offered the Coinbase chief only a brief audience, and Wells Fargo’s Charlie Scharf declined to engage at all.
The clash highlights a broader struggle over how the U.S. financial system will evolve as crypto gains mainstream traction. Next week the White House will convene banking and crypto executives to discuss reviving stalled U.S. crypto legislation.
The DeFi product suite and super app launched its token today.
Infinex, the wallet and tool suite led by Synthetix founder Kain Warwick, conducted its token generation event (TGE) today after concluding its initial coin offering (ICO) earlier this month.
The INX token debuted at a $330 million fully diluted valuation, or $0.033 per token, and has since dropped to $0.021 as airdrop recipients and ICO investors take profits, as is typical when new tokens launch.
Infinex functions as a decentralized super app, connecting dApps such as decentralized exchanges, bridges, and derivatives aggregators across more than 25 different blockchain networks, accounting for “85% of the top 100 assets on CoinGecko,” according to a release shared with The Defiant. Infinex plans to expand its token offerings throughout the first half of the year.
Looking ahead, the dApp plans to incorporate additional popular Web3 features, including support for prediction markets and NFT marketplaces, offering users an all-in-one alternative to the hundreds of dApps DeFi power users interact with today.
The dApp aggregates underlying dApps through its first-party applications, such as Infinex Perps and Infinex Predict, allowing users to share a single login across all supported applications.
The Infinex ICO concluded on Jan. 10 and raised a total of $7.2 million across more than 850 participants. In 2024, the protocol conducted its Patron NFT mint, which generated more than $67 million in sales and allowed each Patron NFT holder to claim 100,000 INX, worth roughly $3,300 at TGE.
In an interview with The Defiant, founder Kain Warwick emphasized the importance of approachable access, the modernization of non-custodial solutions, and the need to provide easy access to onchain ecosystems and assets.
“It’s a really straightforward thing: make it good, and people will use it. If it makes their life better, people will want to use a thing…And so our view with Infinex is [to] make all of these amazing things, Aave, Uniswap, Polymarket, all of these amazing protocols and platforms and applications that have been built over the last decade, as easy to use as Facebook or Instagram,” said Warwick.
Google’s integration of AI features into its Chrome browser this week illustrates how the vendor is turning the browser into an AI-powered assistant, furthering the evolution of search.
The tech giant, which specializes in search, cloud and AI services, launched a new side panel experience, along with other AI features in Chrome on Jan. 28. With the new side panel, Gemini users can have a browsing assistant at their side to compare options, summarize product reviews and find times for events.
Gemini users can also access Nano Banana from within Chrome. Google also integrated Gmail, Calendar, YouTube, and Maps in Chrome so that users can complete tasks in the browser. The auto browse tool lets AI Pro and Ultra subscribers navigate the web, book flights and manage professional workflows, among other tasks.
The integration of AI features in Chrome exemplifies how agentic AI has grown within the browsing and search experience. With the traditional search model under threat, the rise of AI search engines such as Perplexity means search is more than a mode to find information. Instead, tools such Anthropic’s computer use and ChatGPT Atlas point to a search and browsing experience that includes the AI agent as the autonomous assistant.
Related:ServiceNow and Anthropic Disclose AI Deal
A Nod to Traditional Search
While the new features integrated into Chrome are similar to the agentic features those included in Computer Use and Atlas, and even Anthropic’s most recent autonomous desktop agent, Claude Cowork, Google’s Gemini in Chrome pays homage to the traditional browsing experience.
“This kind of functionality, which honors the existing interface that we have come to know and love over the last 30 years, is a good thing,” said Bradley Shimmin, an analyst at Futurum Group. “It’s not saying just log into ChatGPT. Instead, go to the web, look at the web, use the web, and then take action where you are.”
Gemini in Chrome will feel familiar to enterprise users because Gemini is already built into the Google Workspace (formerly G Suite) platform. Those using Workspace are used to letting Gemini act on their behalf. However, users of third-party email or calendar systems will still be able to use the AI features introduced in Chrome to direct Gemini to take actions for them. This shows a greater move toward the use of autonomous tools within enterprises.
“We’ve been spending a lot of money over the last decade on trying to automate business processes, from the simplest things to the most complex, and it’s proven to be a very intractable and difficult,” Shimmin said. “This shows a lot of promise because it’s adaptable to any workflow, any process.”
Related:Navigating the Next Phase of GenAI: Predictions for 2026
One Obstacle
A challenge, though, is that while Gemini in Chrome includes security defenses, such as prompting auto browse to pause and asking for confirmation before completing some tasks, that’s not enough, Shimmin continued.
“There needs to be procedural protection, such as we have in the enterprise, for protecting things like personal and private information, where you’re not putting it in the hands of the user to make sure they don’t expose companies’ secrets,” he said. “You’re instead doing it in an auditable manner, and we’re nowhere near that with this stuff.”
A Bitcoin (BTC) metric tracking the electricity cost to mine one coin is flashing a warning for the bulls, with a so-called “miner exodus” adding to the bearish outlook.
Key takeaways:
BTC could fall toward the $59,000–$74,000 miner cost zone.
Big hash rate drops often precede rebounds toward Bitcoin’s energy value at $121,000.
Mining data hints BTC may decline below $60,000
As of January, the estimated average in electricity costs to mine a single Bitcoin is $59,450, while the net production expenditure is about $74,300, according to data from crypto-focused hedge fund Capriole Investments.
BTC/USD daily chart vs. production and electrical cost. Source: Capriole Investments
Bitcoin was trading at around $82,500 on Friday, still above the miners’ estimated costs.
Many miners can keep operating even if the price declines below the average cost. The market has room to fall toward the $74,300–$59,450 zone before they feel real pain, according to Charles Edwards, the founder of Capriole Investments.
“This has expanded the potential range for near-term downside,” he said, further citing an ongoing “Bitcoin miner exodus” behind the bearish outlook.
Related: Bitcoin loses crucial $84K support: How low can BTC price go?
Bitcoin’s hash rate dropped to mid-2025 levels at the end of January, with some analysts speculating that BTC miners reallocated their resources to power AI operations instead. In contrast, others blamed the US winter storm for the drop in BTC hash rates.
Bitcoin total hash rate (TH/s). Source: Blockchain.com
Hash rate dips could be bullish for Bitcoin
Bitcoin has seen hash rate drops before and bounced back, according to Jeff Feng, co-founder of Sei Labs.
When some miners shut down, the network lowers mining difficulty over time. That makes it easier and cheaper for the remaining miners to earn BTC, which stabilizes the network.
After China’s 2021 mining ban, for example, the hash rate fell about 50%, and BTC slid from around $64,000 to $29,000. But the price recovered to $69,000 within five months.
BTC/USDT vs. hash rate weekly chart. Source: TradingView
Bitcoin’s fair price was around $120,950 as of Friday, according to its energy value, a metric that estimates Bitcoin’s fair value based on the network’s energy and production inputs.
Historically, BTC climbs back toward its energy value after a prolonged downtrend.
BTC/USD vs. energy value daily chart. Source: Capriole Investments
For Bitcoin, that suggests that the price could bottom around anywhere from $74,300 to $59,450, and any rebound can trigger a mean-reversion move toward the energy value price.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Elon Musk’s consideration of a potential merger involving SpaceX, Tesla or artificial intelligence firm xAI has put renewed attention on a lesser-discussed piece of his empire: one of the largest corporate bitcoin holdings in the world.
SpaceX and Tesla together hold nearly 20,000 bitcoin, according to public disclosures, a stash worth roughly $1.7 billion at current prices. That would make the entity the world’s seventh largest BTC holder, just behind CoinDesk-owner Bullish’s 24,300 BTC.
While any deal remains preliminary and could still fall apart, a combination would concentrate that exposure under a single corporate structure at a time when bitcoin prices are once again volatile and investor scrutiny is high.
SpaceX has held bitcoin since early 2021 and currently controls about 8,285 BTC, worth roughly $680 million. Tesla, meanwhile, holds 11,509 BTC, valued near $1 billion, and reported no changes to that position in the fourth quarter of 2025.
The electric vehicle maker booked a $239 million after-tax loss on its digital assets last quarter as bitcoin slid from around $114,000 to the high $80,000s.
A merger would not change bitcoin’s fundamentals, but it would reshape how one of the largest corporate positions is governed, accounted for and potentially financed.
Tesla is a public company subject to fair-value accounting rules, meaning swings in bitcoin prices flow directly through earnings. SpaceX, still private, has so far avoided that kind of quarter-to-quarter visibility.
That difference matters as SpaceX weighs a possible IPO that could value the company near $1.5 trillion. Crypto exposure, even if passive, becomes part of the due diligence process for large institutional investors, some of whom remain cautious about digital assets on corporate balance sheets.
Tesla’s past dealings with bitcoin still loom large. The company disclosed a $1.5 billion purchase in early 2021, sold a portion shortly afterward, then unloaded roughly 75% of its holdings in 2022 near bear-market lows. T
The episode pinned Tesla’s reputation as a high-profile but inconsistent corporate holder, making any renewed focus on Musk-linked bitcoin treasuries more sensitive.
As such, neither company has signaled plans to buy or sell bitcoin as part of the merger discussions, and the holdings represent a small fraction of daily trading volumes.
Still, corporate concentration matters at the margins, particularly as bitcoin’s narrative as a balance-sheet asset faces renewed debate amid gold’s surge and broader risk-off flows.
Whether SpaceX ultimately merges with Tesla, pairs with xAI or stays independent, the talks highlight how bitcoin has quietly become embedded inside some of the world’s most valuable technology firms.
Even when bitcoin isn’t the headline, it remains on the balance sheet — and that alone is enough to keep investors watching.
Tennessee lawmakers are considering legislation that would allow the state to hold bitcoin as part of its public financial reserves.
If passed, the measure would place Tennessee among a small group of U.S. states that have moved to formalize bitcoin holdings through statute.
House Bill 1695, known as the Tennessee Strategic Bitcoin Reserve Act, was filed earlier this month by Rep. Jody Barrett (R–Dickson). The bill is scheduled for consideration during the current session of the 114th Tennessee General Assembly.
It would grant the State Treasurer authority to invest a limited share of select state funds in bitcoin.
The bill’s findings cite inflation as a central concern. Lawmakers state in the bill that rising prices erode the real purchasing power of assets held in the general fund, the revenue fluctuation reserve, and other state pools.
Bitcoin is described in the legislation as a decentralized digital commodity with a fixed supply and global liquidity. The bill argues that a fiduciary investor may use such an asset to improve long-term, inflation-adjusted returns.
“This is about responsible stewardship of public finances,” Barrett said in a statement. He compared bitcoin to gold and framed it as a hedge against inflation.
Tennessee follows a growing wave of U.S. states exploring Bitcoin-focused policy, with lawmakers in South Dakota and Kansas introducing bills that would allow public funds to be allocated to bitcoin or placed into a strategic Bitcoin and digital assets reserve.
At the same time, states like Rhode Island and Florida have revived or reintroduced legislation aimed at studying Bitcoin, easing its use, or potentially adding it to state balance sheets under defined oversight frameworks.
10% of Tennessee’s general fund into bitcoin
Under the proposal, the Treasurer could allocate funds from the general fund, the revenue fluctuation reserve, or other state funds approved by lawmakers. Bitcoin exposure would be capped at 10% of each eligible fund at the time of purchase.
Annual purchases would be limited to 5% per fiscal year until the cap is reached. The bill allows passive price gains to push holdings above the cap without forcing sales.
The legislation restricts investments to bitcoin only. It bars allocations to other cryptocurrencies or digital assets. Bitcoin could be held directly by the state, through a qualified custodian, or via an exchange-traded product tied solely to bitcoin.
All forms of exposure would count toward the same cap.
The bill sets detailed custody standards. A “secure custody solution” must store private keys in encrypted hardware kept offline in at least two locations. Access would require encrypted channels and multi-party authorization.
Audit logs would be mandatory. Custody systems would face annual third-party code reviews and penetration tests. Providers would need disaster recovery plans.
Consistent transparency checks
Transparency is a core feature of the proposal. Every two years, the Treasurer would need to publish a public report. The report would list the amount of bitcoin held, its dollar value at purchase and at the end of the period, and a summary of transactions.
It would also include a cryptographic proof that allows third parties to verify on-chain balances. Security assessment summaries would be available upon request.
The bill also allows the Treasurer to create a program to accept bitcoin for taxes, fees, or other state obligations. Participation would be voluntary. Any bitcoin received would be transferred to the general fund and recorded at market value. Agencies would be reimbursed in dollars.
Supporters say the structure reflects Tennessee’s broader approach to asset management. The state oversees more than $132 billion in assets, including one of the top-rated public pension systems in the country.
“Even strong balance sheets face risks that traditional assets do not hedge,” said David Birnbaum, president of the Tennessee Bitcoin Alliance. He said bitcoin offers diversification due to its low correlation with other asset classes.
The bill directs the Treasurer to publish a bitcoin investment policy by January 1, 2027. A full performance and risk review would be due by October 1, 2032.
Lawmakers would then decide whether to continue, revise, or repeal the program.
If approved, the act would take effect on July 1, 2026.
Tether, issuer of the world’s most popular stablecoin USDT, wrapped up 2025 with a net profit of over $10 billion, the company reported Friday, bolstered by steady growth in its flagship token and growing exposure to U.S. Treasuries and gold.
The fourth-quarter attestation, signed by accounting firm BDO Italy, showed Tether holding $6.3 billion in excess reserves, a buffer over its $186.5 billion in liabilities tied to issued tokens. USDT’s circulating supply grew by $50 billion over the year, to over $186 billion.
The firm continued ramping up its holdings of U.S. Treasuries, reaching $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements. That positions the company among the largest holders of U.S. government debt globally.
Tether also maintained significant allocations to gold and bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively. The company has been buying physical gold at a rate of up to two tons a week, a pace that could total more than $1 billion in monthly purchases, according to a Bloomberg interview with Ardoino earlier this month.
Tether’s investment portfolio, which is separated from reserve assets, was valued at $20 billion.
“With USDT issuance at record levels, reserves exceeding liabilities by billions of dollars, Treasury exposure at historic highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company,” said Paolo Ardoino, CEO of Tether, in a statement.
The latest report comes amid rising global demand for stablecoins, with Tether’s USDT remaining the dominant digital dollar in circulation. Earlier this week, Tether launched USAT — a new stablecoin tailored for the U.S. market — in partnership with Anchorage Digital, a U.S.-based federally chartered crypto bank. The move marks a bid to carve out regulatory-compliant ground in the U.S.
Brazilian fintech PicPay has raised $434 million through its initial public offering (IPO) in New York that valued the company at $2.5 billion.
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The fintech, which boasts 66 million customers and a banking licence in Brazil, provides an array of services including loans, insurance, and cards.
PicPay’s Netherland-based holding group stated shares were sold for $19 each.
The company initially filed for an IPO in 2021, but withdrew due to market instability. PicPay made a second attempt for an IPO earlier this month.
PicPay was founded in 2012 and acquired by the billionaire leaders of global meatpacking empire JBS, Wesley and Joesley Batista. The brothers secured a US listing for JBS in 2025.
The company rivals NuBank, another Brazilian fintech that has dominated in digital financial services, and recently got conditional approval to launch a US national bank.
Bitcoin’s break below $84,000 tilts the advantage in favor of the bears, opening the doors for a potential fall to $74,508.
Several major altcoins have slipped below their support levels, signaling that the bears are attempting to take charge.
Bitcoin (BTC) remains under pressure as sellers attempt to sustain the price below the $84,000 level. BTC’s fall near $81,000 caused $1.77 billion in liquidations in the past 24 hours, per CoinGlass data.
Several analysts have turned bearish and expect BTC’s downtrend to continue. They anticipate BTC to fall below the crucial $74,500 low, made in April 2025, following US President Donald Trump’s “Liberation Day” tariff announcement.
Crypto market data daily view. Source: TradingView
However, not everyone is bearish on BTC. Swyftx lead analyst Pav Hundal told Cointelegraph that BTC may form a bottom over the next 40 days if history repeats, as BTC bottoms “have historically lagged gold’s relative strength by about 14 months.”
Could BTC and the major altcoins start a relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC turned down sharply from the 20-day exponential moving average (EMA) ($89,165) on Thursday and fell below the $84,000 support.
The $80,600 level is the crucial support to watch out for in the near term. If bears pull the Bitcoin price below $80,600, the BTC/USDT pair may extend the decline to the critical support at $74,508.
Buyers are likely to have other plans. They will attempt to defend the $80,600 level and push the price above the moving averages. If they do that, it shows that the market has rejected the dip below $84,000. The pair may then surge to the $94,789 to $97,924 resistance zone.
Ether price prediction
Ether (ETH) turned down from the moving averages on Thursday and fell below the $2,787 level, indicating selling on minor rallies.
The downsloping 20-day EMA ($2,999) and the relative strength index (RSI) in negative territory indicate an advantage to sellers. The Ether price may slump to the $2,623 level, which is likely to attract buyers. However, if the bears prevail, the ETH/USDT pair is likely to resume the downtrend toward $2,111.
Time is running out for the bulls. They will have to swiftly push the ETH/USDT pair above the moving averages to signal strength. The pair may then climb to the resistance line.
BNB price prediction
The failure of the bulls to maintain BNB (BNB) above the 20-day EMA ($890) on Thursday triggered selling, which has pulled the price to the uptrend line.
The bulls are expected to vigorously defend the uptrend line, as a close below it may sink the BNB/USDT pair to the $790 level. A break and close below the $790 support risks starting the next leg of the downtrend to $730.
Contrarily, if the BNB price turns up from the uptrend line, it suggests that the bulls remain buyers on dips. The pair may then reach the $928 to $959 overhead resistance zone, where the bears are expected to step in.
XRP price prediction
XRP (XRP) turned down from the moving averages and fell below the $1.77 level, indicating that the bears remain in control.
The XRP/USDT pair is likely to descend to $1.61, which is a critical level to watch out for. If sellers yank the XRP price below the $1.61 support, the pair risks falling to the support line of the descending channel pattern.
Instead, if the price turns up from $1.61, it is expected to face selling at the moving averages. If buyers overcome the hurdle, the pair may reach the downtrend line. A close above the downtrend line suggests that the bulls are back in the driver’s seat.
Solana price prediction
Solana’s (SOL) range-bound action from $117 to $147 resolved to the downside on Thursday, signaling that the bears are attempting to take charge.
If the Solana price closes below $117, the SOL/USDT pair risks falling to the $95 support. Buyers are expected to mount a strong defense at the $95 level, as a break below it may sink the pair to $79.
The bulls will have to push the price back above the moving averages to suggest that the break below $117 may have been a bear trap. The pair may then ascend to the $147 resistance.
Dogecoin price prediction
Dogecoin (DOGE) closed below the $0.12 support on Thursday, signaling the resumption of the downtrend.
The bulls will attempt to push the Dogecoin price back above the breakdown level of $0.12 but are expected to face solid resistance from the bears. If the price turns down from the $0.12 level or the moving averages, it heightens the risk of a collapse to the Oct. 10, 2025, low of $0.10.
This negative view will be invalidated in the near term if the DOGE/USDT pair turns up and breaks above the moving averages. That suggests solid buying at lower levels, opening the gates for a potential rally to $0.16.
Cardano price prediction
Cardano (ADA) is witnessing a tough battle between the buyers and sellers at the $0.33 level.
If the Cardano price closes below the $0.33 support, the ADA/USDT pair may decline to the support line of the descending channel pattern. The bulls are expected to defend the support line, which is close to the Oct. 10, 2025, low of $0.27.
Contrary to this assumption, if the price turns up from the current level and breaks above the downtrend line, it signals that the bulls are active at lower levels. That opens the doors for a rally to the breakdown level of $0.50.
Related: Ethereum loses $2.8K support as charts point to possible 22% downside
Bitcoin Cash price prediction
Bitcoin Cash (BCH) plunged below the $563 support on Thursday, completing a bearish head-and-shoulders pattern.
The bulls will attempt to push the Bitcoin Cash price back above the $563 level but are expected to face solid resistance from the bears. If the price turns down from $563, it suggests that the bears have flipped the level into resistance. That increases the likelihood of a drop to $518 and thereafter to the pattern target of $456.
This bearish view will be negated in the short term if buyers drive the price above the $604 resistance. The BCH/USDT pair may then jump to $631 and subsequently to $670.
Hyperliquid price prediction
Hyperliquid (HYPE) turned down from the breakdown level of $35.50 on Thursday, indicating that the bears are fiercely defending the level.
The 20-day EMA ($26.36) is the critical support to watch out for on the downside. If the price turns up from the 20-day EMA, the bulls will again attempt to propel the HYPE/USDT pair above $35.50. If they succeed, the pair may rally to $44.
Conversely, if the Hyperliquid price breaks below the moving averages, the pair may consolidate from $35.50 to $20.82 for a while longer. The downtrend may resume on a break below $20.82.
Monero price prediction
The failure of the bulls to push Monero (XMR) above the 50-day simple moving average (SMA) ($482) shows that the bears are selling on every minor rise.
The bulls are attempting to defend the $417 support as seen from the long tail on the candlestick. The relief rally is expected to face selling at the moving averages. If the price turns down from the moving averages, the risk of a break below the $417 level increases. The XMR/USDT pair may then nosedive to $360.
Buyers have an uphill task ahead of them. They will have to drive the Monero price above the 20-day EMA ($501) to signal a comeback. The pair may then march toward $546, where the sellers are expected to step in.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Bitcoin’s (BTC) price has dropped 14.5% in the past 16 days, pushing the Crypto Fear & Greed Index to 16 (Extreme Fear), which is its lowest rating year-to-date.
Crypto Fear & Greed Index. Source: alternative.me
While selling has dominated markets over the past two weeks, Bitcoin derivatives data suggest the current trader positioning may lead to a recovery. Analysts are now weighing whether the latest sell-off has created conditions for a relief rally.
Key takeaways:
Binance open interest has climbed more than 30% from its October 2025 lows, confirming rising activity within the Bitcoin futures market.
A move toward $92,000 may put over $6.5 billion in short positions at risk of liquidation.
Market imbalance opens the door to a relief rally
From a technical standpoint, BTC has swept its swing lows between $80,000 and $83,000, clearing a large cluster of long liquidations. With that downside liquidity taken, attention is shifting higher.
CoinGlass data shows that a move toward $92,000 may place over $6.5 billion in cumulative short positions at risk of liquidation. By contrast, a drop to $72,600 would only threaten about $1.2 billion. This imbalance means upside moves may force short sellers to buy back positions, potentially accelerating price recovery.
Additionally, crypto commentator MartyParty framed the recent move as part of a Wyckoff Accumulation “Spring,” where price briefly dips below support to shake out weak hands before reversing.
In this context, the sweep below $83,000 may act as a final liquidity grab, allowing larger participants to buy discounted Bitcoin. If followed by sustained buying, the next phase may exhibit a price expansion with upside targets extending back toward $100,000.
Related: Bitcoin’s ‘miner exodus’ could push BTC price below $60K
Bitcoin futures positioning shows mixed signals
Bitcoin’s decline triggered an estimated $800 billion in liquidations over the past 24 hours, the largest single-day event since late November, when BTC last traded near $81,000.
Yet, according to crypto analyst Darkfost, the open interest on Binance has risen to 123,500 BTC, exceeding levels seen ahead of the Oct. 10, when open interest fell to 93,600 BTC. A roughly 31% increase since then suggests traders are rebuilding exposure rather than fully exiting the market.
Open Interest in Bitcoin term. Source: CryptoQuant
Broader derivatives activity has also cooled. Monthly Bitcoin futures volume across all exchanges fell to about $1.09 trillion in January, the lowest since 2024. Trading remained concentrated on major venues, led by Binance with $378 billion, followed by OKX at $169 billion and Bybit near $156 billion.
Related: Bitcoin loses crucial $84K support: How low can BTC price go?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
