Last Newsletter
Read the most recent edition of BetterCrypto News.
Bearish sentiment dominates as Bitcoin hits new lows, key technical indicators weaken, and spot ETFs record massive outflows. In contrast, institutional conviction is evident as Harvard's endowment reveals a significant position in a spot Bitcoin ETF.
Today's Top Crypto News:
Bitcoin fell to its lowest price since May, breaching $94,000 as the Crypto Fear & Greed Index hit a multi-month low, signaling widespread negative sentiment and triggering significant liquidations across the market.
Bitcoin is approaching a 'death cross,' a historically bearish indicator where the 50-day moving average drops below the 200-day, signaling potential for a major price downturn and testing a key historical pattern.
U.S. spot Bitcoin ETFs recorded nearly $870 million in net outflows, the second-largest daily withdrawal on record, as investor sentiment soured amid a sharp price correction in the underlying asset.
Harvard University’s endowment massively increased its investment in spot Bitcoin ETFs, making a ~$443 million position in BlackRock’s IBIT its largest publicly reported holding and signaling strong institutional conviction in the asset class.
Recent data shows spot Ether ETFs lost 7% of cost-basis capital in five weeks, compared to 4% for Bitcoin ETFs, suggesting investors currently view Ether as a comparatively riskier asset amid market weakness.
Belarusian President Alexander Lukashenko has ordered the expansion of state-backed cryptocurrency mining to capitalize on surplus energy and bolster the nation's economy amid ongoing international sanctions.
Detailed Reports:
Bitcoin Dips Below $94K as "Extreme Fear" Grips Market
Bitcoin has breached a key psychological and technical support level, falling below $94,000 for the first time in six months. The move extends a broader market downturn that saw BTC lose its footing above the critical $100,000 mark. Market sentiment has deteriorated significantly, with the Crypto Fear & Greed Index plummeting to a score of 10, firmly in "Extreme Fear" territory.
This sharp decline in confidence has been accompanied by a spike in liquidations of long positions, further accelerating the price drop. While the intense fear can historically be a contrarian indicator preceding a market bottom, traders are now closely watching the next major support levels, with some analysts pointing toward the $83,500 to $85,000 range as a potential floor.
Bitcoin 'Death Cross' Looms, Signaling Potential Market Downturn
Bitcoin's price chart is signaling a potential long-term bearish trend reversal as its 50-day simple moving average (SMA) approaches the 200-day SMA from above. This pattern, known as a 'death cross,' is a widely watched technical indicator by traders. Historically, this formation has preceded major market downturns, acting as a confirmation that short-term price momentum has fallen below the established long-term trend.
However, its predictive reliability is a subject of significant debate. The death cross is a lagging indicator, meaning it often appears after a substantial price decline has already occurred. While the pattern signals caution, traders will be assessing broader market conditions to determine if this instance will precede a genuine bear market or serve as a false signal.
Bitcoin ETFs Suffer Second-Largest Daily Outflow in History
U.S. spot Bitcoin exchange-traded funds (ETFs) have experienced their second-largest single-day net outflow on record, with approximately $870 million withdrawn from the investment vehicles. This significant capital flight coincided with a sharp downturn in Bitcoin's price, reflecting a notable shift in investor sentiment.
The substantial withdrawals are seen by analysts as a sign of significant profit-taking and increased investor caution. While inflows have characterized the majority of the ETFs' existence, this record-setting outflow marks a moment of considerable market stress and raises questions about short-term institutional demand.
Harvard Endowment Massively Boosts Bitcoin ETF Holdings
Harvard Management Company (HMC), the entity overseeing the university’s massive endowment, has significantly increased its exposure to Bitcoin, according to its latest SEC filing. The endowment ramped up its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) by approximately 257%, bringing its total position to a reported value of around $443 million.
This substantial new allocation makes the Bitcoin ETF the largest publicly-disclosed holding in the endowment's portfolio. The move is a significant indicator of growing institutional comfort and conviction in digital assets, serving as a powerful signal to other institutional asset managers about the cryptocurrency's maturation as a macro-financial asset.
Market Gauges Risk: Ether ETFs See Larger Outflows Than Bitcoin
Ether (ETH) recently dipped below $3,100, reflecting a broader digital asset market downturn. According to an investment manager at Cane Island Alternative Advisors, this is coupled with telling movements in the ETF space. Over the past five weeks, spot Ether ETFs have recorded net outflows, shedding approximately 7% of their cost-basis capital.
In comparison, Bitcoin ETFs experienced a smaller 4% withdrawal over the same duration. This divergence suggests that investors may currently perceive Ether as carrying a higher risk profile than Bitcoin, prompting a more significant capital retreat during market uncertainty.
Belarus Elevates Crypto Mining as National Economic Priority
Belarusian President Alexander Lukashenko is directing the government to significantly expand cryptocurrency mining operations as a matter of national priority. The strategic push aims to leverage the country's significant surplus of electricity, partially generated by its nuclear power facilities.
To incentivize growth, the government has established a favorable regulatory environment, exempting crypto mining from taxes until at least 2025. The move is widely seen as a dual-pronged strategy: to create a new revenue stream and to reduce economic reliance on the US dollar while positioning crypto mining as a tool for greater financial sovereignty.
Market Summary:
| Coin | Price | 24h Change |
|---|---|---|
| Bitcoin | $95,589.00 | -0.51% |
| Ethereum | $3,196.61 | -0.76% |
| Solana | $141.30 | -0.53% |
| Binancecoin | $934.82 | -0.88% |
| Ripple | $2.26 | -0.13% |
| Litecoin | $97.01 | -4.81% |
| Cardano | $0.50 | -1.76% |
| Polkadot | $2.83 | -1.47% |
You are receiving this newsletter because you subscribed to BetterCrypto News.
To unsubscribe, please visit the following link: https://bettercrypto.news/unsubscribe