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Bitcoin Crash To $35,000? This Is What Analysts Reveal

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Bitcoin Crash To $35,000? This Is What Analysts Reveal

Bitcoin fell sharply to $73,000 on February 3, extending a broader bearish trend that has now erased 41% from its October 2025 all-time high above $126,000. The drawdown has intensified debate over whether the market is approaching a cyclical bottom—or entering a deeper corrective phase.

The sell-off mirrors rising anxiety across traditional markets. US equity indices weakened amid concerns about artificial intelligence-driven disruption and escalating geopolitical risks, prompting investors to rotate away from risk assets. 

In that environment, capital flowed back into traditional safe havens such as gold and silver, while Bitcoin failed to attract defensive demand.

Bitcoin, Gold, and Silver 5-Day Chart. Source: TradingView

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Macro and Geopolitical Stress Push Investors Toward Traditional Havens

Bitcoin’s volatility continues to reflect macro sensitivity rather than isolation from global markets. The latest leg down coincided with renewed tensions between the United States and Iran after an Iranian drone was reportedly shot down near a US aircraft carrier. 

The incident pushed the VIX up roughly 10% and drove the Crypto Fear & Greed Index into “extreme fear” territory.

Crypto Fear and Greed Index. Source: CoinMarketCap

At the same time, developments in artificial intelligence—including new announcements around Anthropic’s Claude chatbot—sparked renewed concerns about disruption across the tech sector. 

That uncertainty weighed on major technology stocks and further reduced appetite for speculative assets.

While Bitcoin declined, gold rose 6.8% and silver gained 10%, reinforcing their role as preferred hedges during periods of monetary and geopolitical stress.

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Speaking to CNN, Gerry O’Shea, Global Head of Market Insights at Hashdex, noted that the divergence between Bitcoin and gold suggests investors still view precious metals as the primary safe haven during periods of uncertainty. 

That shift has weakened Bitcoin’s short-term refuge narrative and added downside pressure.

Analysts Warn of Deeper Drawdowns and a Potential Bull Trap

Market participants remain divided, but several analysts are openly warning that the correction may not be over.

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Crypto analyst Benjamin Cowen argued that Bitcoin’s near-term path is critical:

Other analysts are more pessimistic. Nehal, a widely followed trader on X, suggested the current structure resembles a classic bull trap, warning that the move lower may only be halfway complete.

According to Nehal’s historical comparison, Bitcoin’s previous cycles ended with drawdowns of 86% in 2018 and 78% in 2021

Applying a similar framework to the current cycle implies a potential 72% decline, which would place Bitcoin near $35,000.

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This cyclical perspective remains influential despite structural changes in the market, including ETF adoption and greater institutional participation.

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On-Chain Data Signals “Bottom Discovery” Phase

On-chain indicators are adding another layer to the debate. Analyst CryptOpus noted that Bitcoin has entered what he describes as a “bottom discovery” phase for the first time this cycle.

At the 2025 peak, roughly 19.8 million BTC were held in profit. That figure has now dropped to 11.1 million BTC, a 40% reduction in profitable supply.

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Historically, similar conditions have marked transitions from corrective phases toward cycle resets. In 2018, Bitcoin remained in this state for roughly eight months before stabilizing.

Key Technical Levels Under Scrutiny

From a technical standpoint, downside risks remain clearly defined. Nic, CEO of Coin Bureau, highlighted that Bitcoin has remained under pressure since breaking below the 50-week moving average in November.

Bitcoin is currently trading near MicroStrategy’s cost basis and close to the April lows around $74,400.

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“If we break lower, the next major level is $70,000, just above the previous all-time high of $69,000. A clean break below that opens the door to a bear market target in the $55,700–$58,200 range, between realized price and the 200-week moving average,” Nic warned.

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Conflicting Views on Whether a Bottom Is Near

Not all analysts agree with the bearish outlook. Michaël van de Poppe believes Bitcoin may already be nearing the end of its downturn.

Meanwhile, analyst David Battaglia focused on liquidation dynamics, describing current conditions as increasingly irrational.

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Battaglia noted that below $85,000, liquidity gaps were significant, meaning panic sellers—whether institutional or whales—likely exited at suboptimal prices. 

He contrasted this with the October 10 crash tied to Binance, which he described as structurally cleaner.

“Between $90,000 and $100,000, there’s massive short density and a 14:1 puts-to-calls imbalance, which under normal conditions already signals a strong bottom,” Battaglia said.

In Summary

Bitcoin’s drop to $73,000 has reignited fears of a deeper correction. Macro uncertainty, geopolitical tension, and mixed on-chain signals leave the market split between expectations of further downside and signs of an emerging bottom. 

The coming weeks will likely determine whether this move represents a temporary pause—or the foundation of a new trend for 2026.

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Goldman Sachs files for Bitcoin Premium Income ETF

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Bitcoin Core maintainers face shake-up as Gloria Zhao revokes PGP key

Goldman Sachs has filed for a Bitcoin Premium Income ETF that aims to turn BTC’s volatility into yield via a covered‑call strategy built on spot ETF exposure.

Summary

  • Goldman Sachs files with the SEC for a Bitcoin Premium Income ETF.info.
  • The fund aims to generate yield from Bitcoin using a covered call strategy.news.
  • Filing underscores Wall Street’s shift toward structured Bitcoin income products.

Goldman Sachs has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin Premium Income exchange‑traded fund, marking one of the 157‑year‑old investment bank’s most direct moves into crypto to date.

According to the preliminary prospectus, the Goldman Sachs Bitcoin Premium Income ETF is designed to provide “current income with a secondary objective of capital appreciation,” giving investors Bitcoin exposure while generating additional yield through options.

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The filing, made under the Goldman Sachs ETF Trust on April 14, 2026, proposes that the offering become effective 75 days after submission, which would put the earliest potential launch in late June or early July if regulators sign off.

Goldman Sachs will not hold Bitcoin directly in the new fund but will instead gain exposure through shares of spot Bitcoin ETFs and related instruments, mirroring structures used by rivals such as the iShares Bitcoin Premium Income ETF.

As explained in a breakdown by Arkham Research, a Bitcoin covered‑call ETF “is designed to transform Bitcoin from a passive asset into an income‑generating asset” by holding BTC exposure and then selling call options on that position to collect premiums.

Goldman’s registration statement says the fund will “sell call options generally representing 40% to 100% of the Fund’s exposure to Bitcoin,” a range that caps upside during sharp rallies but allows the ETF to harvest option income in sideways or modestly trending markets.

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The proposal comes after the bank quietly ramped up its Bitcoin exposure via existing spot products, with earlier SEC filings showing Goldman holding roughly $1.27 billion of the iShares Bitcoin Trust ETF, an 88% increase on the previous quarter, according to TheStreet.

Industry outlets note that the move aligns Goldman with a broader Wall Street rush into yield‑enhanced Bitcoin vehicles, following similar covered‑call or premium income products from BlackRock and other issuers looking to monetise Bitcoin’s volatility for income‑focused clients.

Bitcoin‑linked structured products and ETFs have already been a recurring theme in crypto.news coverage of the spot ETF trade, with previous story pieces tracking how inflows into BTC funds and their derivatives have influenced the Bitcoin price, options skew and liquidity across major venues.

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Investors tracking the implications of Goldman’s ETF filing on the underlying asset can monitor real‑time moves on the Bitcoin market‑cap page, alongside comparable data for Ethereum and other major tokens on their respective price pages as institutional product design around BTC continues to evolve.

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Kraken Confirms Confidential IPO Filing Despite Valuation Drop

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Kraken Confirms Confidential IPO Filing Despite Valuation Drop

Kraken co-CEO Arjun Sethi confirmed Tuesday that the cryptocurrency exchange has filed confidentially for an initial public offering with the SEC.

Sethi made the disclosure at the Semafor World Economy summit in Washington, D.C. The filing had first been submitted around November 2025, shortly after Kraken raised $800 million at a $20 billion valuation.

Valuation Slides as IPO Plans Hold

An April 2026 investment round valued Kraken at $13.3 billion, roughly a 33% decline from its late-2025 peak. The round involved a $200 million secondary share purchase by Deutsche Börse Group, the operator of the Frankfurt Stock Exchange.

The deal gives Deutsche Börse a roughly 1.5% fully diluted stake and is expected to close in Q2 2026. It builds on a strategic partnership announced in December 2025, focused on bridging traditional finance and crypto through trading, custody, and tokenized assets.

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Kraken had previously paused its public listing plans in March 2026 because of difficult market conditions. Sethi’s comments suggest the confidential filing remains active while the company waits for a more favorable window.

Sethi Outlines Retail Trading Mission

At the summit, Sethi framed Kraken’s broader ambition as making institutional-grade tools available to everyday traders.

“What they want at the end of the day is what Citadel and Jane Street have, or JPMorgan has, and they want it accessible to them. That’s our mission: How do we make all these products open?” Semafor reported, citing Arjun Sethi, Kraken co-CEO.

The exchange has made several moves to support that vision, including its acquisition of NinjaTrader for $1.5 billion and securing direct Federal Reserve master account access earlier this year.

Those steps position Kraken alongside a growing wave of crypto firms pursuing public listings in 2026.

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Whether Kraken moves forward with its IPO may depend on how quickly market sentiment recovers in the months ahead.

Meanwhile, as Kraken moves towards a public listing, its industry peer, Coinbase, is celebrating 5 years since its 2021 IPO.

Since Coinbase’s public listing in April 2021, the first time IPO investors were in profit was in July 2025.

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The post Kraken Confirms Confidential IPO Filing Despite Valuation Drop appeared first on BeInCrypto.

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Chainlink price boosted by live stock data push

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Chainlink connects Coinbase cbBTC to Monad DeFi

The Chainlink price narrative shifted this week when the protocol upgraded its Data Streams infrastructure to deliver near-real-time pricing for US stocks and ETFs on a 24/5 basis, giving DeFi protocols access to the same equity data that covers roughly $80 trillion in global market value.

Summary

  • Chainlink’s 24/5 US Equities Streams launch on April 12 delivers fast and secure market data for US equities and ETFs across all trading sessions including after-hours and overnight, going live across more than 40 blockchains using the Chainlink Data Standard.
  • DEXs including Lighter and ApeX, and the exchange BitMEX, have already signed on to integrate the streams, with Lighter CEO Vladimir Novakovski saying the integration enables the platform “to extend our fair, low-latency perp execution beyond regular market hours without compromising data integrity.”
  • The upgrade arrives as the tokenized real-world asset sector hit $27 billion in 2026, with Chainlink positioned as the primary oracle infrastructure for the growing pipeline of institutions tokenizing equities, funds, and bonds on-chain.

CoinMarketCap’s April 12 coverage of the upgrade notes that most existing on-chain data solutions provide only a single price point for equities during standard trading hours from 9:30 AM to 4:00 PM ET, creating a gap where on-chain markets cannot reliably replicate market conditions at all hours. Chainlink’s 24/5 streams eliminate that gap, enabling synthetic equities, automated trading, collateral management, and lending markets to function with live pricing data rather than stale snapshots. The protocol is already embedded in the infrastructure of institutions including Swift, Euroclear, JPMorgan, Mastercard, UBS, and Fidelity International.

LINK was trading around $9.14 to $9.25 on Tuesday, up from recent lows but still down roughly 34 percent over the past year.

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The LINK token’s value accrual thesis depends on growing demand for Chainlink’s oracle services. Every DeFi protocol that integrates the new equity data streams creates a new source of ongoing fee revenue paid in LINK. The 40-plus blockchains where the streams are live represent a wide distribution of potential demand, and the institutional adoption profile of Chainlink’s existing partners means this is not purely a retail DeFi story. When JPMorgan and Fidelity are building on your infrastructure, the demand base is more durable than typical crypto-native integrations.

What the RWA Market Growth Means for Chainlink’s Position

The tokenized RWA sector reaching $27 billion is a validation of the infrastructure play that Chainlink has been building for years. Every tokenized stock, bond, or fund needs reliable real-world pricing data to function safely, and Chainlink’s oracle network is the established standard for that service. The equities streams upgrade extends that standard directly into the equity market, the largest asset class in the world. If tokenized equities grow toward the scale that institutional forecasts suggest, Chainlink’s data infrastructure becomes increasingly difficult to displace.

What Traders Are Watching on the LINK Chart

LINK has been in a structural downtrend with its 200-day SMA acting as resistance and the 50-day SMA below the 200-day, a configuration that typically signals ongoing bearish control. A clean breakout above $9.50, which analysts identified as the near-term resistance, would require both price momentum and the kind of sustained institutional adoption signal that the equity data streams launch represents. The broader macro environment for infrastructure tokens in 2026 remains tied to whether the Iran war eases and risk appetite returns to digital assets alongside the traditional market tailwinds Chainlink is now plugged into.

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Figure and Hastra Add Auto Loans to Tokenized Credit Platform

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Figure and Hastra Add Auto Loans to Tokenized Credit Platform

Blockchain-based lender Figure Technology Solutions and Hastra, its onchain credit platform, are adding auto loans to their tokenized credit marketplace, broadening the real-world assets (RWAs) available to decentralized finance (DeFi) investors beyond home equity products.

Democratized Prime, a decentralized lending marketplace on Figure Markets, is adding auto finance as its first new asset class as part of its plan to build a marketplace where different types of consumer credit can be issued, traded and funded onchain, according to a Tuesday announcement shared with Cointelegraph.

“We’ve been purposefully building toward this,” Michael Tannenbaum, CEO of Figure, said, adding that the platform has originated over $22 billion in onchain loans.

The move marks an early test of whether tokenized private credit can expand beyond home-equity products into mainstream consumer lending, a shift that could widen DeFi’s access to real-world yield but also import the credit risks of subprime-style loan markets.

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Figure launched Hastra in 2025, with its public debut and rollout occurring later that year. The platform, which initially launched on Solana (SOL), was built as an extension of Figure’s lending ecosystem, using its loan origination and credit infrastructure to bring RWAs onchain.

Related: Nauru taps Bitcoiner Dadvan Yousuf for trade role in digital asset push

Hastra expands to EVM chains

At the same time, Hastra is expanding to Ethereum-compatible (EVM) chains, opening access to a larger DeFi ecosystem and bringing its existing credit system, including home equity loan exposure, to new chains.

A Figure spokesperson told Cointelegraph that Hastra will start with Ethereum (ETH) as part of its push into EVM chains. They also confirmed that the auto finance product will first launch on Solana before rolling out on Ethereum around June.

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Figure shares are down 12% YTD. Source: Yahoo! Finance

Still, bringing consumer loans onchain does not remove the underlying risks tied to those assets. Non-prime auto loans can carry higher default rates, especially in weaker economic conditions.

There are also questions around regulation, transparency and how these blockchain-based credit products would perform under stress or during volatile market conditions.

Related: Circle to launch cirBTC wrapped Bitcoin, challenging BitGo and Coinbase

Figure gains bullish outlook from Bernstein

Earlier this month, Bernstein analysts said Figure may be undervalued, assigning the blockchain-based lender an “Outperform” rating and a $67 price target, nearly double its recent trading price. The bullish outlook follows growth in its tokenized lending business, with loan originations surpassing $1.2 billion in March and first-quarter volumes reaching $2.9 billion.

Figure went public on Sept. 11, 2025, listing on the Nasdaq under the ticker symbol FIGR.

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