Connect with us
DAPA Banner

Crypto World

Over $3b in crypto longs at risk as Bitcoin and Ethereum hover near key levels

Published

on

Microsoft stock plunges 11% as Bitcoin traders seek refuge amid broader tech selloff

Over $3b in leveraged Bitcoin and Ethereum longs sit just above key support levels, with Coinglass data showing a liquidation cascade risk in either direction.

Leveraged long positions across Bitcoin (BTC) and Ethereum (ETH) are sitting on a knife’s edge, with more than $3 billion in combined exposure at risk of forced liquidation if prices slip to critical support levels, according to data published by Coinglass on March 20.

For Bitcoin, the figures are stark. If BTC falls below $66,827, the cumulative long liquidation intensity across major centralized exchanges would reach $1.878 billion. That would represent one of the more significant cascading liquidation events in recent months, as stop-losses and margin calls trigger a wave of automatic selling that could further accelerate any downward move. On the upside, a break above $73,757 would flip the pressure onto short sellers, with $1.062 billion in short positions vulnerable to a squeeze.

Advertisement

Ethereum presents a similarly precarious picture. A drop below $2,029 would trigger $1.204 billion in long liquidations on mainstream CEXs, while a rally above $2,240 would put $881 million in short positions at risk of being unwound.

The data arrives at a sensitive moment for both assets. Bitcoin has been trading in a narrow range around $69,700 following a recent dip that attracted bearish interest. Notably, open interest data tracked by Coinglass showed that during yesterday’s price decline, BTC’s open interest actually increased as prices fell — a sign that short sellers were actively adding positions rather than covering. The subsequent rebound has done little to change the OI picture, suggesting the recovery lacks conviction from new buyers and that the market remains range-bound rather than in the early stages of a trend reversal.

Ethereum has likewise struggled to find direction, hovering near $2,130 with traders watching the $2,029 floor closely. With ETH already under moderate selling pressure on the day, the proximity to that liquidation threshold is not lost on market participants.

Advertisement

Liquidation maps of this kind serve as a window into the market’s structural vulnerabilities. When large clusters of leveraged longs accumulate just above key support levels, they can create a self-reinforcing dynamic: a price drop triggers liquidations, which push prices lower still, triggering more liquidations in turn. This “liquidation cascade” effect has been behind some of crypto’s most violent short-term price dislocations.

For traders navigating the current environment, the message from the data is clear: the market is coiled tightly around these levels, and a decisive move in either direction could trigger outsized volatility. With macro headwinds persisting — including rising geopolitical tensions in the Middle East and a risk-off mood in traditional equity markets, where the Nasdaq fell 0.88% in pre-market trading — the path of least resistance for crypto in the near term remains highly uncertain.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Crypto firms cut jobs as bear market and AI shift bite

Published

on

Crypto firms cut jobs as bear market and AI shift bite

An ongoing bear market combined with wider global economic struggles has hit crypto firms hard, causing delays, staff layoffs, and AI pivots. 

This week, crypto protocol Algorand announced it was reluctantly reducing its workforce by 25%. 

Algorand claimed the “tough” layoff was in response to “the uncertain global macro environment as well as the broader downturn in crypto markets.”

Indeed, as the year continues, bitcoin’s price is struggling to gain upward momentum after dropping to $63,000 in late February.

Advertisement

The escalating war between the US, Irael and Iran is also causing the price of oil to rocket, and threatens deeper economic turmoil across the globe.

Crypto layoffs, cuts, and delays

Firms including Gemini, Messari, Crypto.com, OP Labs, OpenSea, and Kraken, have announced various cuts to their operations, be it through trimming staff or delaying planned operations.

Meanwhile, Crypto.com announced a 12% staff layoff yesterday while citing an AI pivot. The firm’s CEO, Kris Marszalek, claimed the roles of the fired staff “do not adapt in our new world.”

A statement from crypto.com’s CEO Kris Marszalek on the AI pivot.

Read more: Mass crypto layoffs are a short-term solution with long-term consequences

Gemini similarly let 25% of its staff go in February, claiming AI has allowed its workforce to operate more efficiently with fewer staff. 

Gemini also let three of its execs go, including Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade.

On Monday, crypto analytics firm Messari announced that it’s “doubling down” on becoming an “AI-first company,” and announced that it had let various team members go as new CEO, Diran Li, took the reins. 

Advertisement

Protocol contributor OP Labs fired 20 of its staff last week in a memo that also alluded to the possibility of an AI pivot. CEO Jing Wang said, “This is about doing fewer things well, making decisions faster, and reducing coordination overhead.”

These all follow what was one of the more dramatic AI pivots from Jack Dorsey’s Block, which fired 50% of its staff (around 4,000 people) while citing the advancements AI offers to workplace efficiency.  

Jack Dorsey’s cuts caused the price of Block’s stock to surge 20%.

Read more: How bombing Iran shifted oil and bitcoin prices

This week, the NFT platform OpenSea announced that it was delaying the launch of its $SEA token because of “challenging” market conditions across crypto that may affect its launch. 

Another delay was announced yesterday to Kraken’s initial public offering (IPO). According to sources familiar with the matter, Kraken’s parent company, Payward, is pausing the IPO plans until “market conditions improve.”

Advertisement

Layoffs often come with reputational costs and further long-term consequences down the line, as staff are left burdened with the workloads of their departed teammates.

However, with more companies citing AI as a reason for workforce reduction, it’s hard to ignore its ability to mitigate the burden of cutting staff.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on XBluesky, and Google News, or subscribe to our YouTube channel.

Advertisement

Source link

Continue Reading

Crypto World

Bitcoin clings to $69k support as ETFs flip and fear index sinks

Published

on

Bitcoin traders face possible 70% drawdown with $38k target in play

Bitcoin is holding just below $70k after a hawkish FOMC, ETF outflows, and a shift to Fear, with weak long conviction but easing miner selling and difficulty.

Bitcoin is trading above $69,900 on Friday evening, clinging to key support levels after a bruising week shaped by the Federal Reserve’s hawkish tone, a reversal in ETF flows, and broad risk-off sentiment across global markets. The crypto Fear & Greed Index sits at 28 — deep in Fear territory — as investors weigh the durability of BTC’s recovery against a deteriorating macro backdrop.

The week’s defining moment came on Wednesday, when the Fed held rates steady at its March FOMC meeting but signaled that fewer rate cuts are likely in 2026 than previously expected. Bitcoin fell roughly 5% in the immediate aftermath, sliding from near $74,000 to test the $70,000 level, as institutional players moved to de-risk. The reaction was compounded by a sharp reversal in ETF flows: after a highly bullish seven-day inflow streak that had brought in over $1.1 billion, US-listed spot Bitcoin ETFs recorded a $129 million net outflow on Wednesday alone — snapping the positive run and rattling sentiment.

Advertisement

The sell-off dragged the broader crypto market with it. Ethereum and Solana each fell 5–6% in tandem, confirming that Bitcoin’s near-term correlation with risk assets remains elevated. With BTC’s 30-day correlation to the S&P 500 sitting at 0.74 — the highest of 2026 — the asset is currently trading less like a macro hedge and more like a high-beta tech proxy, a dynamic that leaves it exposed to any further deterioration in equity markets.

Despite the fear reading, there are structural factors that have prevented a more severe breakdown. Open interest data tracked by CoinGlass shows that during yesterday’s dip to $68,750, shorts were actively adding positions — forming what the firm described as a “clean short position buildup.” The price has since rebounded, though OI has not increased meaningfully, suggesting range-bound rather than trending conditions. The lack of new long entry confirms that conviction on the buy side remains cautious, but the shorts have also not fully pressed their advantage.

Advertisement

On the supply side, the picture is more constructive. Miner selling pressure — a persistent headwind throughout the first quarter — is showing signs of fading, with net miner outflows down 82% from their February peak. A significant difficulty adjustment tonight, expected to drop ~7.5%, will further ease cost pressure on the mining industry and reduce near-term forced selling from that cohort.

For now, Bitcoin finds itself in a holding pattern: above the critical $66,827 level where over $1.87 billion in leveraged longs sit exposed, but well below the $73,757 resistance that would trigger a short squeeze. With macro uncertainty elevated, geopolitical tensions unresolved, and sentiment firmly in fear, the burden of proof lies with the bulls to demonstrate fresh conviction before the market can credibly call the bottom in.

Source link

Advertisement
Continue Reading

Crypto World

Bhutan has sold over $110m in Bitcoin as sovereign stack drops 65%

Published

on

El Salvador bets on $100m tokenized SME equity via Stakiny

Bhutan has sold over $110m in Bitcoin in 2026, cutting sovereign holdings by about 65% from their peak as Druk Holding shifts from mining-led accumulation to steady liquidation.

Summary

  • Druk Holding & Investments has offloaded more than $110m in BTC this year, including a 973 BTC transfer worth about $72.3m on March 17–18 routed partly through QCP Capital and Binance.
  • Bhutan’s stash has shrunk from roughly 13,000 BTC (over $1.4b and 40% of GDP at peak) to around 5,400 BTC worth about $374m, with no inflows over $100k in more than a year, implying mining has largely stopped.
  • The kingdom’s methodical $5–10m clip sales, built on hydropower-funded mining since 2019, now act as a recurring sovereign overhang for Bitcoin just as macro conditions and sentiment remain fragile.

The Kingdom of Bhutan has quietly become one of the most closely watched sovereign Bitcoin sellers of 2026, with its state investment arm offloading more than $110 million worth of BTC since the start of the year — a systematic drawdown that has cut its holdings by 65% from their peak and raised questions about the future of one of crypto’s most unlikely national success stories.

The latest and largest transaction occurred on March 17 and 18, when Druk Holding & Investments — the sovereign wealth fund that manages Bhutan’s digital asset reserves — transferred 973 BTC worth approximately $72.3 million across multiple addresses. Among the recipients was QCP Capital, a Singapore-based institutional trading firm, indicating structured OTC selling designed to minimize market impact rather than distressed dumping onto open exchanges. A portion was also directed toward Binance hot wallets.

Advertisement

Bhutan’s Bitcoin journey began in 2019, when the country began quietly mining BTC using surplus hydroelectric power from its Himalayan rivers — a near-zero marginal cost energy source that made mining highly profitable even at modest price levels. At its peak, Bhutan held approximately 13,000 BTC, valued at over $1.4 billion — a sum representing more than 40% of the country’s entire gross domestic product at the time. Those holdings have since contracted to roughly 5,400 BTC, worth around $374 million at current prices.

A critical detail flagged by on-chain analytics firm Arkham Intelligence adds a new dimension to the story: Bhutan has not recorded a Bitcoin inflow of over $100,000 in more than a year. This strongly suggests the country has halted or severely curtailed its mining operations, shifting from an accumulation-and-hold strategy to a pure liquidation mode. The reasons remain officially unconfirmed, but analysts have pointed to declining mining profitability following the April 2024 halving, rising operational costs, and competing demands on the country’s hydropower infrastructure.

The selling pattern has been methodical rather than reactive. Bhutan typically transacts in $5–10 million clips, with occasional larger tranches when market conditions are favorable. The $72.3 million move this week is an outlier in size, suggesting either an acceleration of the drawdown timeline or an opportunistic decision to lock in prices near the $71,000 level before further deterioration.

Advertisement

For the broader market, the sustained presence of sovereign-scale selling at these volumes is a non-trivial headwind. Unlike retail or even institutional fund selling, sovereign liquidations tend to be price-insensitive and recurring — features that can create persistent ceiling pressure on any attempted recovery. As Bitcoin navigates a fragile macro environment with fear sentiment elevated and ETF flows recently reversing, Bhutan’s quiet but relentless selling is one more structural force the bulls must absorb on the path back to new highs.

Source link

Advertisement
Continue Reading

Crypto World

Morgan Stanley Pushes Closer to Bitcoin ETF With Amended SEC Filing

Published

on

Morgan Stanley Pushes Closer to Bitcoin ETF With Amended SEC Filing

Morgan Stanley filed a second amended S-1 for its proposed spot Bitcoin exchange-traded fund (ETF), detailing seed capital, trading partners and listing plans as the Wall Street bank moves closer to launching the product under the ticker MSBT.

The amended filing says the trust expects to raise $1 million through the sale of 50,000 initial seed shares to its delegated sponsor ahead of listing on NYSE Arca, then use the proceeds to buy Bitcoin (BTC) for the fund. Morgan Stanley said the fund remains subject to regulatory approval before it can begin trading.

The filing lists Jane Street, Virtu Americas and Macquarie Capital as authorized participants, allowing them to create or redeem large blocks of shares and profit from the arbitrage between Bitcoin’s price and the ETF’s share price. This keeps the ETF’s price close to the value of Bitcoin.

Morgan Stanley recommended a 2% to 4% allocation to crypto portfolios for investors and financial advisers in October 2025 and allowed its financial advisors to recommend crypto funds to clients with individual retirement accounts (IRAs) and 401(k)s.

Advertisement
Morgan Stanley S-1 filing amendment. Source: SEC.gov

“Morgan Stanley is moving from distributing BlackRock’s IBIT to issuing its own product, capturing management fees directly rather than earning distribution commissions,” Marcin Kazmierczak, co-founder of RedStone, told Cointelegraph, adding that the bank’s 15,000 financial advisors will introduce a real “distribution muscle” for the ETF.

Related: Morgan Stanley, other top holders add Bitmine exposure amid sell-off

Wall Street moves closer to crypto funds

The move adds to a broader push by large US financial institutions to expand access to crypto-related products.

On Jan. 5, 2026, the second-largest US bank, Bank of America, began allowing advisers in its wealth management businesses to recommend exposure to four Bitcoin ETFs, which were previously only available upon request, Cointelegraph reported. 

A day earlier, Vanguard, the world’s second-largest asset manager, enabled crypto ETF trading for its clients, reversing its previous stance on digital asset ETFs.

Advertisement

Related: Wells Fargo sees ‘YOLO’ trade driving $150B into Bitcoin and risk assets

BlackRock, the world’s largest asset management firm, recommended an up to 2% Bitcoin allocation to its clients in December 2024.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder

Advertisement