Bitcoin Struggles to Hold $90,000 as Equities and Gold Rally
The leading cryptocurrency lingered just below the $90,000 mark on Thursday, while the broader crypto market slipped 1 % and traditional assets posted fresh gains.
Market snapshot
- Total crypto market cap: $3.11 trillion (down 1.1 % on a 24‑hour basis, Coingecko)
- Bitcoin (BTC): $89,500, flat for most of the day after briefly touching $88,400
- Ethereum (ETH): $2,950, down roughly 2 %
- Major altcoins: SOL and XRP down <1 %; BNB unchanged; most of the Top‑100 assets posted losses
The modest pull‑back in digital assets occurred against a backdrop of a modest rebound in the U.S. equity market (S&P 500 +0.5 %, Nasdaq +0.7 %) and an all‑time high for precious metals, with gold trading near $4,920 per ounce.
Bitcoin’s stalled advance
After a brief dip to $88,400 earlier in the session, Bitcoin recovered to $89,500 but failed to break the psychologically significant $90,000 level. The price action came amid a sizable outflow from U.S. spot Bitcoin ETFs—more than $1.2 billion left the funds over the past two days—while BlackRock transferred over $400 million worth of BTC and ETH to its Coinbase Prime custodial account. The net effect has been a short‑term supply shock that, paradoxically, has not translated into upward price pressure.
What this could mean
- The inability to sustain a breach of $90,000 suggests that buying interest remains tentative despite the broader risk‑on sentiment in equities and gold.
- Institutional movements, such as BlackRock’s custodial shift, may be positioning for future allocation rather than indicating immediate demand.
- Continued outflows from ETFs could keep short‑term price volatility elevated until new inflows materialize.
Ethereum dynamics and institutional buying
Ethereum fell 2 % to $2,950, even as the DeFi‑focused treasury firm BitMine Immersion disclosed purchases exceeding $100 million in the last 24 hours. The acquisition now gives the company a stake of more than 3.5 % of all ETH in circulation. While the price declined, the on‑chain activity signals confidence from a large holder that is willing to lock up capital in the network’s core token.
Altcoin performance
Most altcoins mirrored Bitcoin’s modest weakness, with the exception of a few outliers:
- River (RIVER) rallied roughly 35 % after announcing a financing round led by Tron founder Justin Sun.
- MYX, PUMP, and ARB were the day’s biggest decliners, each slipping about 7 %.
Overall, the Top‑100 digital assets posted a net loss, underscoring the market‑wide pressure.
Leveraged liquidations
CoinGlass reported that about 114,000 leveraged positions were liquidated in the last 24 hours, wiping out $207 million in total. Bitcoin accounted for $46 million of those losses, while Ethereum contributed $69 million. The high liquidation volume reflects the sensitivity of margin traders to the recent price swings in the two largest crypto markets.
Broader market context
The coincidence of a modest equities rally and record‑high gold prices highlights a “risk‑on” environment that traditionally benefits risk assets such as Bitcoin. However, the crypto market’s inability to capitalize on that sentiment may point to sector‑specific headwinds—particularly the recent outflows from U.S. spot Bitcoin ETFs and the ongoing debate around regulatory treatment of digital assets.
Key takeaways
| Insight | Implication |
|---|---|
| Bitcoin stalled below $90k | Suggests limited buying momentum despite favorable macro conditions. |
| $400M+ moved by BlackRock to Coinbase Prime | Likely a custody repositioning rather than an immediate market‑impacting purchase. |
| $1.2B outflows from U.S. Bitcoin ETFs | Could keep short‑term supply pressure on the spot market, dampening price lifts. |
| BitMine Immersion’s $100M+ ETH buy | Shows institutional confidence in Ethereum’s long‑term value proposition. |
| RIVER’s 35% surge | Highlights how targeted capital injections can create significant short‑term price spikes in smaller assets. |
| $207M in leveraged liquidations | Demonstrates heightened risk for margin traders amid price volatility. |
| Equities and gold rally | Traditional risk‑on assets are performing well; crypto may need clearer catalysts to join the rally. |
The next few days will be critical: a decisive break above $90,000 could re‑ignite bullish sentiment, while continued ETF outflows and a lack of institutional buying may keep the market in a tentative stance. Traders and investors should monitor on‑chain flows, ETF fund movements, and macro‑economic data for clues on the market’s direction.
Source: https://thedefiant.io/news/markets/bitcoin-struggles-to-hold-usd90-000-despite-stocks-and-gold-rallying
