Ethereum is clinging to support near $1,800 as rising leverage, crowded longs, and persistent U.S. spot ETF outflows deepen downside risks for the second largest cryptocurrency.
Arca chief investment officer Jeff Dorman says Strategy's Bitcoin accumulation playbook has hit a breaking point, with roughly $15 billion in preferred stock and $1.5 billion in annual dividend obligations now colliding with a weakening cash buffer and softer Bitcoin (BTC) price.
Strategy transferred 411.48 BTC valued at over $30 million to Coinbase Prime. The operation immediately sparked speculation about a possible sale of part of its reserves. The timing of the transaction was hard to ignore: on Polymarket, the probability that the company sells Bitcoin before December 31, 2026 already reached 84%.
The U.S. Commodity Futures Trading Commission has greenlit the nation's first bitcoin perpetual futures contract on a regulated exchange, marking a watershed moment for domestic crypto derivatives trading.