Bitcoin plunges to 9-month low as Strategy’s BTC stack hovers near break-even
Bitcoin tanks to Strategy’s average buy as ETFs bleed, while Hyperliquid outperforms with new prediction markets rollout.
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Bitcoin fell off a cliff this weekend, plunging to $75K and tagging Strategy’s average purchase price for the first time in over a year. The drop wiped out months of bullish momentum, sparked over $1.7B in ETF outflows, and left even the biggest treasury player temporarily underwater. With BTC ETFs bleeding and metals collapsing like meme coins, the bid has vanished from risk assets.
But while most of the market was in full meltdown mode, Hyperliquid was doing its own thing. HYPE ripped over 40% last week and launched a new outcomes product that’s drawing comparisons to defensive plays like utilities. Prediction markets are heating up and Hyperliquid is grabbing the moment.
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Bitcoin hits Strategy’s average price as outflows spike
Bitcoin plunged to $75K on Sunday, hitting a 9-month low and touching Strategy’s average purchase price. The drop marked a sharp reversal from Friday’s $84K level, briefly pushing the firm’s 713K BTC stash underwater after a brutal week for ETFs that saw $1.7 billion in net outflows, including $1.32 billion from Bitcoin products. But the drawdown didn’t deter the company from continuing to accumulate, Strategy announced a new $75 million Bitcoin purchase earlier today. Its stock still slid 5% as markets reassessed the firm’s break-even zone and its BTC-heavy strategy.
Risk assets unraveled across the board, with silver crashing 35% and gold falling 15% on Friday in what many traders described as a blow-off top following an extraordinary run. The violent reversal in metals, typically viewed as safe havens, added to broader market instability and further drained appetite for risk.
Hyperliquid launches Outcomes as HYPE flips into defensive mode
While the market melted, HYPE pumped. Hyperliquid’s native token jumped 43% on the week and over 11% on Monday, defying the downturn as the team unveiled a new prediction market-style product. The new feature, called Outcomes, brings general-purpose binary options to Hyperliquid’s ecosystem under its HIP-4 upgrade.
These “bounded” contracts settle in USDH and avoid leverage or liquidation risk, positioning Hyperliquid as a serious player in crypto-native options. With nearly $42B in cumulative volume and $1B in open interest, Hyperliquid is now being dubbed a “defensive” alt in a volatile market.
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