Bitcoin stalls near $70K as Strategy buys the top and Bitmine nears ETH 5% goal
Bitcoin trades flat near $70K as Strategy buys local top, Bitmine nears 5% ETH supply target, and Binance adds $300M BTC to SAFU.
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Bitcoin is going nowhere fast. After rebounding from last week’s $59K low, the asset has hovered near $70K for three straight days, unable to build momentum in either direction. While volatility cools, analysts are watching key breakdown levels, around $62K and $64k, as the final floors before an air pocket to $30K. Meanwhile, majors like ETH, SOL, and XRP are flat, and altcoins are bleeding modestly in what looks like post-liquidation market fatigue.
But while the charts are boring, the whales are busy. Strategy once again bought the top, grabbing 1,142 BTC at the exact local peak last week. Bitmine followed with another mega-buy, adding 40,613 ETH and pushing its holdings above 4.32 million tokens, closing in on its “Alchemy of 5%” target. Binance, not wanting to be left out, dropped $300 million into its SAFU fund, buying 4,225 BTC and signaling long-term conviction while quietly exposing the reserve to downside risk.
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Bitcoin chops near $70K as market cools post-drawdown
Bitcoin reclaimed $70K on Friday but has failed to break out since, trading in tight ranges over the weekend with no clear catalyst in sight. Analysts warn that a drop below $64K could trigger a steeper fall to $30K, though current conditions suggest consolidation. ETH trades above $2K, SOL around $85, and XRP at $1.44. The overall crypto market dipped 2.4% with most tokens slightly red on the day. Despite the lull, major treasury holders like Strategy and Bitmine are back in accumulation mode.
Strategy added 1,142 BTC to its stack last week at an average price of $78,815, buying the exact local top. The firm now holds 714,644 BTC at an average cost of $76,056, representing more than 3.4% of Bitcoin’s total supply. At current prices, the position carries $5.2 billion in unrealized losses.
Meanwhile, Bitmine added 40,613 ETH, bringing its total to 4.325 million ETH worth $9.2 billion. That puts the firm at 3.58% of Ethereum’s circulating supply, 72% of the way toward its 5% “Alchemy” target. Bitmine also staked 67% of its ETH, now generating $202 million in annualized yield.
Crypto outflows slow as Binance buys $300M BTC for SAFU
Crypto investment products posted $187 million in outflows last week, down sharply from $3.43 billion over the prior two weeks. While BTC products still saw $264 million in redemptions, inflows picked up in XRP ($63M), ETH ($5.3M), and SOL ($8.2M). CoinShares says the pace of flows often signals sentiment shifts more reliably than price itself.
Meanwhile, Binance added 4,225 BTC worth $300M to its SAFU wallet on Monday, pushing its total BTC reserve to over $720M. The exchange plans to fully convert its $1B protection fund to Bitcoin within 30 days of its January announcement.
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