Bitcoin Drops Below $66,000 Amid Mounting ETF Outflows, $4B Withdrawn In 12 Days

The market’s leading crypto, Bitcoin (BTC), is coming under fresh pressure as multiple warning signs converge—from heavy selling in the exchange-traded fund (ETF) complex to renewed doubt around Strategy’s long-held “never sell” narrative. 

The result has been a weak session: on Wednesday, the cryptocurrency slipped below the key $66,000 level, extending a selloff that has already erased about $160 billion in overall market value this week, according to Bloomberg.

$2.5M Bitcoin Sale Spooks Market

Earlier in the week, Michael Saylor’s Strategy sold roughly $2.5 million worth of Bitcoin from a large holding currently valued at around $56 billion. Strategy reportedly reduced its hoard by only 32 tokens out of 843,706 coins. 

Even so, analysts say the size of the sale matters less than the message it sends—especially at a time when Bitcoin has been underperforming over the past few weeks.

Rajiv Sawhney, head of international portfolio management at Wave Digital Assets, argued that the financial impact is negligible compared with Strategy’s overall position. He described the sale as “financially trivial,” calling it essentially “a rounding error” relative to a stake worth around $62 billion. 

However, Sawhney emphasized that what matters is market psychology: the idea that the company has long maintained a “never sell” posture had been part of the market’s expectations. 

Bitcoin’s weakness is also taking shape against a very different backdrop in traditional markets. US equities have been moving higher, and tech stocks in particular are making new highs. 

Capital Rotates To AI Stocks

Artificial intelligence (AI) remains the dominant theme drawing capital, and the numbers show the difference clearly. Over the past 12 months, the Nasdaq 100 has been up 42%, while Bitcoin has been down 37% and currently sits 48% below its peak.

Carney Mak, a partner at FXHB Asset Management, said part of the rotation has involved moving capital from Bitcoin and digital assets into AI stocks. In his view, AI offers a more favorable risk-reward setup compared with digital assets, which has encouraged some investors to rebalance their portfolios.

Macro and liquidity conditions are also becoming harder to ignore. Mak noted that crypto currently lacks a strong near-term catalyst, and market performance has increasingly become range-bound. In that environment, he said, results are more dependent on overall liquidity and broader economic factors. 

The Bitcoin ETF market is adding another layer of pressure. Bloomberg data indicates investors have pulled nearly $4 billion from US-listed Bitcoin exchange-traded funds over the past 12 sessions—marking a record streak of consecutive outflows. 

At the time of writing, Bitcoin was trading at around $65,721, having recorded a loss of almost 2% on Wednesday, adding to the 12% retracement recorded over the previous seven days, according to CoinGecko data. 

Featured image created with OpenArt; chart from TradingView.com 

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‘Coldest Crypto Winter Ever’: Bloomberg’s Weisenthal Lists 12 Reasons

Bloomberg’s Joe Weisenthal has revived and expanded his argument that crypto is stuck in what he calls the “coldest crypto winter ever,” pointing to a 12-part case that goes beyond price action and into market psychology, capital rotation, regulation, AI and quantum computing.

Writing in his Odd Lots newsletter and sharing the piece on X, Weisenthal said he had previously laid out 10 reasons in February for why the current downturn felt unusually punishing. “Well everything I cited then still holds,” he wrote, adding that two more factors have since made the backdrop look even worse.

Crypto’s Problem Is No Longer Just Crypto

The core of Weisenthal’s argument is that crypto’s weakness is taking place at a time when other speculative corners of the market are doing exceptionally well. That contrast matters. A bear market is one thing when risk assets are broadly under pressure; it is another when investors are watching adjacent trades explode higher.

One chart cited in the newsletter showed the Goldman Sachs non-profitable tech basket climbing sharply again, with Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research, noting that the basket is “mooning again” in a way that resembles the 2021 boom. Another chart highlighted the Goldman Sachs US quantum computing basket, which has also moved materially higher after a dramatic rally.

For Weisenthal, that makes crypto’s malaise more painful. “First, other people are making SO MUCH MONEY,” he wrote, pointing to listed Nasdaq names and other equities that have surged in recent months. He specifically cited SK Hynix as up more than 250% year to date and Micron as up more than 260%, arguing that such gains intensify the feeling that crypto participants are missing the market’s main action.

He framed the mood with a reference to a famous New York Times headline: “Everyone Is Getting Hilariously Rich and You’re Not.”

The Original 10-Point Case

Weisenthal’s February argument, as summarized in the newsletter, was that the drawdown is occurring during rising anxiety about the dollar, removing one of crypto’s traditional macro narratives. He also argued that crypto can no longer plausibly rely on the idea that it is “so early,” while “crypto twitter is dead” and institutional adoption has already happened, reducing the expectation of a future adoption wave.

The regulatory backdrop, in his view, is also no longer an obvious future tailwind. He wrote that the environment is already “about as favorable as it gets,” implying that market participants may have less room to price in a major policy-driven reprieve.

Another factor is competition for attention and resources from artificial intelligence. Weisenthal said the AI boom is crowding out access to electricity, which matters directly for miners, while also taking “all the mental market share.” In his framing, crypto no longer looks like the obvious frontier trade for technology-minded investors.

The list also included darker reputational and structural concerns. Weisenthal wrote that crypto is “Epstein-adjacent,” citing its appearance in the Epstein files, and pointed to growing anxiety over quantum computing and its potential implications for Bitcoin’s security model.

He also singled out digital asset treasury companies, including Strategy, arguing that firms which had previously accumulated Bitcoin are now becoming sellers rather than buyers. He noted that Strategy had said it sold 32 bitcoins, a symbolic reversal for a company long associated with corporate Bitcoin accumulation.

FOMO Without Crypto

The two new points deepen the same theme: crypto is not merely down; it is being left out. Weisenthal wrote that, a month earlier, he might have said individual stocks were simply running hard without a broader speculative mania. Now, he said, the market is looking “more and more like some real FOMO everything rally.”

That is the sharper claim. If AI, quantum computing and speculative tech are rallying while crypto remains frozen, then crypto’s problem is not just liquidity, regulation or price momentum. It is relevance. For a sector built partly on being the highest-beta expression of technological change and monetary skepticism, losing the attention trade may be the most uncomfortable winter signal of all.

At press time, the total crypto market cap stood at $2.3 trillion.

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Ethereum’s Multi-Year Support Test Could Shape Its Next Big Move

Ethereum is currently trading at a pivotal zone where long-term support and emerging bullish momentum are converging. With buyers attempting to defend a key multi-year trendline, the coming sessions could prove decisive for the asset’s broader outlook. A successful hold may set the stage for a powerful breakout, while failure could delay Ethereum’s next major rally.

Ethereum Tests Critical Multi-Year Trendline Support

After losing the $2,000 price mark, Ethereum continues to trend downward. However, recent analysis from World of Charts highlights that Ethereum has reached a critical technical juncture, currently testing a vital multi-year ascending trendline. The fact that this support zone is holding so far is a positive development, marking it as the most important area to monitor throughout the coming weeks.

For a shift in momentum to occur, the asset needs to maintain this base while simultaneously overcoming the descending trendline overhead. Successfully reclaiming this overhead resistance would represent a major technical victory, potentially triggering a strong bullish wave and initiating a significant upward move.

Despite the favorable setup, confirmation remains essential before projecting a larger rally. The stability of this support zone is the primary prerequisite for growth; if buyers continue to defend this level and a clean breakout is realized, Ethereum could be positioned for a substantial long-term bullish rally with significantly higher targets ahead.

While patience remains the best strategy, the developing structure is becoming increasingly compelling for long-term investors and active traders alike. Closely monitoring these specific technical boundaries will be vital in identifying exactly when the market is ready to transition into its next expansion phase.

Reclaims The 4H 200 MA And EMA After Months Of Weakness

Speaking in a recent post, crypto analyst Daan Crypto Trades highlighted that Ethereum has achieved an important technical milestone by breaking above its 4-hour 200 MA and 200 EMA for the first time since losing those levels in April. The move suggests that short-term momentum may be shifting back in favor of the bulls after months of weakness.

The analyst also pointed to Ethereum’s resilience against Bitcoin in recent sessions, noting that the asset has continued to show strength on lower timeframes. This relative outperformance has helped fuel optimism that ETH could be building a stronger recovery structure.

According to Daan Crypto Trades, the breakout is worth monitoring closely. If Ethereum can maintain its position above these key moving averages, it could provide a boost to ETH-related sectors, particularly DeFi tokens and other ecosystem assets, especially if Bitcoin dominance continues to decline and capital begins rotating into alternative cryptocurrencies.

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The Rapid XRP Growth Trajectory That Investors Should Be Aware Of

The numbers from the XRP Ledger’s real-world asset dashboard tell a story of rapid growth that the price movement has not fully priced in. The latest attention comes from the ledger’s expansion from about $900 million in tokenized assets at the start of the year to almost $4 billion within five months. 

This growth is notable because it is happening before the US has delivered a permanent federal market structure for cryptocurrencies and before the full institutional channel into tokenization on the XRP Ledger has opened.

XRP Ledger’s RWA Growth Is No Longer A Small Experiment

According to data from RWA.xyz, the total represented asset value on the XRP Ledger has grown by 13.79% in the past 30 days, now at $3.68 billion at the time of writing. This growth is especially notable because it is coming at a lull period for the XRP price, meaning the price action is not yet pricing in the growth.

Taking to the social media platform X, XRP commentator X Finance Bull pointed to the XRP Ledger’s growth from about $900 million in tokenized assets at the start of the year to around $4 billion within five months. “Tell me another blockchain that attracted $3.1 billion in new tokenized assets in just five months,” he said. 

X Finance Bull’s post highlighted several additions behind this growth of the XRP Ledger, including Justoken’s reported $2.2 billion in tokenized energy assets, Ondo’s tokenized government securities, VERT Capital’s contribution, Guggenheim’s Treasury-linked products, and Societe Generale’s stablecoin activity.

These companies have evaluated different blockchain networks and each one arrived at XRP Ledger independently. For example, Justoken’s JMWH tokenized electricity product is credited for bringing about $2.2 billion in tokenized electricity to XRPL, with the token tied to electricity contracts from Latin American producers.

Regulation Could Decide How Fast The Growth Develops

Tokenized assets on the XRP Ledger have grown by 344% since the beginning of the year. According to data from RWA.xyz, among the 14 networks with tokenized assets above $200 million, the XRP Ledger is growing more than twice as fast as Ethereum, which itself is growing at around 35%. 

All of this growth is taking place before the United States has enacted the anticipated CLARITY Act, which supporters have noted will bode well for the XRP ecosystem. The outlook now is how fast this growth will continue, with some analysts arguing that the passage of the CLARITY Act could lead to trillions of inflows into the XRP ecosystem.

While the US regulatory process works through its final stages, the XRP Ledger is also growing on a global scale. Japan’s SBI Holdings runs 26 banking partnerships on XRP infrastructure, while Rakuten Pay has opened XRP access to 44 million users. Ripple also holds regulatory approval in Dubai’s financial center, and Singapore has also recognized XRP as a payment token.

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This Dogecoin Setup Pushed Price From $0.002 To $0.7 In 2021. Why It Could Push Price To $2 This Time

A crypto analyst has presented a new bull case for Dogecoin (DOGE), sharing a long-term chart setup that he says mirrors the same pattern that led to the meme coin’s explosive rally in 2021. He also pointed to repeating sentiment shifts across market stages, where traders often doubt early moves before chasing prices at higher levels.

Dogecoin Forecasted To Hit $2 Soon

Market analyst Crypto Patel shared a new Dogecoin chart setup on X, projecting a potential rally toward $2 in this cycle. He based his bullish view on historical market patterns, with emphasis on the strong structure seen during Dogecoin’s 2021 bull run.

In that earlier cycle, Dogecoin climbed from a low of about $0.002 in 2020 to a peak above $0.72 in 2021. This move represented a gain of over 26,800%, marking one of the most aggressive rallies in meme coin history. Before reaching that ATH, the chart structure showed two major breakouts followed by successive upward legs marked as stages 3, 4, and 5.

Based on this structure, Crypto Patel argued that Dogecoin’s current setup is closely mirroring the 2021 bull pattern. He noted that the meme coin has already gone through two breakout phases between 2023 and 2024, followed by a retest of key support levels within a broader accumulation zone. After that retest, Dogecoin recorded its next strong upward leg in 2025, labeled stage 3 on the chart.

Since then, the meme coin’s price has been trading within a narrow range inside a descending channel. The chart also shows another retest to the previous accumulation area around the $0.11 level, which the analyst views as a second confirmation of support.

Because of this structure, Crypto Patel believes that the next major move for Dogecoin could be a sharp rally toward $2. From current levels near $0.10, this would represent a potential gain of more than 2,700%.

How Market Psychology Plays Into DOGE’s Run to $2

During his analysis, Crypto Patel also pointed to market sentiment and psychology that could influence price movements and trends ahead of Dogecoin’s potential run to $2. The analyst noted that at lower levels, such as $0.05, many traders would still dismiss Dogecoin as a dead coin. 

As the meme coin moves higher toward $0.25, Crypto Patel said some market watchers will still expect a price drop while they wait on the sidelines. Once Dogecoin reaches around $1, the analyst stated that Fear Of Missing Out (FOMO) will automatically return to the market, as investors try to catch gains. Finally, at his projected peak target worker $2, he noted that there will be the same pattern of regret from those who did not enter earlier, just like in past bull cycles. 

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Crypto In 401(k)s: Senators Sanders, Warren Letter Warns $14 Trillion At Risk From DOL Proposal

Democrats in Congress are pressing back against a US Department of Labor (DOL) proposal that could significantly expand how Americans can use 401(k) retirement accounts—particularly by allowing allocations to crypto assets. 

In a letter shared with The Guardian, Senator Bernie Sanders, Senator Elizabeth Warren, and House education and workforce committee ranking member Bobby Scott of Virginia said the proposal would place an estimated $14.2 trillion in 401(k) savings at risk. They also warned that the change likely would not survive a court challenge.

The Fight Over Crypto Access In Retirement Plans

According to the letter, the proposal would “strip long-held investor protections from retirement savers” and encourage “more risky, complex, and expensive investments.” 

The lawmakers called it harmful to American workers, pointing to the way these alternative assets can behave during market stress. They argue that extreme price swings are not a hypothetical risk but a known feature of the crypto market and other private-market products.

Beyond price volatility, the lawmakers warned that the change could mean higher costs. They said the rule could expose workers to higher fees and erode long-term returns.

Those concerns have also been echoed by regulators and watchdog groups. The Financial Industry Regulatory Authority (Finra) has cautioned that crypto investments “have experienced higher levels of volatility relative to more traditional investment assets” and that “the risk of losing all of your investment is significant.” 

In addition, the FBI reported that cryptocurrency fraud complaints are among the highest-loss categories in cyber-enabled fraud. The bureau said Americans reported more than $11 billion in losses in 2025, underscoring what Democrats describe as another layer of danger beyond market swings.

Critics See Conflict Of Interest

Democrats also raised questions about political and financial connections. They pointed to alleged links between the crypto industry and President Donald Trump, arguing the proposal could present a conflict of interest. 

The Trump administration, however, has defended the approach as a way to expand investment choices. In a statement, the labor secretary’s acting counterpart, Keith Sonderling, said: 

The department’s days of picking winners and losers are over. Our rule clearly spells out that managers must evaluate any and all potential product offerings by following a prudent process. 

Treasury Secretary Scott Bessent similarly argued the move advances the administration’s broader goals, adding that the Treasury Department is “proud of this rule-making effort,” describing it as another step toward President Trump’s “Golden Age.”

Featured image created with OpenArt; chart from TradingView.com 

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Pundit Reveals Why RLUSD Will Make XRP More Valuable, Not Less

XRP bull Jake Claver argues that Ripple’s RLUSD stablecoin does not weaken the case for XRP, but may instead reinforce it by bringing more institution-friendly dollar liquidity onto the XRP Ledger. In a thread on X, Claver said the two assets are built for different roles: RLUSD as a compliant digital dollar, and XRP as the neutral bridge asset that allows value to move between otherwise fragmented markets.

The argument responds to a recurring question in the XRP community: if RLUSD can move money in seconds, why does XRP still need to exist? Claver said that framing misses the distinction between a settlement asset and a routing asset.

“RLUSD is not the finish line. It is the front door,” Claver wrote. “Institutions come for a compliant digital dollar. Once they are on the ledger they start asking bigger questions. Can we tokenize securities here? Settle trades instantly? Drop the 3 day wait.”

XRP As The Ledger’s “Money Changer”

To explain the point, Claver used the analogy of an old trading port where merchants arrive with silk, spices, wool, salt and gold, but rarely hold exactly what another trader wants. A silk trader looking for pepper may first need to trade into wool before finally reaching the spice seller. With only ten goods, he noted, that creates 45 possible trading pairs; with a hundred goods, the number rises to almost 5,000.

His conclusion is that markets need a neutral asset in the middle to reduce friction. On the XRP Ledger, Claver said, that role is played by XRP.

“On the surface that looks like one trade. Underneath it is two. He buys your silk and sells you silver, both at once. Remove that money changer and the whole port slows to a crawl. On the XRP Ledger, XRP plays that exact role,” he wrote.

Claver gave the example of someone swapping a tokenized Treasury bill for a euro stablecoin. In his framing, the user may only see one asset going in and another coming out, but the routing path can move through XRP in between. “The trader never sees the XRP step. Asset goes in, the one they want comes out. XRP sits quietly in the middle making it work,” he said.

Why RLUSD Does Not Replace XRP

Claver described RLUSD as a digital dollar designed to remain stable at one dollar and backed by real reserves in a bank. That makes it useful when both sides of a transaction want dollar exposure. But he argued that many future XRP Ledger use cases may not end in dollars at all, including tokenized Treasuries moving into euro funds, lending markets in non-dollar currencies, or other asset-to-asset transactions.

“RLUSD is perfect anytime both sides of a trade want dollars at the end. Plenty of trades do,” Claver wrote. “But plenty do not. Tokenized Treasuries swapping into euro funds. Lending in other currencies. Any trade where neither side is USD. There, a dollar coin cannot sit in the middle.”

He then pointed to three limitations that, in his view, prevent RLUSD from becoming the ledger’s universal bridge asset. First, RLUSD has an issuer and therefore carries issuer-specific risk. If the company behind it faces legal, banking, or operational problems, the stablecoin could be affected. XRP, by contrast, is not minted by an issuer and cannot be switched off by a single company, he argued.

Second, Claver said a global routing asset needs to be neutral. Regulated stablecoins must comply with sanctions, blacklists and regional rules, and can freeze tokens or block certain users. That may be appropriate for a regulated dollar product, but Claver argued it is less suitable for a base-level bridge asset.

Third, liquidity pools need two different assets. RLUSD can sit in pools against euro stablecoins, tokenized Treasuries or other instruments, but it cannot be both sides of the market. Claver said the asset most likely to become the primary routing layer is one that is liquid, neutral, free of issuer risk and already proven over time. His answer was XRP.

At press time, XRP traded at $1.2628.

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