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Bitcoin Slips Below $90K Triggering $1B in Crypto Liquidations

Bitcoin’s sharp decline to 86,099 wiped out $1.06 billion across the crypto market, with long positions suffering $873 million in losses. 

According to Feb. 26 data from Coinglass, as many as 230,000 traders have been liquidated in the past 24 hours. Open interest has dropped 5%, indicating widespread deleveraging. Exchange inflows have climbed 14.2%, potentially signaling more panic selling. In addition, funding rates have shifted negative, reflecting a change in investors’ attitude.

Strategy Stock Tumbles. The Value of Its Bitcoin Hoard Is Falling

Strategy shares tumbled 11.4% on Tuesday as the price of Bitcoin slumped below $90,000 to a three-month low. The shares are now down for three consecutive days, falling about 23% over that period—its worst three-day stretch since November 2022 when it declined 34%, according to Dow Jones Market Data.

Strategy resumed its aggressive buying of Bitcoin last week after a rare week without any purchases earlier in the month. The company said it paid about $1.99 billion in cash for 20,356 Bitcoins between Feb.18 and Feb.23, at an average price of $97,514.

The cryptocurrency’s recent falls means last week’s purchases look like they have already lost over $200 million in value. 

Over the long term, though, the company’s Bitcoin buying has worked out well—the average price it has paid for its 499,096 Bitcoins is $66,357 per token, the company said in a filing Monday. That’s still comfortably below the current price.

GameStop CEO Responds to Proposal to Convert $5 Billion Cash to Bitcoin

GameStop has received a proposal from Strive Asset Management recommending that the video game retailer convert nearly $5 billion in cash reserves into Bitcoin, a move it claims would transform the company into the "premier Bitcoin treasury company in the gaming sector."

The proposal, dated February 24 and signed by Strive CEO Matt Cole, was acknowledged by GameStop Chairman and CEO Ryan Cohen, who posted "Letter received" on social media on Tuesday without elaborating further.

GameStop has not publicly commented on whether it will consider Strive’s proposal.

Blockchain Sleuths Chase Almost $1.5 Billion Stolen from Bybit

Hackers made away with almost $1.5 billion in tokens from the Bybit exchange, the biggest theft in the history crypto. So what exactly are they going to do with it?

Blockchain sleuths say they have found some answers. ZachXBT, a pseudonymous investigator, disclosed on Telegram that an entity which received stolen funds from the Bybit hackers has launched and traded memecoins on the Pump.Fun platform. ZachXBT also pointed out that the hackers have been using eXch, a centralized crypto mixer, to launder some of the stolen funds. As of Tuesday, the majority of the stolen funds remained in Ether and were being swapped into new wallets, according to blockchain data firm Nansen.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was $1.01 billion. The total net asset value of Bitcoin spot ETFs is $101.44 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.79%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on Feb. 25 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $344.65 million. Following that was iShares Bitcoin Trust (IBIT), with a net outflow of $164.37 million, according to SoSoValue.