Login with your ZeroHedge Premium account

Sign up here for the free newsletter

{{message}}

Subscribe with a new email
      Strategy: The other side of the treasury trade

      Meanwhile, Strategy's massive Bitcoin position has come under renewed pressure as prices tumble.

      The concern isn't necessarily an imminent forced liquidation. It's what happens when the market's most aggressive corporate Bitcoin accumulator loses the ability — or appetite — to keep buying.

      With miners increasingly selling and ETFs recording persistent outflows, the market's supply-demand equation is looking considerably less friendly.

      Strategy: The other side of the treasury trade
      Source: CoinDesk
      MARA: Selling Bitcoin to fund the AI revolution

      Here's an irony worth paying attention to.

      MARA, one of the world's largest Bitcoin miners, has sold 13,597 BTC for approximately $1.1 billion in just six weeks. That's equivalent to 40% of its September-end holdings.

      The company used $750 million to repay Bitcoin-backed loans and has made clear that further sales could help finance its AI data-center ambitions.

      MARA sold nearly 27,000 BTC during the first nine months of 2026. Including the latest disposals, its full-year sales now exceed 40,000 coins.

      The company that once promised to HODL everything is now selling Bitcoin to build AI infrastructure.

      The message is hard to miss: even Bitcoin miners are finding more attractive uses for their capital.

      MARA: Selling Bitcoin to fund the AI revolution
      Seven straight days of ETF selling

      $2.35 billion left spot BTC ETFs over the last two weeks, according to The Block. This is one of the clearest indicators of deteriorating institutional demand. The ETF bid has become the ETF offer. 

      Seven straight days of ETF selling
      Source: Farside
      On 200dma signal....unleash hell

      Bitcoin selling accelerated after BTC broke below its 200-day moving average around $73,000

      On 200dma signal....unleash hell
      Source: https://charts.secretsatoshis.com/
      Perfect storm

      Bitcoin has lost roughly a quarter of its value since October 21, with the latest weekend flush sending BTC briefly below $63,000 and triggering nearly $2 billion in crypto liquidations.

      The usual suspects are all present: relentless ETF outflows, fading risk appetite, and a leverage unwind that refuses to end. But there may be another force at work.

      With Wall Street scrambling for allocations in Anthropic's blockbuster IPO, some are asking whether Bitcoin has become the market's favorite ATM.

      Here are the charts explaining the latest crypto bloodbath.