JH Kim

Digital asset (cryptocurrency) treasury firms (Digital Asset Treasury, DAT) appear to have continued accumulating Bitcoin (BTC) this month. On the 20th (local time), on-chain data provider Centora (formerly IntoTheBlock) said on X (formerly Twitter) that DATs bought an additional 23,000 BTC in total this month. As a result, the amount of Bitcoin held by digital asset treasury firms now totals 1,913,908 BTC, equivalent to about 9.5% of total supply. Centora said cumulative holdings by listed companies and institutions that have adopted a Bitcoin treasury strategy continue to rise, adding that the trend of holding Bitcoin as part of corporate treasury strategy is persisting.

An analysis suggests that as Bitcoin (BTC) nears a key long-term support level, it has entered a range suited to dollar-cost averaging (DCA). On the 20th (local time), crypto-focused media outlet BeInCrypto said, "BTC has fallen to around $86,000—its 720-day moving average on the daily chart—bringing it close to what has historically been an optimal dollar-cost averaging zone." The outlet explained, "BTC’s price is currently below most moving averages since last November, and is in a phase of testing the 720-day moving average, viewed as the last major support," adding that "this range has repeatedly served as a medium- to long-term buying opportunity in the past." It also highlighted that the network growth metric is at its lowest level in years. The outlet said, "While this may look negative in the short term, past cases show that such stagnation in network activity often appears just ahead of a major rally." On-chain data also point to easing selling pressure. Exchange inflows of BTC from large holders (whales) plunged from about $8 billion per month as of late November 2025 to $2.74 billion at present, indicating a sharp decline in whales’ willingness to sell. However, the outlet added that "macroeconomic uncertainties such as rising geopolitical tensions and the possibility of renewed tariff wars remain key variables for the market," and that "while a staggered buying strategy appears valid, the potential for heightened short-term volatility should be kept in mind."

Bitcoin (BTC) briefly regained the $91,000 level. As of 18:26 on the 20th, BTC is trading at $91,011.93 on Binance’s Tether (USDT) market, down 2.18% from the previous day.

An analysis suggests that while Bitcoin (BTC) saw a steep short-term decline that eased overheated leverage, the market’s underlying structure remains intact. On the 19th (local time), crypto-focused outlet Cointelegraph reported that “Bitcoin’s price fell about 3.7% in the morning, triggering liquidations of roughly $233 million in long positions,” adding that “while excessive leverage risk has largely been unwound, the market’s medium- to long-term structure has not broken down.” The outlet said that “investor sentiment cooled rapidly in the short term, but taken together, on-chain data and derivatives indicators suggest this pullback is closer to a structural reset than a trend reversal,” and argued that “the key to the next directional move is whether meaningful spot buying aimed at buying the dip comes in.” From a technical perspective as well, Bitcoin is seen as maintaining a relatively resilient trajectory. Cointelegraph noted that “on the BTC daily chart, the pattern of gradually higher lows and higher highs is still in place,” explaining that “the $92,000–$93,000 zone is a demand area where buy orders are concentrated and also overlaps with the monthly volume-weighted average price (VWAP) support level.” It added that “this price range is likely part of a ‘higher-low’ formation process toward reclaiming $100,000,” and that “as of the 19th, roughly $250 million in net long buying was executed around $92,000, suggesting buy-the-dip demand outweighed capitulation selling.”

On the 19th (local time), on-chain analytics firm Glassnode assessed that while Bitcoin (BTC) retreated from its recent peak of $98,000 and was pushed back to the low-$90,000s early this week, the move looks closer to range-bound consolidation than a trend reversal. In its weekly market report, Glassnode said, "Bitcoin’s upside momentum has weakened somewhat but remains above neutral," adding that "the current weakness is best interpreted as a pullback within a sideways range rather than a structural breakdown." In the spot market, volumes have recovered slightly and selling pressure appears to be gradually easing. However, it noted that aggressive fresh buying remains limited, leaving demand uneven. In derivatives, futures open interest (OI) edged up, but funding rates declined, pointing to mixed investor sentiment. This is interpreted as some inflows into leveraged positions, but without strong directional bets. Meanwhile, US spot Bitcoin ETFs have shown signs of turning back to net inflows, and overall on-chain activity remains relatively stable. Glassnode added, "Bitcoin is still stuck in a range-bound sideways phase, but the market structure itself is gradually improving," and said that "a clear direction going forward will depend on whether demand recovers."

London-based neobank Revolut has obtained a banking license in Peru, stepping up its push to expand across the Latin American market. According to Bloomberg on the 19th (local time), Revolut has been granted regulated bank status by Peru’s financial authorities, enabling it to operate formally as a bank in the country. Building on this, the company plans to use Peru as a hub to expand its business across Latin America. Revolut has also been steadily strengthening features related to virtual assets (cryptocurrencies) and stablecoins, in addition to its global payments and remittance services. In October last year, it expanded its digital-asset services by launching a conversion feature between Tether (USDT), USD Coin (USDC), and the U.S. dollar. Market participants say Revolut’s acquisition of a Peruvian banking license is likely to support its entry into Latin America’s financial market and may also bolster the wider adoption of virtual asset- and stablecoin-based financial services going forward.

On the 19th (local time), on-chain analytics firm Lookonchain said via X (formerly Twitter) that an anonymous whale is believed to be selling about 13,000 Ethereum (ETH). The amount is worth roughly $41.75 million. According to Lookonchain, 13,000 ETH was transferred from Galaxy Digital’s OTC wallet, and of that, 6,500 ETH has been deposited to major centralized exchanges such as Binance, Bybit and OKX. The market is watching whether the fund movements will translate into short-term selling pressure.

Charles Hoskinson, founder of Cardano (ADA), publicly criticised Ripple CEO Brad Garlinghouse for supporting the CLARITY Act, a US virtual asset (cryptocurrency) market structure bill. According to Crypto Basic, a virtual asset-focused media outlet, Hoskinson warned on the 19th (local time) that accepting the market structure legislation—which includes tougher DeFi regulation and limits on interest payments on stablecoins—would be “handing power back to hostile regulators.” He argued that while the bill may appear to provide clarity on the surface, it could in the long run stifle decentralised finance and innovation. The remarks are seen as a direct rebuttal to Garlinghouse’s earlier comments backing passage of the CLARITY Act, saying that “even if imperfect, clear rules are better than chaos.” Hoskinson added that if the industry settles for short-term regulatory stability, it could face a greater risk of being exposed to stronger regulation and control down the line.

Bitcoin (BTC) briefly regained the $93,000 level. As of 00:10 on the 20th, BTC was trading at $93,013.08 on Binance’s Tether (USDT) market, down 2.08% from the previous day.

Patrick Witt, secretary-general (chief) of the White House advisory council on digital assets (cryptocurrencies), said the US government has not sold the Bitcoin (BTC) seized from Samourai Wallet. On the 16th (local time), Witt wrote on his X (formerly Twitter) that "after confirming directly with the Department of Justice (DOJ), the US government has not yet disposed of the digital assets seized from Samourai Wallet and will not sell them going forward in accordance with the executive order." He added that "the assets will continue to be recorded on the US government's balance sheet as part of the SBR (Special Blockchain Reserve)." Previously, some outlets including Bitcoin Magazine reported that the US Marshals Service (USMS) had already sold 57.55 BTC seized from Samourai Wallet. After the report, pro-digital-asset US Senator Cynthia Lummis voiced concern, saying that "it would be a serious problem if the US government liquidated the Bitcoin it seized." Witt’s remarks appear to have cooled the controversy over whether the Samourai Wallet-seized assets were sold, but debate is likely to continue for the time being over standards for managing and disposing of digital assets held by the government.

According to Decrypt, a crypto-focused media outlet, Bitcoin (BTC) mining hardware manufacturer Canaan has received a delisting warning from Nasdaq. The report said Nasdaq sent Canaan a notice earlier this week, warning that it could initiate delisting proceedings if the company fails to meet listing requirements. Under Nasdaq rules, Canaan must keep its share price at $1 or higher for at least 10 consecutive trading days by July to maintain its listing status. Canaan shares are currently trading around $0.7955, down about 3% from the previous day, underscoring the need for a near-term rebound. Canaan is one of the major players in the Bitcoin mining rig manufacturing space and has struggled with weak share performance amid Bitcoin price volatility and profitability pressure across the mining industry. The delisting warning is seen as a potential headwind for future fundraising and corporate credibility.

Ripple (XRP) Chief Executive Officer (CEO) Brad Garlinghouse said he supports the passage of the U.S. crypto-asset market structure bill, the CLARITY Act, arguing that “even if it isn’t perfect, it’s better than today’s uncertainty.” According to crypto-focused outlet The Crypto Basic on the 16th (local time), Garlinghouse said in a recent interview that “clarity is better than chaos,” stressing that “the industry needs clear rules.” He added that “if everyone in the crypto industry can understand the rules, the market can function even if the initial rules aren’t perfect.” He went on to say that “rather than getting frustrated and turning away, the industry should stay engaged in the conversation, propose improvements, and work with lawmakers.” The point, he said, is that even an imperfect bill matters if it serves as a starting point for mainstream policy discussions. Still, opposition to the CLARITY Act remains dominant across the U.S. crypto industry. Coinbase, in particular, has taken issue with points including △an effective ban on tokenized stocks △blocking DeFi and allowing broad access to financial information △weakening the authority of the Commodity Futures Trading Commission (CFTC) and creating a structure subordinate to the SEC △and the possibility of limiting stablecoin reward features, and has previously withdrawn its support for the bill. With the industry divided, Garlinghouse’s remarks are being read as a pragmatic approach that prioritizes “regulatory clarity over perfection,” and could emerge as another variable in the debate over market structure legislation going forward.

CryptoQuant, an on-chain data platform, said that while investor sentiment in the Bitcoin (BTC) market has recently improved, key indicators still point to a bear-market phase. On the 16th (local time), CryptoQuant said in a post on its official X (formerly Twitter) that "as BTC prices have rebounded so far this year, market mood has turned somewhat euphoric, but multiple technical and on-chain indicators suggest the bearish trend remains intact." CryptoQuant said, "BTC is approaching its 365-day moving average on the daily chart," adding that "during the 2022 bear market, rebounds were also capped in that zone." It added, "Current price action shows a pattern similar to the 2022 cycle, when a full-fledged bear market began after forming a top and breaking below the 365-day moving average." On-chain indicators were also described as unencouraging. CryptoQuant noted that "spot-market demand is declining, and inflows via ETFs do not show a clear increase compared with the same period last year." It also said that "the rising amount of BTC flowing into major exchanges implies a potential expansion of selling pressure." CryptoQuant concluded that "the BTC rebound seen so far this year is more likely a 'technical rebound within a bear market' than a trend reversal."

Bitcoin (BTC) has briefly given up the $95,000 level. As of 00:22 on the 17th, BTC is trading at $94,983.77, down 1.31% from the previous day, on the Binance Tether (USDT) market.

A rise in BTC prices and improved mining economics were cited as key drivers behind the recent strong performance of bitcoin (BTC) mining stocks listed on U.S. exchanges. According to CoinDesk, a cryptocurrency-focused media outlet, JPMorgan said in a report on the 16th (local time) that “the modest uptick in bitcoin’s price seen so far this year, together with a decline in network hashrate, has improved miners’ profitability, feeding through to stronger share prices.” JPMorgan said that the market capitalization of 14 major U.S.-listed bitcoin miners increased by about $13 billion over the first two weeks of this year, bringing their combined market cap to roughly $62 billion. The bank also explained that while higher bitcoin prices and a slowdown in hashrate are the key drivers, miners’ expansion into areas such as artificial intelligence (AI) and high-performance computing (HPC), which is diversifying revenue streams, is also contributing to the share-price gains. JPMorgan added that if bitcoin prices remain stable and the overheating in hashrate continues to ease, the rally in bitcoin mining stocks could accelerate further.