$80K Bitcoin Put Now Most Popular Bet

Bitcoin's price recently dropped to nearly $80,000, which Arthur Hayes, the former CEO of BitMEX, believes marks a significant bottom for the cryptocurrency. This prediction comes amid ongoing market volatility and fluctuating investor sentiment regarding Bitcoin's future performance.

Bitcoin is undergoing a significant pullback in 2025, with prices recently retesting the $82,000 mark due to a massive sell-off by investors, particularly new whale buyers. This trend indicates a wave of capitulation among these large holders as market sentiment shifts negatively.

Bitcoin's market has suffered a significant downturn, with a reported $1 trillion loss, exposing its fragile market structure according to Deutsche Bank. The price of Bitcoin has plummeted from its all-time high of $126,000 to around $81,000, triggering panic among traders and raising concerns about the stability of the cryptocurrency market.

XRP's price has dropped to $2.08 following the debut of Grayscale's GXRP ETF, which failed to stimulate market interest. This decline reflects ongoing volatility in the cryptocurrency market, exacerbated by broader economic factors and investor sentiment.

Bitcoin is experiencing a significant drawdown attributed to reversing ETF flows, weaker treasury demand, and a shrinking stablecoin supply, indicating a capital flight. Despite this volatility, the long-term demand for Bitcoin remains strong, bolstered by institutional adoption and sovereign interest. Bitcoin Hyper, a new initiative, aims to enhance Bitcoin's utility through a high-speed DeFi platform, raising over $28 million in its presale.

BitMine has significantly increased its Ethereum holdings by adding nearly 70,000 Ether last week, bringing its total to over 3% of the entire ETH supply. This acquisition, valued at approximately $60 million, comes during a period of market recovery despite the company facing substantial unrealized losses of around $4 billion.

Bitcoin's price has rebounded to $86,000 after hitting a low of $80,915 last week, as Deutsche Bank identifies five key factors contributing to the recent sell-off in the cryptocurrency market. This recovery follows a period of significant volatility, with notable commentary from figures like Anthony Popliano and Fed Governor Christopher Waller.

Hedera's native token, HBAR, has gained 11.3%, leading the CoinDesk 20 index higher, amidst a generally volatile cryptocurrency market. This increase comes after a period of significant declines for many cryptocurrencies, including Bitcoin and Bitcoin Cash, which have faced downward pressure recently.