Here’s what happened in crypto today

Bitcoin's price has recently rebounded from a seven-month low, hovering around $87,000 after a brief dip to $81,000, igniting discussions about whether this signals a market bottom or a potential trap for investors. Analysts are closely monitoring on-chain data and macroeconomic indicators to gauge future movements.

Bitcoin is currently facing significant selling pressure, struggling to regain the $90,000 mark after a sharp decline from its all-time high. This downturn has led to a negative funding rate, indicating a potential short squeeze that could further impact market dynamics. Analysts are divided, with some suggesting this correction may signal the start of a bear market, while others anticipate a rebound as selling exhaustion sets in.

Shanaka Anslem Perera, a crypto pundit, has revealed a significant financial miscalculation involving Strategy Inc.'s Bitcoin holdings, estimated at $54.59 billion. This error highlights structural flaws in the company's approach to accumulating cryptocurrency, which could have far-reaching implications for the Bitcoin market.

Solana (SOL) is experiencing a significant rebound, supported by a record $39.5 million inflow into Bitwise's Solana ETF, reinforcing its $128 support zone. This surge in institutional demand comes after a period of market instability, offering renewed optimism for SOL's price recovery.

Bitcoin's price has remained below $88,000 as traders prepare for a significant $14 billion options expiry, which could influence market dynamics. Despite the current price stagnation, some traders are positioning themselves for potential upward movements, indicating a mix of caution and optimism in the market.

Bitmine has accumulated nearly 70,000 Ethereum tokens but is facing a staggering $4.25 billion in unrealized losses due to the cryptocurrency's recent decline below the $3,000 mark. The market is experiencing heightened selling pressure as traders adjust their positions amid a cautious sentiment shift.

XRP has seen a significant decline in open interest, dropping to its lowest level since November 2024, as reported by Binance. This downturn reflects heavy selling pressure amid a broader cryptocurrency market struggling with uncertainty and risk aversion, leading to tightening liquidity conditions.

Metaplanet has secured $130 million through a credit facility to enhance its Bitcoin acquisitions, despite the ongoing volatility in the cryptocurrency market. This leveraged strategy aims to capitalize on current market dynamics and expand the company's holdings in Bitcoin.