Bearish Bitcoin mining data may be counter signal that encourages spot-driven BTC rally

Bitcoin whales have resumed buying for the first time since August, coinciding with the cryptocurrency's price recovery above $90,000. This resurgence follows a period of volatility, indicating renewed confidence among large investors in the market's potential for growth.

Crypto trader James Wynn, known for losing $100 million in realized profits, has forecasted a significant decline in Bitcoin's price, predicting it will crash to $67,000. This prediction follows his earlier warning before Bitcoin fell below $100,000 earlier this month, indicating a troubling trend for the cryptocurrency market.

Bitcoin has recently experienced a shift in market sentiment, with sell dominance pausing as taker flow turns neutral. This change may lead to price stabilization, potentially attracting cautious investors and reducing volatility in the cryptocurrency market.

Global inflation has slowed, yet many countries are witnessing a surge in cryptocurrency adoption as individuals seek alternatives to their local fiat currencies. This trend highlights the growing acceptance of digital assets in the face of economic uncertainty.

Houdini Swap has launched Houdini Pay, a new payment service designed for freelancers that enhances privacy by breaking on-chain links between counterparties, providing a layer of anonymity in transactions. This service aims to cater to the growing demand for privacy-focused financial solutions in the cryptocurrency space.

Bitcoin's price is currently trading between $90,658 and $91,394, showing momentum as it approaches recent highs, with a peak of $91,849 noted in the past 24 hours. This upward movement follows a period of volatility where Bitcoin's price fluctuated significantly, including a dip to $80,000.

California's pension fund, CalPERS, has invested $80 million in Strategy shares, providing it with indirect exposure to Bitcoin. This investment reflects a growing trend among institutional investors to explore cryptocurrency as a viable asset class, signaling a shift in traditional asset management practices.

Bitcoin's market structure has weakened significantly as the cryptocurrency experiences a dramatic drop in its Sharpe ratio, indicating increased volatility and negative on-chain metrics. The price of Bitcoin has struggled to maintain upward momentum, reflecting a broader bearish trend in the market.