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Bitcoin Drops Below $96K

Profit-taking at $100K Triggers Major Liquidation Event

Bitcoin fell 1.75% to $96K yesterday as traders booked profits just below the psychological $100K level, although institutional buying remains strong with MicroStrategy making another massive purchase. The pullback sparked one of the largest crypto liquidations in over six months, even as a potential Treasury Secretary candidate signaled a pro-crypto stance.

Institutional conviction remains high despite the correction, with MicroStrategy significantly expanding its Bitcoin holdings. The company now holds approximately 386,700 BTC acquired at an average price of $56,761, representing one of the largest corporate crypto positions globally. The latest purchase, which was funded through convertible notes and stock sales, demonstrates continued institutional appetite even at elevated price levels.
In addition to the longer-term bullish outlook for the market, Trump’s Treasury Secretary nominee Scott Bessent is seen as a potential candidate for crypto markets. As the first openly pro-crypto Treasury secretary, Bessent could help advance Trump’s stated goal of making America the “crypto capital of the planet.”