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Bearish traders lost $281 million in liquidations over 24 hours, nearly double the longs, as bitcoin pushed to its strongest level in two weeks. Ether is up almost 10% on the week and solana nearly 19% while a rebound in tech stocks eased the pressure from the AI trade.
The bank cut its 12-month bitcoin and ether price targets after scrapping its ETF inflow forecasts, citing stalled U.S. crypto legislation and weak investor demand.
Bitcoin held below $60,000 as a surging dollar kept crypto pinned. Onchain demand stayed quiet through the week's losses, and Strategy's plan to possibly sell bitcoin added to the caution.
The second-largest corporate ether holder received 5,000 ETH worth about $7.85 million on Thursday, its first inflow since October, even as it sits on a paper loss of roughly $1.8 billion.
A liquidation flush took bitcoin to its lowest since early June before Micron's blowout earnings and SK Hynix's U.S. listing plans steadied the AI trade that crypto had been sliding alongside.
