Key Insights:
-
Bitcoin steadies near $109K after a volatile week, while Ethereum falls below $3,900 as traders remain cautious.
-
The Smarter Web Company expands its Bitcoin holdings to 2,660 BTC, strengthening its long-term treasury strategy.
-
Coinbase CEO Brian Armstrong confirms a $25M purchase of the UpOnly NFT from Cobie to revive the crypto podcast.
Bitcoin traded 1.5% lower, slipping below $109,000 during early Asian trading hours on Tuesday, as overall market sentiment remained cautious following recent volatility. Ethereum also saw losses, declining over 3% to under $3,900. The market has yet to recover fully from last week’s sharp correction, where Bitcoin dropped from $115,000 to $104,000, according to data from Glassnode.
The analytics firm noted that the decline triggered widespread liquidations, flushing out short-term holders and prompting a defensive market rotation. Futures open interest and funding rates have both fallen, suggesting reduced speculative activity. Meanwhile, demand for downside protection has increased, highlighting growing investor risk aversion. Despite a brief rebound that pushed Bitcoin to around $111,000, analysts say the market structure remains fragile and dominated by caution.
Institutional and Corporate Developments
In corporate updates, London-listed tech company The Smarter Web Company has expanded its Bitcoin treasury by purchasing an additional 10 BTC. The latest acquisition brings its total holdings to 2,660 BTC, solidifying its position as the largest publicly traded company in the United Kingdom with Bitcoin on its balance sheet.https://data.hashrateindex.com/network-data/network
The purchase aligns with the firm’s long-term “10 Year Plan,” which focuses on consistent Bitcoin accumulation as part of its corporate treasury strategy. The company stated that the expansion supports its commitment to maintaining digital assets as part of a diversified financial reserve amid ongoing market uncertainty.
In another development, Coinbase CEO Brian Armstrong confirmed the acquisition of the “UpOnly” NFT from well-known trader Cobie for $25 million. The transaction was completed in USDC, with Armstrong announcing plans to revive the “UpOnlyTV” podcast. The original show, co-hosted by Cobie and Ledger, featured interviews with prominent traders, founders, and investors in the cryptocurrency sector. The purchase underscores Coinbase’s continued interest in digital collectibles and content-driven blockchain applications.
Market and Regulatory Shifts
Meanwhile, Cathie Wood’s Ark Invest has adjusted its portfolio, selling 27,399 shares of Roblox valued at approximately $3.7 million. The sale, reported by Foresight News citing data from Ark Invest Tracker, reflects the firm’s ongoing portfolio realignment amid volatility in technology and growth-oriented assets.
On the regulatory front, British Columbia, Canada, has moved to make its two-year moratorium on new cryptocurrency mining projects a permanent policy. The provincial energy ministry announced that BC Hydro will stop accepting new grid connection requests from miners. Officials stated that the decision aims to preserve clean energy supplies and direct hydroelectric resources toward higher-value industries. The measure reflects increasing governmental scrutiny over energy consumption in crypto mining operations.