Bitcoin power law suggests a 'coiled spring' ready to burst higher: Analyst

The post Evernorth Losses Spotlight Digital Asset Treasury Risks appeared on BitcoinEthereumNews.com. The month-long slide in crypto prices hasn’t just hit major assets like Bitcoin (BTC) and Ether (ETH) — it’s also dealing heavy losses to digital asset treasury companies that built their business models around accumulating crypto on their balance sheets. That’s one of the key takeaways from a recent social media analysis by onchain data company CryptoQuant, which cited XRP-focused treasury company Evernorth as a prime example of the risks in this sector. Evernorth has reportedly seen unrealized losses of about $78 million on its XRP position, mere weeks after acquiring the asset.  The pullback has also battered shares of Strategy (MSTR), the original Bitcoin treasury play. The company’s stock has dropped by more than 26% over the past month, as Bitcoin’s price has slumped, according to Google Finance data. CryptoQuant noted a 53% drop in MSTR shares from their all-time high.  However, Strategy still holds a sizable unrealized gain on its Bitcoin reserves, with an average cost basis of roughly $74,000 per BTC, according to BitcoinTreasuries.NET. Source: CryptoQuant Meanwhile, BitMine, the largest Ether-holding corporation, is now sitting on approximately $2.1 billion in unrealized losses tied to its Ether reserves, according to CryptoQuant.  BitMine currently holds nearly 3.4 million ETH, having acquired more than 565,000 over the past month, according to industry data. Related: Ripple-backed Evernorth nears launch of publicly traded XRP treasury Digital asset treasury companies: Echoes of the dot-com bubble Digital asset treasury companies, or DATs, have come under mounting valuation pressure in recent months, with analysts cautioning that their market worth is increasingly tied to the performance of their underlying crypto holdings. Some analysts, including those at venture capital firm Breed, argue that only the strongest players will endure, noting that Bitcoin-focused treasuries may be best positioned to avoid a potential “death spiral.” The risk, they say,…

PANews reported on November 9th that, according to Lookonchain monitoring, a mysterious whale created a new wallet (0x6EF9) 14 hours ago and deposited 6.27 million USDC into the Hyperliquid platform, while simultaneously placing a limit buy order for ZEC at $509.5. The order was filled 9 hours ago, and the whale currently holds 20,833 ZEC (worth $12 million), with unrealized profits of $1.44 million.

The post China Consumer Price Index (MoM) up to 0.2% in October from previous 0.1% appeared on BitcoinEthereumNews.com. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment…