The Daily: Bitcoin faces ‘late-cycle fragility,’ Strategy establishes new $1.44B USD reserve, Sony Bank plans US stablecoin, and more
Bitcoin slid below $86,000 amid risk-off sentiment, while Strategy established a $1.44B reserve and Sony Bank plans a U.S. stablecoin.Summary
Bitcoin experienced a significant drop below $86,000, leading to a $240 billion wipeout in crypto market value, driven by potential Bank of Japan rate hikes and a Yearn Finance hack pushing traders toward risk aversion. On-chain data suggests Bitcoin is showing 'late-cycle fragility' as large whale accumulation slows while smaller retail wallets increase buying. In corporate news, Strategy purchased 130 BTC, bringing its total to 650,000 BTC, and established a new $1.44 billion USD reserve to cover preferred stock dividends and debt interest. Separately, Sony Bank is planning to launch a USD-pegged stablecoin in 2026 to reduce friction for U.S. users of its games and anime services. Furthermore, U.S. spot Bitcoin ETFs saw $3.5 billion in net outflows during November, the largest monthly redemptions since February, while prediction markets Kalshi and Polymarket hit record combined trading volumes.
(Source：The Block)