Bitcoin's $65K Price Rebound Defies Bad News as ETFs and Whales Absorb Available Supply
Bitcoin has demonstrated an unusual resilience in recent weeks, with its price climbing back above $65,000 as it absorbed a string of negative developments. The top digital asset rose about 2% over the past 24 hours to reach a high of $65,212, according to CryptoSlate data.
This recovery coincided with $191.6 million in crypto liquidations across more than 80,000 traders, CoinGlass data showed, including a $1.66 million BTC position on Hyperliquid. Despite this, none of the negative news had produced sustained liquidation like previous declines.
Andre Dragosch, head of research at Bitwise Europe, noted that Bitcoin's muted reaction to bad news has pushed its sensitivity to bad news close to historical lows, a sign that much of the market's readily available supply has already been sold. Smaller holders are still selling coins below their acquisition prices, but with less intensity than during previous declines.
The recent security breach affecting Coldcard devices also tested Bitcoin's resilience. The vulnerability forced owners of potentially affected devices to move previously dormant BTC into new addresses. Glassnode estimated that roughly 119,000 BTC held for at least a year moved during the three days following the initial incident, but only a fraction of those coins reached exchanges.