
Bitcoin’s first institutional bear market is starting to take shape and draining liquidity
Bitcoin’s institutional bear market is unfolding through ETF redemptions and treasury-company sales.
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At 10:47 a.m. ET, LRC-USD was still limit-only while 74% of displayed volume sat on four outside venues.

Its new SEC-registered broker-dealer can pursue roles currently occupied by traditional market makers such as Jane Street.

ADP private-job growth fell to 44,000 from 95,000, but wages and yields resist a simple relief trade.

XRP price sits near $1 as Binance leverage hits a 15-month low and Bybit carries $229 million in open interest.

The company is targeting up to $350 million in sales, but lending, digital assets and portfolio companies are expected to carry the forecast.

The company parked $76 billion in money funds and government securities while AI spending exploded but its 18,712 BTC balance stayed flat.



