Bitcoin Stuck at $105,000: Risk-On Shifts Capital to Stocks
Bitcoin weakened 0.7% to $105,355 on Tuesday morning (05:25 GMT), paring a brief recovery seen last week. Progress toward ending the US government shutdown has done little to boost crypto; risk appetite has instead shifted to other assets—particularly tech stocks—limiting the push into BTC.
On the corporate side, Strategy Inc. (MSTR) added 487 BTC this week, bringing its total holdings to 641,692 BTC. However, this additional spending hasn't been enough to lift the price, as capital flows have shifted toward equities as big tech rebounds.
Meanwhile, short seller Jim Chanos closed his short position in Strategy. He believes the stock's valuation is now approaching the net value of his Bitcoin holdings: the EV vs. mNAV metric has fallen to around 1.23x from a peak of 2.50x. Despite the position closure, Chanos noted that there is still room for further valuation compression. Throughout 2025, Strategy's Class A shares fell approximately 20.4%, as the market questioned the premium on the value of its BTC holdings.
The broader crypto market also slumped. Ether fell 1.6% to $3,549, BNB -2.4%, and Solana and Cardano each fell more than 1%. XRP actually rose 0.9%, while meme coins traded mixed: Dogecoin -1.5%, $TRUMP +4.2%. In short, without any crypto-specific positive catalysts, Bitcoin remained "locked" in the $105,000 area, with the risk-on narrative dominating stocks. (asd)
Source: Newsmaker.id
