The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! Bitcoin BTC briefly plunged to $60,000 before bouncing this morning, but with support levels breaking and liquidations piling up, analysts say traders are sitting on their hands rather than trying to catch a falling knife.

In today's newsletter, Strategy CEO Phong Le said the company's balance sheet is safe unless bitcoin falls to $8K, Charles Hoskinson says he's "lost over $3 billion" in crypto, Bithumb mistakenly sends free bitcoin to users, and more.

Meanwhile, Bitwise CIO Matt Hougan sees possible exhaustion as bitcoin logs its steepest two-week drop since 2022.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Strategy CEO says balance sheet is safe unless bitcoin falls to $8K

Strategy CEO Phong Le said bitcoin would need to fall to $8,000 and stay there for roughly five years before the company faces balance sheet stress.

Le told investors during Thursday's earnings call that only at that level would Strategy's bitcoin reserves roughly match its net debt, forcing restructuring or new financing options.
Strategy reported a $12.6 billion net loss in Q4, driven mainly by unrealized bitcoin losses under mark-to-market accounting.
CFO Andrew Kang said the company continues to execute its long-term bitcoin treasury strategy despite sharp short-term price volatility.
Executive Chairman Michael Saylor said Strategy is built to withstand extreme bitcoin drawdowns and urged investors to focus on positive fundamentals like the improving regulatory environment.
Saylor also dismissed quantum computing risks as a long-dated "parade of horrible FUD," but said Strategy will launch a Bitcoin Security program to support future quantum-resistant upgrades.

Cardano's Charles Hoskinson says he's 'lost over $3 billion' in crypto but declined to cash out

Cardano ADA founder Charles Hoskinson said his personal crypto holdings are down more than $3 billion in unrealized value and that he had no intention of liquidating his position.

"It'd have been real easy to cash out. Just walk away," he said. "And do you think I honestly care if I lose it all? Do you think I'm doing this for money? You’re pretty mistaken if you do."
Speaking during a livestream from Tokyo, Hoskinson told the crypto community he expects market conditions to worsen but urged builders and investors to persist.
His comments came as crypto markets sold off sharply, with ADA falling more than 11% on Thursday and sitting about 92% below its 2021 peak.

Bithumb mistakenly sends bitcoin to users, causing 'temporarily fluctuation' in BTC price

South Korea-based crypto exchange Bithumb said it mistakenly sent excess bitcoin to some users, triggering brief price dislocations after recipients reportedly sold the coins.

Local media reports said the error stemmed from a promotional giveaway, with some users who were meant to receive 2,000 won instead allegedly receiving 2,000 BTC instead.
The exchange said its internal control systems quickly detected the abnormal transfers and restricted affected accounts, stressing the incident was not linked to hacking or a security breach — though some users were seemingly able to sell the mistakenly credited bitcoin before restrictions took effect.
South Korean regulators said they are investigating after reports that roughly 3 billion won was withdrawn as the BTC/KRW pair slid about 15% on the platform.

MARA Holdings moves $87 million in BTC as crypto selloff extends

MARA Holdings moved about 1,317 BTC worth roughly $87 million across multiple wallets and exchange-linked addresses as the crypto selloff deepened, onchain data shows.

The largest transfer sent more than 660 BTC to an address linked to digital asset manager Two Prime, with additional tranches routed to BitGo and other unidentified wallets, per Arkham labeling.
The transfers came as bitcoin briefly slid to $60,000 and MARA shares fell nearly 19%, alongside steep declines in peers like IREN and CleanSpark.
Miner profitability continues to tighten, with daily bitcoin mining revenue dropping sharply over the past two weeks amid falling prices and broader market stress.

Polymarket parent firm files trademark applications for 'POLY' amid token launch plans

Polymarket's parent firm, Blockratize, filed U.S. trademark applications for "POLY" and "$POLY," taking a formal legal step toward its long-teased native token launch.

The filings span multiple classes, including downloadable software for financial and cryptocurrency trading, digital token and cryptocurrency services, and platform-as-a-service offerings for electronic trading and clearing.
The move follows earlier confirmation from Polymarket executives that the company plans to launch a native POLY token and airdrop, though no timing has been announced.

Looking ahead to next week

U.S. nonfarm payrolls data are due on Wednesday. UK GDP numbers and U.S. jobless claims figures are out on Thursday. U.S. CPI inflation data are released on Friday.
Linea, Avalanche, and Aerodrome are among the crypto projects set for token unlocks.
BitBlockBoom 2026 kicks off in Fort Worth. Consensus Hong Hong and TEAMZ Summit both get underway.

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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT/xAI’s Grok and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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