BTC Holds $90K as ETH Rises; Institutional Buying and Chicago Data Center Outage Fail to Shake Market
Bitcoin (BTC) remains around $90,000 while Ethereum (ETH) is gradually climbing after a brief Chicago data-center outage that temporarily froze global trading screens. Markets recovered quickly once the outage was resolved and stocks gained on hopes of Fed easing. Institutional flows show conviction: Ark Invest bought about $88 million of Bitcoin and BlackRock added roughly $68.8 million of Ethereum. Roughly $190 billion returned to crypto markets over the week and Circle minted another $500 million USDC, increasing short-term liquidity. Key on-chain indicators (MVRV Z-Score ~1.07, Puell Multiple <1) and the inactive Pi Cycle Top suggest no clear cycle top. Despite a 36% pullback over six weeks, ETF and custody flows remain large (BlackRock holding ~777,000 BTC) and liquidation maps show meaningful short-squeeze potential toward $112,000. Short-term: calm after disruption, liquidity and institutional buying supporting prices. Medium/long-term: structural bullish bias persists given ETF holdings, renewed liquidity, and oversold miner metrics, though risks remain from macro shifts and retail sentiment.
Bullish
The article highlights resilient price action (BTC ~ $90k, ETH rising) following a technical disruption, paired with sizeable institutional buying and renewed liquidity (Ark Invest, BlackRock purchases; $190B inflows; Circle minting $500M USDC). Chain metrics cited (low MVRV Z-Score, Puell Multiple <1, Pi Cycle Top untriggered) indicate the market is not at an overheated top and miners are under pressure — conditions historically consistent with eventual upward moves once liquidity returns. Large ETF custody balances (BlackRock ~777k BTC) and the potential for a short squeeze toward ~$112k increase upside risk. Past similar episodes (major infrastructure outages followed by quick market reversion; institutional accumulation during dips in 2020–2021) saw fast recoveries and extended rallies. Short-term impact: neutral-to-positive because the outage was resolved and buying absorbed selling. Medium/long-term impact: bullish given sustained institutional demand and increased stablecoin liquidity. Risks: macro rate shocks, negative regulatory news, or a reversal in institutional flows could flip sentiment quickly, and retail panic could amplify volatility during squeezes.