Bitcoin Makes Sharp Reversal Despite $114 Million Heist and Massive Sell-Off: $64,000 Reached

Bitcoin (BTC) signaled a strong market recovery by testing the $64,160 level despite the Coldcard wallet attack and institutional selling pressure.

The cryptocurrency market is maintaining a resilient stance despite the negative news flow that marked the week. The leading cryptocurrency, Bitcoin (BTC), gained 1.6% in the last 24 hours to reach $64,160, its highest level since July 31. This surge indicates that investors have set aside concerns caused by security vulnerabilities and major institutional sales.

Recently, approximately 1,816 Bitcoin (BTC) worth about $114 million were stolen due to a software glitch in Coldcard hardware wallets. During the same period, Strategy, the world’s largest institutional holder, sold 1,638 Bitcoin (BTC) at a price below its average cost. Although the Fear and Greed Index remains in the “extreme fear” zone at 25 points, the $170 million inflow into spot Bitcoin ETFs yesterday supported the market’s appetite for recovery.

ADA and ATOM Momentum in the Altcoin Market

On the altcoin side, Cardano (ADA) and Cosmos (ATOM) are showing remarkable performances. Cardano (ADA) open interest broke a record with 2.79 billion units, as buyers exhibited an aggressive stance with market orders. Meanwhile, ATOM reached a record open interest level of 80 million units with a 9% increase. However, negative funding rates for ATOM suggest that this rally is being balanced by selling for hedging purposes in the futures market.

For Bitcoin (BTC), the volatility index has dropped to its lowest levels since May at 36%. While this indicates a sense of calm in the market, the options market remains locked in the $60,000 to $72,000 range. In particular, the concentration of call options with a $70,000 strike price proves that investors maintain their expectation for an upward breakout. Current data shows that the market has digested the negative news and is seeking a new direction.