Bitcoin is trading around $92,800, showing slight gains as the crypto market cap remains stable at $3.2 trillion. Ethereum is performing better, with a 3.4% increase, while overall market sentiment remains cautious, with over 25% of Bitcoin supply underwater. Liquidations are down but still significant, particularly for ETH and BTC.

Strategy has purchased an additional 4,020 bitcoins for approximately $427 million, bringing its total holdings to 580,250 BTC. The acquisition was funded through proceeds from recent stock sales, and the company continues to attract interest from other institutions looking to build bitcoin treasuries.

Coinbase Institutional indicates that the cryptocurrency market may be entering a new "crypto winter," with market cap declines and venture capital funding dropping significantly. Despite this bearish outlook, there’s potential for prices to stabilize in mid-to-late Q2, possibly setting up for a better Q3.

Coinbase's stock reached a closing price of $394.01 per share, resulting in a market capitalization exceeding $100 billion for the first time. This milestone comes on the heels of Bitcoin hitting new all-time highs and a significant surge in Coinbase shares over the past month.

A report by K33 reveals that 25% of public bitcoin treasury firms are trading below the value of their BTC holdings, with average daily purchases at their lowest since May. This decline indicates a diminishing capacity for these companies to acquire more bitcoin, as lower market valuations and dilutive share issuance hinder capital raising efforts.