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What Jane Street’s New $13 Million Marathon Stake Says About Bitcoin

Institutional traders are still adding Bitcoin exposure while retail sentiment stays cautious. Jane Street’s new stake in Marathon, a $120 million whale buy, and a defended $90,000 support band all show deep-pocketed buyers stepping in. Jane Street Discloses New $13 Million Stake in Bitcoin Miner Marathon Jane Street has revealed a fresh position in Marathon Digital, adding another major Wall Street name to the list of institutions gaining exposure to Bitcoin through mining equities. The disclosure, filed on Nov. 19, shows the trading giant purchased about 1.15 million MARA shares, valued at roughly $13 million. BitcoinTreasuries Mara Stake Image. Source: BitcoinTreasuries.NET The move places one of the world’s largest market-making firms alongside other institutional investors using miners as a proxy for Bitcoin’s long-term trend. Marathon remains the second-largest publicly traded Bitcoin holder, and its treasury position continues to draw interest as Bitcoin’s role in broader portfolios expands. The timing also stands out. Jane Street reported the new stake while Bitcoin miners faced shifting profitability and rising competition across the sector. Even so, the firm increased its exposure, signaling that Marathon’s balance-sheet BTC and production capacity still attract institutional attention. Large Bitcoin Buyer Moves $120 Million as Market Turns Cautious A series of large transfers shows a single buyer accumulating more than $120 million in Bitcoin, even as retail traders pull back during the latest bout of market uncertainty. The transactions appeared within a few hours on Arkham, where several inflows moved from BitGo-linked addresses into one receiving wallet. Bitcoin Whale Inflows Chart. Source: Arkham / X The flow includes transfers of 320 BTC, 270 BTC, 259 BTC, 230 BTC, and 200 BTC, along with smaller entries. Each transaction ranged between $18 million and $29 million, adding up to roughly $120 million in total. The inflows all moved into the same destination address, signaling consolidation by a single entity rather than unrelated purchases. The timing adds weight to the move. While sentiment remains fragile across spot markets, the accumulation suggests at least one large buyer is increasing exposure during a period of hesitation. The pattern also mirrors earlier phases where deep-pocketed participants built positions while broader trading activity slowed. Bitcoin Bulls Defend $90,000–$92,000 Support as Trader Eyes Double Bottom Meanwhile, Bitcoin is once again holding above the key $90,000–$92,000 support band, keeping a deeper breakdown on pause for now. The latest four-hour candles show repeated wicks into that zone, with price rebounding back toward the mid-$92,000 area as buyers absorb sell orders. Bitcoin Support Zone Chart. Source: Jelle Analyst Jelle highlighted the area as a critical line where bulls “are clearly defending,” pointing to the cluster of previous reaction lows on the chart. The grey box between $90,000 and $92,000 has acted as demand multiple times this month, turning into the main short-term floor for the market. As long as candles close above this band, the current downtrend remains contained rather than turning into a steeper capitulation move. At the same time, the chart sketch outlines a possible double-bottom structure forming around this support. In that scenario, Bitcoin would retest the $90,000–$92,000 area, hold it, and then push back toward the next supply zones near $97,000–$100,000. A clean move into those upper grey bands would mark the “relief” phase Jelle mentions, undoing part of the sharp decline from above $110,000 earlier this month. However, the setup still depends on time and confirmation. Jelle notes that bulls need to keep price above support “until after the weekend” for the pattern to play out, underlining that another strong daily close below $90,000 would invalidate the double-bottom idea. In that case, the chart leaves room for a slide toward lower demand areas highlighted earlier in the year, where Bitcoin last consolidated in the $80,000s before its summer breakout. Even so, the current structure shows a clear battle zone. Buyers are defending a well-defined horizontal level, while sellers remain active after weeks of lower highs from the $120,000 region. The next decisive move will likely come from whether this $90,000–$92,000 shelf continues to hold as a base or finally breaks and turns into resistance. CryptoIntelligence

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CEO Cuts Cardano Founder’s Bitcoin Price Forecast, Warns Bear Market Just Starting

Cardano (ADA) founder Charles Hoskinson previously projected that the Bitcoin price could reach an impressive price of $250,000 as early as this year. This bold forecast, made in April, came at a time when Bitcoin was trading at $77,000 after achieving a record high of $109,000 in January. Hoskinson’s Optimistic Bitcoin Price Forecast Hoskinson’s optimism was based on his belief that international negotiations, particularly between the US and China, would favor Bitcoin’s growth. The Cardano founder suggested that easing tariffs would lead to a positive market reaction and bolster adoption, particularly with the anticipated passage of the GENIUS Act, which was signed into law by President Trump a few months later. Related Reading: Bitcoin Dips Below $90,000—Yet Altcoins Remain Unscathed: Here’s Why However, the current market realities have raised doubts about Hoskinson’s prediction. Since then, Bitcoin has experienced significant fluctuations, briefly regaining momentum to reach $126,000 mid-October, only to see the broader crypto market subsequently shed over $1 trillion in total market cap. This downturn has largely been attributed to persistent selling pressure by concerned investors, and substantial outflows from the Bitcoin exchange-traded fund (ETF) sector, with nearly $2 billion sold over since October. As it stands, Bitcoin is trading at approximately $89,300, marking a nearly 30% decline from its recently achieved all-time highs. In light of this, Jacob King, CEO of Swandesk, publicly dismissed Hoskinson’s $250,000 price target, characterizing it as unrealistic. Is Bitcoin In A New Bear Market Cycle? In a post on social media platform X (formerly Twitter), King stated that such lofty price predictions are “pulled out of thin air” and reflect a market still grappling with “delusions.” King elaborated on his viewpoint, suggesting that the industry is in the early stages of a new bear market cycle. He is not alone in this assessment. Market expert Lark Davis recently noted that, based on the classic four-year Bitcoin price cycle, the cryptocurrency has officially entered bear market territory. Davis commented that this scenario leaves two possibilities: either the established four-year cycle is no longer relevant, or the market has indeed shifted into a bearish phase. Given the current macroeconomic backdrop, he leans toward the latter interpretation. Related Reading: Kraken Achieves $20 Billion Valuation With $200 Million Investment From Citadel Additionally, others in the market have echoed these bearish sentiments. An analyst known as Mr. Wall Street has recently speculated that the Bitcoin price peaked at $126,000. The analyst believes that this may mark the zenith for this cycle, predicting that the Bitcoin price could next face significant downward pressure, potentially slipping to a range between $74,000 and $82,000. He further forecasts a possible decline to levels between $54,000 and $60,000 by the fourth quarter of 2026. Featured image from DALL-E, chart from TradingView.com CryptoIntelligence