Bitcoin Tests $77K as Cuban Exits, US Bets $2B on Quantum, Begich Files Reserve Bill

Bitcoin News

Billionaire investor Mark Cuban revealed he has liquidated most of his Bitcoin position after concluding the asset failed to behave as a hedge during recent geopolitical stress and a weakening dollar. Speaking on the Portfolio Players podcast, the Dallas Mavericks owner said BTC dropped when gold rallied during the Iran conflict, contradicting the digital-gold thesis he had publicly defended since 2021. Cuban, whose net worth sits near $10 billion, previously described his crypto allocation as roughly 60% BTC, 30% ETH and 10% other tokens. He called the price action disappointing, signaling reduced conviction from one of the asset's most visible long-term advocates.

The US Department of Commerce announced more than $2 billion in quantum computing investments across nine companies, escalating preparation for the so-called Q-Day threat that could eventually compromise the cryptography underlying Bitcoin, banks and military networks. IBM leads the package with a $1 billion CHIPS allocation paired with a matching $1 billion contribution, funding a 300-millimeter superconducting wafer foundry in Albany, New York. GlobalFoundries receives $375 million, while Atom Computing, D-Wave, Infleqtion, PsiQuantum, Quantinuum and Rigetti each secure $100 million. Researchers increasingly warn that machines capable of breaking elliptic-curve encryption could arrive by 2030, accelerating debate over post-quantum upgrades to the blockchain.

On-chain data flagged a notable shift in holder behavior after BTC dropped nearly 7% from a local peak of $82,800, with realized losses surging above $600 million in a single session. The yearly absorption rate among whales holding more than 1,000 BTC collapsed to minus 151%, the lowest reading in Bitcoin's history, while large holders between 100 and 1,000 BTC slashed accumulation sharply from mid-April highs. Exchange absorption improved to minus 75% as inflows resumed, mirroring a January pattern that preceded a 38% slide toward $60,000. The Accumulation Trend Score is now hovering near zero across cohorts.

Michael Saylor argued that miners no longer dictate Bitcoin's marginal price, asserting that structured credit products now absorb every coin produced. The MicroStrategy executive chair told CNBC viewers that Strategy's STRC preferred stock, launched in July 2025, has scaled from zero to roughly $10.5 billion and functions as a permanent demand pipeline. Strategy currently holds about $65 billion in BTC and bought more coins this year than miners produced, a dynamic Saylor expects to persist until issuance tapers near 2140. The framing positions institutional credit, not mining economics, as the dominant price-setting mechanism for the asset.

Rep. Nick Begich, R-Alaska, introduced the American Reserve Modernization Act, legislation designed to codify the strategic Bitcoin reserve established by executive order in March 2025. The bill, which has drawn more than a dozen bipartisan co-sponsors, would authorize the Treasury to acquire up to 200,000 BTC per year for five years, targeting one million coins or roughly 5% of total circulating supply. Holdings would be locked for a minimum of 20 years. The United States already controls an estimated 328,372 BTC from Silk Road and Bitfinex hack seizures, assets Begich argues require a coherent strategic framework rather than ad-hoc management.

Traders monitoring spot price action flagged tight liquidity clusters near $77,000 and $78,000, projecting a directional move of at least 5% as the consolidation tightens. Open interest dropped more than 12,000 BTC during a recent squeeze, with short positions absorbing the majority of the 24-hour liquidation tally on derivatives venues. Analysts argued that shorting current levels carries asymmetric risk because market structure has held above $74,000 despite multiple breaks of intermediate support. Macro headwinds remain in focus as oil reclaimed $100 per barrel, pressuring risk assets broadly while US Treasury yields cooled, creating a mixed backdrop for the next leg.

BTC trades near $77,876 with a modest 24-hour gain of 0.36%, leaving market capitalization at roughly $1.56 trillion. Immediate support sits at $76,107, with deeper bids at $74,338 and $72,673, while resistance stacks at $77,950, $79,422 and $82,807. The RSI at 45.81 reflects neutral momentum tilting slightly bearish, and the MACD signal remains negative, consistent with the sideways trend. A clean reclaim of $79,422 would invalidate the distribution narrative and reopen the path to $82,807. Conversely, a daily close below $76,107 would expose $74,338 and risk accelerating the realized-loss spiral.