What the data tells us

Last two days were very rough for the crypto market. BTC price went deep below $100k and staying there as I'm writing this. In the 2 days combined there was around $15M of liquidations in DeFi protocols - it's a solid amount, although less than happened on really bad days in the past (for example, 10/10 saw around $170M of liquidations).

Today you can notice a very prominent spike of social volume, combined with negative social sentiment as BTC price was swinging in the $94-95k area, which indicates substantial amount of fear among market participants and can be a good fundamental for a potential price bottom.

Important observations

Saylor's Strategy has concluded their Euro-denominated preferred stock IPO, but they haven't announced their BTC buy yet. A huge stir on Twitter was caused by a report that they sold a part of their bitcoin holdings, which was later confirmed to be false.

All these factors combined (data, sell-the-news on IPO, serious FUD) make a strong case for some price recovery over the weekend.

Another thing worth noting is that STRC depegged quite severely yesterday before market close, and hasn't recovered as of yet. That might potentially indicate that 1) there was a big buyer that finished purchasing, or 2) investors started pricing in some additional risks that weren't present before.

Coins in the spotlight

Despite the whole market tanking like a rock, ZEC and STRK are very much in the green, continuing the privacy narrative that has been going on for the last few weeks. ZEC is +10% on the daily, while STRK is almost +20%.

Conclusion

Considering how beaten down the market currently is, it seems more likely that a recovery might happen into the weekend rather than more downside. If Strategy comes out with a strong announcement on Monday (something in the ballpark of "we sold $100M of STRC last week"), there's a potential to spark a larger rally.