Key facts: MicroStrategy $14.5B BTC loss; $371M liquidations; ETFs cool

MicroStrategy reported a $14.5 billion unrealized loss in Bitcoin, contributing to a quarterly net loss of $12.5–$12.8 billion following a 23% drop in Bitcoin prices. Despite this, the company raised $11.68 billion year-to-date for Bitcoin purchases. In the crypto derivatives market, $371 million was liquidated in 24 hours, with Bitcoin shorts accounting for over $179 million. ETF inflows have cooled since October, with analysts suggesting that over $500 million in weekly inflows are necessary to counteract long-term holder selling. Ex-Ripple CTO David Schwartz converted proceeds from selling 26 million XRP into Bitcoin, reducing his direct crypto exposure.