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Most Bitcoin holders are underwater.
Nearly every cohort that bought in the past 18 months sits below its cost basis.
On the downside, the 1 month to 3 month cohort has its cost basis near $73K, which is the first level to watch. A break below it opens the path toward $69K, where the 18 month to 2 year cohort sits.
On the upside, the 1 week to 1 month cost basis near $79K is the immediate resistance, and above that the 3 month to 6 month band near $84K is the next hurdle.
Short-term holders are caught between these levels. If $73K breaks, a capitulation wave could follow.
If they hold and price reclaims $79K, the pressure begins to ease.

#CryptoMarketSeesVolatility
Morgan Stanley Launches a Stablecoin Reserves Portfolio to Support the GENIUS Act
Morgan Stanley investment bank has launched a new product called the Stablecoin Reserves Portfolio, designed for stablecoin issuers to store their reserve assets.
This product takes the form of a government money market fund, focusing on secure instruments such as government bonds and high-quality liquid assets.
The launch is linked to a new regulatory plan in the United States through the GENIUS Act, which aims to regulate stablecoin reserve management more strictly.
With this portfolio, stablecoin issuers can place their reserve funds into instruments that comply with regulatory standards while remaining liquid.
This move reflects the increasing integration between the crypto industry and the traditional financial system.
In addition, the product also provides a solution for stablecoin issuers to improve transparency and user trust.
In the context of regulation, reserve management is one of the most crucial aspects for maintaining stablecoin stability.
With support from major institutions like Morgan Stanley, standards for digital asset management are expected to become increasingly structured.$BTC