Happy Thursday!

Bitcoin is being manipulated and would already have cracked $150,000 if it wasn't for the market makers. But is that true?

Dell is reporting after the bell today and prediction markets are locked and loaded for the call. Here’s what they see happening.

Plus, Benzinga Edge flags stocks with rising momentum scores, unusual activity, and improving fundamentals so you are not guessing which names can break out next. Get Instant Access

TOP STORY

No, Bitcoin Isn't Artificially Being Kept Below $150,000 By Market Makers

Bitwise CIO Jeff Park says Bitcoin isn't being suppressed by a conspiracy — it's the ETF plumbing.

Park argues a "regulatory carve-out" allows Authorized Participants like Jane Street and JPMorgan to short ETFs without borrowing costs, often hedging with futures rather than buying spot BTC.

The shift to in-kind creation exacerbates this, letting APs source Bitcoin via OTC desks later — bypassing the immediate open-market buy pressure that used to drive price discovery.

SPECIAL OFFER

Volatility exposes weakness, but it also reveals strength. Benzinga Edge flags stocks with rising momentum scores, unusual activity, and improving fundamentals so you are not guessing which names can break out next.

QUICK N DIRTY

Bitcoin, Ethereum, XRP are holding the line, although the rally seems to be stopped in its tracks for now: here’s what’s moving markets today.

XRP is stuck below $2 and doesn't look like the downtrend will change any time soon: where did things go wrong for XRP?

Cardano put in a solid rebound yesterday and that prompted co-founder Charles Hoskinson to get bullish again. Is he right?

FINTECH FOCUS

Dell Earnings Prediction Market Preview: What Will Michael Dell Say?

Dell reports Q4 earnings today with an $18.4 billion AI server backlog—and Wall Street is split on whether it can convert that to profit.

Polymarket gives Dell a 92% chance of beating EPS estimates, but Kalshi traders are betting on the narrative:

"EPS Growth" (86%) and "Nvidia" (77%) lead the buzzword bingo, signaling the market wants proof Dell isn't just a low-margin box mover for Jensen Huang.

With the stock trading at a 15x P/E versus the industry's 35x, a strong print on margins could trigger a rerating.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Ring The Bell: Created for market enthusiasts by market enthusiasts, this daily newsletter delivers top stories, fast movers and hot trade ideas straight to your inbox. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis and news. Subscribe here.

Tech Trends: Get the inside scoop on AI, the hottest gadgets and mind-blowing tech trends. Subscribe here.