Author: Wang Tai | Editor: Wang Tai

1. Bitcoin Market

Bitcoin Price Trend (2025/11/08--2025/11/14)

In the past seven days (from November 8 to November 14), Bitcoin's overall performance can be summarized as: "low rebound → sideways consolidation → upward attack → pullback rebound → rapid breakdown."

The main price range was approximately $98,000--$107,000. On November 10-11, it repeatedly tested the resistance level of $105,000--$107,000 without success, peaking around $107,244 on November 11, and closing back to around $103,000 on November 12 (approximately in the range of $102,480--$103,811). After a brief drop on November 13, a flash crash occurred during the U.S. trading session on November 14, causing the price to rapidly break below $100,000, reaching approximately $98,000--$99,000, with a low of $98,077. It is still slowly recovering, and as of the time of writing, the price is $99,484, still below the $100,000 mark.

Low Rebound Phase (November 8)

On November 8, Bitcoin dipped to around $99,200--$99,500 in the morning, creating a new low for the phase, and then quickly rebounded, recovering the entire day's losses to above $103,000.

Reasons for the trend:

• Liquidation pressure eased: The large-scale leveraged liquidation from the previous week ended, releasing short-term selling pressure and significantly weakening sell orders.
• Technical rebound: RSI fell into the oversold zone, triggering low-level buying and algorithmic trading rebounds.
• Signs of capital inflow: Golden Finance reported on November 8 that some institutional buying re-entered near the $100,000 mark, driving the price to stop falling and rise.

Sideways Consolidation Phase (November 9)

On November 9, Bitcoin fluctuated narrowly within the range of $101,500--$102,500. Trading volume shrank, and market sentiment stabilized temporarily but remained directionless.

Reasons for the trend:

• Support levels stabilized: The range of $101,500--$102,000 below became a concentration area for short-term buying.
• Limited macro news: Investors awaited the release of U.S. CPI data and institutional reports, leading to a strong wait-and-see sentiment.
• Market recovery period: After the previous panic sentiment subsided, BTC entered a phase of consolidation and accumulation.

Upward Attack Phase (November 10--November 11)

From November 10 to 11, Bitcoin initiated an upward trend, consecutively breaking through the resistance levels of $104,000 and $105,000, and repeatedly attempted to surge towards the $106,500 - $107,000 range, but failed to hold.

Reasons for the trend:

• Improved macro sentiment: The U.S. government's temporary budget plan was passed, leading to a rebound in market risk appetite.
• Institutional bullish support: A JPMorgan report stated that Bitcoin has "significant upside potential" after deleveraging, attracting some institutions to increase their short positions.
• Technical recovery: Short-term moving averages formed a golden cross structure, driving trend-based buying.
• High-level pressure emerged: Multiple failed tests near $107,000 indicated that this area was a strong resistance level, leading to profit-taking.

Pullback Rebound Phase (November 12--November 13)

On November 12, after consecutive unsuccessful upward attempts, Bitcoin pulled back to around $103,000, and the market underwent a consolidation phase, operating in the range of approximately $102,480--$103,811.

On November 13, the market briefly rose to around $105,000 before quickly falling back, touching $100,000. It then consolidated in the range of $101,000-$102,000, failing to break through $104,000, and settled around $103,000.

Reasons for the trend:

• Profit-taking and declining volume: Short-term funds exited, leading to a decrease in trading volume, with the crypto market's trading volume remaining sluggish and momentum weakening.
• Macro news turned quiet: Investors awaited U.S. inflation data (CPI) and U.S. Treasury yield guidance, causing the market to re-enter a wait-and-see phase.
• Technical adjustments: The short-term upward channel faced resistance, and the price returned to the mid-range of consolidation, with the trend temporarily weakening. According to a report from Times of India: "Despite a short-term rebound in Bitcoin, the overall crypto market's gains this year have nearly been erased, and investor confidence remains to be restored."

Rapid Downward Phase (November 14)

During November 14, Bitcoin's price plummeted, experiencing a flash crash during the U.S. trading session, rapidly breaking below $100,000 to around $98,000--$99,000, with a low of $98,077. It is still slowly recovering, and as of the time of writing, the price is $99,484, still below the $100,000 mark. Market sentiment has deteriorated, and risk appetite has receded.

Reasons for the trend:

• Bullish momentum faded: After November 12, there were no new strong catalysts, leading to a depletion of rebound momentum.
• Increased macro and capital pressure: Data showed that long-term holders began to increase selling, weakening market confidence.
• Federal Reserve expectations cooled: The pullback coincided with a significant drop in risk assets, and investors began to realize that the Federal Reserve currently seems disinclined to cut rates in December. The Nasdaq index fell by 2%, and the S&P 500 index dropped by 1.3%, with crypto-related stocks being hit hard again, especially miners with significant exposure to AI infrastructure and data centers. Crypto and tech stocks weakened in tandem, with market capital flowing out of high-risk assets like crypto.

2. Market Dynamics and Macro Background

Capital Flow

1. ETF Capital Dynamics

This week’s Bitcoin ETF capital flow:

November 10: +$0.012 billion

November 11: +$5.240 billion

November 12: -$2.781 billion

November 13: -$6.101 billion

ETF Inflow/Outflow Data Image

During this period, ETF capital flow quickly reversed from inflow to outflow, reflecting that institutional capital remains cautious in the current market environment. Although there was a brief inflow on the 11th, it was quickly offset by large-scale outflows, indicating that the capital situation has not stabilized. In recent weeks, U.S. spot Bitcoin ETFs have shifted to moderate outflows, reflecting weak price trends and diminishing momentum. After strong capital inflows in the middle of the year, overall demand has leveled off, indicating a pause in institutional accumulation. Historically, this neutral liquidity regime aligns with market consolidation, which often occurs before the next directional trend. A decisive return of capital inflow would mark a restoration of institutional confidence, while prolonged capital outflows could reinforce a more defensive market tone.

2. Exchange Leverage Exhaustion, Derivatives Sentiment Calm

Bitcoin perpetual contract funding rate (all exchanges) 168-hour moving average

The funding rates for Bitcoin perpetual futures on major exchanges remain sluggish, highlighting a lack of speculative interest in the derivatives market. Since the leveraged highs in October, funding rates and open interest have both declined, indicating that traders are cautious about directional exposure. This lack of aggressive positions reflects a phase of market hesitation, which typically occurs before volatility re-emerges. Currently, the derivatives landscape remains calm and balanced, leaning towards neutral sentiment rather than speculative-driven momentum.

3. Options Market Continues to Be Bearish

Bitcoin options 25-Delta skew

Put option protection remains high, indicating that traders continue to pay premiums for downside insurance. Hedging remains a major theme, with short-term expirations priced at about 11% implied volatility favoring put options. The biases for three-month and six-month expirations are more moderate, with down preferences of 8 and 4 volatility points, respectively. Currently, the lack of clear catalysts limits the likelihood of a skew shift favoring call options. The options market continues to price in a retest of the $100,000 level and possibly a drop below it. However, what is ultimately important is how the market reacts during such tests, rather than just the pricing of the events. Traders' implied profit pressure is rising. In this environment, the clearing of futures open interest and leveraged positions may accelerate, and liquidity risks remain to be monitored.

4. On-chain Data and Long-term Holder Dynamics

In the past 30 days, long-term holders of Bitcoin sold 815,000 BTC, reaching a new high since January 2024. In the context of current capital conditions, price structure, and weak demand, if the spending volume of long-term holders (LTH) remains high, it will further intensify market supply pressure. However, as of now, public on-chain reports have not clearly disclosed changes in LTH spending during this period.

On-chain data emphasizes a brief accumulation near the $100,000 mark, indicating local support, but if the cost basis of short-term holders is not decisively reclaimed, upward momentum may be limited. On-chain readings support a bottoming outlook. As CoinDesk pointed out on Wednesday, Bitcoin's net unrealized profit (NUP) ratio has dropped to 0.476, a level that historically indicates a short-term market bottom.

Bitcoin Unrealized Profit Ratio (NUP)

The NUP ratio has previously triggered price rebounds, with Bitcoin experiencing double-digit percentage increases after similar readings in 2024. This sentiment shift occurs while the broader market still faces pressure. The total market capitalization of cryptocurrencies has fallen to $3.47 trillion, continuing a month-long downward trend. On-chain data shows brief accumulation around the $100,000 mark, indicating local support. However, if the cost basis of short-term holders is not decisively reclaimed at $111,900, "upward momentum may continue to be limited."

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

Bitcoin 14-day RSI Data Image

As of the end of this period, the RSI is approximately 39.29, in a weak range.

The RSI has slightly rebounded compared to last week, no longer approaching the oversold edge (< 30 is oversold), but it is still far from the upward momentum confirmation zone (>50), indicating limited short-term rebound strength.

2. Moving Average (MA) Analysis

MA5, MA20, MA50, MA100, M200 Data Image

Latest moving average data shows:

MA5 (5-day moving average): $101,775

MA20 (20-day moving average): $107,005

MA50 (50-day moving average): $112,843

MA100 (100-day moving average): $115,029

Current price: approximately $99,653

The price is significantly below several key moving averages, indicating that the short to medium-term trend remains weak. If the price cannot quickly break through MA20, adjustments may continue.

3. Key Support and Resistance Levels

Support level: $97,500-$100,000 area, with the current price close to the lower support.

Resistance level: $106,000‐$118,000 area

The current price is operating near support; if it breaks below, the risk of a pullback will increase; if it breaks through resistance, it will open up for a rebound.

Market Sentiment Analysis

Fear and Greed Index Data Image

As of November 14, the "Fear and Greed Index" is approximately 22 points, in the "extreme fear" range.

Looking back at this week (from November 08 to November 14), the Fear and Greed Index recorded 25 (fear), 24 (fear), 29 (fear), 31 (fear), 26 (fear), 25 (fear), and 22 (fear). The overall range operated between 31-22 points, remaining in the "fear" zone. Between November 10 and 11, sentiment briefly rebounded, but market sentiment quickly fell back due to price impacts, leading to low investor confidence and a significant decline in risk appetite. Such low-level sentiment often aligns with the early stages of market bottoms but does not automatically indicate that a reversal is imminent. If sentiment continues to deteriorate, caution is needed as panic may trigger further selling pressure.

Macro Economic Background

1. U.S. Senate Begins Voting on the "2026 Continuing Appropriations and Extension Act"

On November 11, news from Jinshi Data reported that the U.S. Senate began voting on the "2026 Continuing Appropriations and Extension Act," which aims to fund the government until January 30 and end the government shutdown.

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2. ADP Data Reveals U.S. Employment: Companies Lay Off Over 10,000 Weekly, Labor Market Continues to Weaken

On November 12, the U.S. payroll processing agency ADP released the latest weekly employment trend estimates, showing that U.S. companies cut an average of over 11,000 jobs weekly in the four weeks ending October 25, reflecting a continued slowdown in hiring activity during the fall. Analysts believe this indicates a trend of cooling in the labor market, providing more policy space for the Federal Reserve to continue cutting rates in the coming months.

ADP's monthly report last week showed that 42,000 new jobs were added in the private sector in October, reversing a two-month decline, but the latest weekly estimates indicate that corporate hiring is gradually slowing. ADP Chief Economist Nela Richardson stated, "The labor market is unlikely to stabilize in creating job opportunities in the second half of this month." She added that ADP's real-time data reflects that companies remain cautious in adding positions, especially in the service and information sectors.

3. Record Shutdown Ends, Bitcoin Slightly Rises

On November 13, news from Jinshi reported that Bitcoin slightly rose after the House passed a spending bill aimed at ending the record U.S. government shutdown. Trump signed the bill into law later that evening, which will fund the government until January 30. However, uncertainty remains high, limiting Bitcoin's gains. With the government reopening, official data will resume publication, but the timing and reliability of these releases remain unclear, which are key to determining the Federal Reserve's rate cut expectations in December.

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4. U.S. Stock Indices All Decline, Nasdaq Falls 2.29%

On November 14, news from Jinshi reported that U.S. stocks closed lower on Thursday, with the Dow Jones Industrial Average initially down 1.6%, the S&P 500 index down 1.6%, and the Nasdaq Composite index down 2.29%. Tesla (TSLA.O) fell over 6%, Nvidia (NVDA.O) dropped 3.5%, and Oracle (ORCL.N) and AMD (AMD.O) both fell over 4%. Cisco (CSCO.O) rose over 4% against the trend. The Nasdaq Golden Dragon Index fell 1.59%, Alibaba (BABA.N) rose 1%, and Baidu (BIDU.O) fell over 6%.

3. Mining Dynamics

Hash Rate Changes

In the past seven days, the Bitcoin network hash rate has steadily increased, maintaining a range of 941.03 EH/s to 1281.50 EH/s this week, remaining at relatively high levels.

From a trend perspective, the overall network computing power remains high, with high frequency of fluctuations but limited amplitude, showing a generally strong trend. Due to the stabilization of power supply in North American mining areas, many mining companies have gradually restored their computing power, keeping the overall network computing power strong. The main fluctuations in computing power this week still align with Bitcoin price trends: when Bitcoin's price underwent a phase pullback on November 8, the overall network computing power briefly dipped to around 941.03 EH/s; subsequently, as the price quickly rebounded, the computing power also rose in tandem, approaching phase highs over the weekend. In the context of high difficulty and high energy consumption, miner profits are being squeezed, leading to short-term adjustments in high-level areas, but the overall trend remains robust.

Weekly Bitcoin Network Hash Rate Data

As of November 14, the overall network computing power reached 1.09 ZH/s, with mining difficulty at 152.27 T. The next difficulty adjustment is expected to occur on November 26, with an estimated increase of 0.40%, bringing the difficulty to approximately 152.88 T.

Bitcoin Mining Difficulty Data

Bitcoin Hash Price Index

From the perspective of daily earnings per unit of computing power (Hashprice), Hashrate Index data shows that as of November 14, 2025, the Hashprice is $41.23/PH/s/day. This week, Hashprice has generally aligned with Bitcoin price trends, showing a gradual recovery after a high-level pullback:

November 11: Weekly high of $43.35/PH/s/day

November 07: Weekly low of $40.58/PH/s/day

The core fluctuations of Hashprice are driven by Bitcoin price and trading demand. Due to Bitcoin price pullbacks and cooling on-chain demand, miner earnings have repeatedly struggled to rebound. The continuous rise in overall network computing power has further compressed the profit margins from each unit of computing power. Although there was a slight recovery over the weekend, the overall level has not returned to the early week levels. In the short term, miners are still under earnings pressure, and the mining ecosystem is entering a phase that emphasizes efficiency and cost control. Overall, it shows a certain degree of resilience. Considering the trend of Hashprice, miner earnings are experiencing some fluctuations in the short term, showing an overall downward trend, and the profit space for miners is being compressed to some extent.

Hashprice Data

4. Policy and Regulatory News

South Korean Financial Regulatory Authorities Plan to Submit Stablecoin Regulatory Bill to Parliament by End of 2025

On November 10, news from the Korea Times reported that South Korea's four major financial holding companies—KB, Shinhan, Hana, and Woori—are competing to establish partnerships with large tech companies like Naver, Kakao, and Samsung Electronics to gain an advantage in the rapidly emerging stablecoin market.

Domestic stablecoin trading volume in South Korea has exceeded 60 trillion won (approximately $41.15 billion). Financial regulatory authorities are preparing to submit a stablecoin regulatory bill to Parliament by the end of 2025. Banks are seen as the primary issuers of won-pegged stablecoins.

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Stablecoin Development Supported by Japan's Financial Services Agency

On November 10, news reported that Japan's Financial Services Agency (FSA) announced support for a stablecoin experiment under the Payment Innovation Project (PIP) starting in November 2025, with participants including Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation, Mitsubishi UFJ Trust, and Progmat. The FinTech Proof of Concept Center launched the PIP on November 7, 2025. This experiment tests the joint issuance of so-called stablecoins (electronic payment means) to verify legitimate and appropriate regulatory and operational responses.

The FSA will publish the results and conclusions of the experiment on its website after its completion, covering compliance, supervisory responses, and legal interpretation issues related to consumer services, noting that the project meets standards of clarity, social benefits, innovation, user protection, and feasibility. The availability and next steps depend on the experimental results and relevant judicial approvals or EU/other cross-border considerations.

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Canada's New Budget Allocates Resources to Develop Stablecoin Governance

On November 10, it was hard to believe, but for most of 2025, Canada had no budget after Prime Minister Mark Carney narrowly won a tense election. Finally, on Tuesday, Carney's Liberal Party was called the "most expensive government in Canadian history" by Conservative leader Pierre Poilievre, unveiling its financial plan named "2025 Budget," which surprisingly included a small section on "creating a regulatory space for stablecoin issuance."

The Trump administration became the first government to pass the GENIUS Act through Congress to establish stablecoin legislation. "This afternoon, we took a huge step by signing the landmark GENIUS Act, establishing the U.S. as a dominant force in global finance and crypto technology," Trump announced. Since then, the stablecoin market has ballooned to a market cap of $300 billion.

"The 2025 Budget introduces a new federal framework to regulate the issuance of fiat-backed stablecoins," the document states. "Regulating stablecoin issuance will benefit all Canadians, ensuring that stablecoins have high-quality reserve backing, establishing appropriate redemption policies, and setting up adequate data security and risk management protections."

Bank of England Proposes £20,000 Cap on Personal Stablecoin Holdings

On November 11, news reported that the Bank of England proposed that 60% of the assets supporting stablecoins could be held in short-term UK government bonds, with at least 40% required to be held at the Bank of England.

The Bank of England proposed a cap of £20,000 on personal stablecoin holdings, with a limit of £10 million for businesses.

Stablecoins transitioning from the regulatory framework of the UK's Financial Conduct Authority (FCA) could have up to 95% of their reserve assets invested in short-term government bonds.

Bipartisan Proposal in U.S. Senate Seeks to Expand CFTC's Regulatory Authority Over Cryptocurrency Spot Markets

On November 11, news from Decrypt reported that U.S. Senate Agriculture Committee Chairman John Boozman and Senator Cory Booker released a bipartisan discussion draft that would grant the Commodity Futures Trading Commission (CFTC) explicit regulatory authority over digital commodity spot market transactions.

The proposal requires major cryptocurrency spot platforms to register with the CFTC and implement anti-fraud, record-keeping, fund segregation, and dispute resolution measures. Brokers and dealers will follow separate registration rules. The draft explicitly protects the rights to self-custody wallets, allowing individuals to hold and trade digital assets directly through hardware or software wallets. The draft defines digital commodities as "any fungible digital asset that can be exclusively held and transferred person-to-person without intermediaries and recorded on a cryptographically secure public distributed ledger." The bill will take effect 270 days after enactment and includes a transition period. The Senate's timeline for passage remains uncertain.

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Monetary Authority of Singapore: Will Pilot Tokenized Notes and Introduce Stablecoin-Related Legislation

On November 13, the Monetary Authority of Singapore (MAS) announced that the central bank plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, it will conduct a pilot for the issuance of tokenized MAS notes next year and introduce related legislation to regulate stablecoins.

MAS Chief Chia Der Jiun stated at the Singapore FinTech Festival: "Tokenization has begun, but have asset-backed tokens reached 'escape velocity'? Not yet." He mentioned that MAS has been refining the details of the stablecoin regulatory framework and will draft relevant legislative proposals, focusing on "robust reserve asset support and reliable redemption mechanisms." Chia Der Jiun also added that MAS is simultaneously supporting various pilot projects under the "Blue Initiative," which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement.

5. Bitcoin News

"Global Corporate and National Bitcoin Holdings (Weekly Statistics)" Related Content Collection and Organization

1. American Bitcoin Corp. Acquires 139 Additional Bitcoins

On November 10, news reported that American Bitcoin Corp. (Nasdaq: ABTC) acquired approximately 139 additional Bitcoins, bringing its strategic reserves to about 4,004 Bitcoins. The acquisition date was November 10, 2025.

2. International Commercial Settlement Holdings Acquires Nearly 248 Bitcoins Worth $25.7 Million

On November 10, news from Zhichuang Finance reported that International Commercial Settlement Holdings announced the acquisition of 247.8694 Bitcoins, valued at $25.7 million.

3. Strive Increases Holdings by 1,567 BTC, Total Holdings Reach 7,525 BTC

On November 10, news from Globenewswire reported that Nasdaq-listed Strive announced the completion of a $160 million issuance of 2 million shares of variable-rate Series A perpetual preferred stock at a price of $80 per share. The company also disclosed the purchase of 1,567 Bitcoins at an average price of $103,315, bringing its total Bitcoin holdings to 7,525.

4. Canadian Listed Company Matador Technologies Discloses Increase of 92 Bitcoins

On November 12, news reported that Canadian-listed Matador Technologies announced the completion of a previously disclosed $100 million secured convertible bond financing arrangement with ATW Partners, and has completed the first drawdown under this financing arrangement to acquire 92 Bitcoins for CAD 13.2 million (USD 9.5 million). The acquisition date was November 12, 2025.

5. Listed Company Falconedge Increases Holdings by 4.11 BTC, Total Holdings Approximately 19.275 BTC

On November 12, news from the official announcement stated that London Stock Exchange-listed Falconedge announced the acquisition of approximately 4.11 BTC, with an average purchase price of $102,164.39, bringing its total Bitcoin holdings to approximately 19.275 BTC.

6. Hyperscale Data: Bitcoin Treasury Allocation Expands to $75.25 Million, Current Holdings Increase to Approximately 267.6 BTC

On November 12, news from PR Newswire reported that NYSE American-listed Hyperscale Data announced an expansion of its Bitcoin treasury allocation to $75.25 million, including current holdings and funds allocated for the commitment to purchase Bitcoin.

Currently, Sentinum holds approximately 267.6862 Bitcoins and has allocated $47.25 million in cash for purchasing Bitcoin in the open market.

7. Analysts: Whales Accelerating Bitcoin Accumulation Due to Favorable Macro Economic Factors

On November 13, news reported that amidst the overall sideways movement in the crypto market this week, Bitcoin has been in narrow fluctuations. However, analysts pointed out that large-scale accumulation of chips is occurring beneath the surface of market calm. Timothy Misir, head of BRN research, stated: "Whales continue to accumulate, with over 45,000 Bitcoins added this week, marking the second-largest accumulation scale since 2025." At current prices, this equates to approximately $4.6 billion in capital inflow, indicating that structural positions are gradually being established amid weak capital flows and low market momentum.

The U.S. government is about to reopen, and Bitcoin continues to grow!

On November 10, news reported that the longest government shutdown in U.S. history is finally coming to an end.

The government shutdown, caused by budget disagreements, is almost unique to the U.S. political system. The 40-day shutdown significantly impacted global financial market trends. The Nasdaq, Bitcoin, tech stocks, Nikkei index, and even safe-haven assets like U.S. Treasuries and gold were not spared.

Even the most rigid bipartisan relations could not withstand the desire to have a good Thanksgiving before November 27. The recently concluded Senate session finally achieved the 60 votes needed to push the budget threshold, potentially ending the longest government shutdown in history, allowing the subsequent process to smoothly "reopen" the U.S. government. A mini bull market may be about to start!

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DWF Labs Managing Partner: Personally Only Holds Bitcoin, USDT, and FF

On November 10, news reported that DWF Labs Managing Partner Andrei Grachev stated that his private investment portfolio only includes Bitcoin, USDT, and FF tokens, reminding investors to do their own research (DYOR).

Square Launches Bitcoin Payment Function, Merchants Can Choose BTC or Fiat Settlement

On November 10, news from Square's official announcement stated that its Bitcoin payment function has officially launched, allowing merchants to choose from four payment methods: BTC → BTC, BTC → fiat, fiat → BTC, or fiat → fiat.

Square founder Jack Dorsey stated on the X platform that this function allows sellers to directly receive Bitcoin into their Square wallets or choose to automatically convert it to USD, marking the formal integration of Bitcoin payments into the mainstream merchant system.

Data: Short-term Holder MVRV Rebounds to 0.95, Bitcoin May Rebound to $115,000 to $120,000 Range

On November 11, news reported that the U.S. Senate passed a procedural motion under which Congress will provide full-year funding for the Department of Agriculture, the Department of Veterans Affairs, and Congress itself, while providing funding for other agencies until January 30. Before the vote, eight key Senate Democratic moderates reached an agreement with Senate Republican leaders and the White House to push for a vote on extending the Affordable Care Act subsidy program in exchange for their votes.

Moderate Democrats defended their votes, arguing that this was the best deal they could achieve. Senator Kane, who voted in favor, argued that this would allow Democrats to push important healthcare issues into the voting process.

CryptoQuant: Stablecoin Reserves Reach Historical Highs, Bitcoin May Welcome a New Round of Upward Movement

On November 11, news reported that CryptoQuant stated that the stablecoin supply ratio (SSR) has dropped to a historically low area (13), indicating that there is a large amount of "dry powder" waiting to enter the market. Meanwhile, Binance's Bitcoin reserves have decreased while stablecoin reserves have increased, a liquidity pattern that has only occurred a few times since 2020, each time signaling a strong rebound in Bitcoin prices.

Analysts pointed out that the current market shows signs of weak sellers, with a highly attractive risk/reward ratio, but investors should also closely monitor key support levels, as a breach could trigger deeper adjustments.

Bitget CEO: If the Federal Reserve Pauses Balance Sheet Reduction and Starts a Rate Cut Cycle, Bitcoin May Reach Historical Highs

On November 11, news reported that an article published by Forbes quoted Bitget CEO Gracy Chen's latest views on ETF capital inflows and institutional capital impacts. She pointed out that the core driving force behind Bitcoin's current price has shifted to U.S. market liquidity, rather than capital from Europe, the Middle East, or Asia. Funds from these regions are more inclined to flow into gold and stock markets, which also explains the strong performance of gold, AI-related U.S. stocks, and Chinese stock indices this year.

Gracy Chen believes that once the U.S. government ends the shutdown in November, fiscal spending and market liquidity will restart; if the Federal Reserve pauses balance sheet reduction and starts a rate cut cycle in December, a new bull market for Bitcoin may officially begin. Earlier this year, Gracy Chen boldly predicted that "BTC is expected to break through $130,000 and further surge towards $150,000 to $200,000." Although this target has not yet been achieved, she emphasized that once the government shutdown ends and the Federal Reserve shifts to easing, it is only a matter of time before Bitcoin reaches $150,000, whether in the fourth quarter of this year or the first quarter of next year. "I have personally reloaded my positions and look forward to witnessing Bitcoin set new historical highs with everyone."

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Wintermute Report: BTC Ready to Outperform Altcoins; No "Alt Season" Yet

On November 12, news reported that a recent report from Wintermute suggested that the current conditions in the crypto market are not conducive to an immediate entry into altcoin season. Instead, analysis indicates that Bitcoin may outperform altcoins in the short term.