Author: Wang Tai | Editor: Wang Tai

1. Bitcoin Market

Bitcoin Price Trend (2025/11/15-2025/11/21)

This week, Bitcoin's overall performance was "continuous decline → low-level consolidation → breaking key support → intense volatile decline." The overall price range was approximately $86,000 to $97,000. On November 18, it plummeted below the key support level of $90,000, marking the lowest level in seven months, and continued to decline, testing the lows multiple times, with the price around $86,540 at the time of writing. Bloomberg reported on November 19 that the market capitalization of crypto assets has evaporated by over $1 trillion in six weeks. Market sentiment is extremely negative and continues to deteriorate, with selling pressure accumulating.

Continuous Decline Phase (November 15)

Last week's flash crash trend continued, with a drop from $97,000 to $94,117 on November 15, with an average trading price of around $95,000.

Causes of the Trend:

1. Market confidence has severely declined, with a strong sentiment of "withdrawal from risk assets."
2. The sentiment in the crypto market remains "extremely fearful."
3. Bulls lack support, and long-term holders are beginning to sell, leading to an outflow of funds.

Low-Level Consolidation Phase (November 16-17)

On November 16, although the price fluctuated at a low level, it did not break down significantly, consolidating around $95,000.

On November 17, the price briefly dipped to $92,985 but then consolidated back to the $95,000 range.

Causes of the Trend:

1. Although market sentiment is extremely poor, selling pressure has temporarily eased, and a bottoming mechanism may be in play.
2. Technical indicators suggest "bottom is near": for example, NUP (Net Unrealized Profit Ratio) dropped to 0.476, historically associated with short-term rebounds.
3. Observational sentiment has increased, with the market waiting for new catalysts.

Breaking Key Support Phase (November 18)

On November 18, the price first broke below $90,000 during the trading session, marking one of the deepest dives in this phase.

International media pointed out that Bitcoin has fallen to a multi-month low, with market confidence severely shaken and sentiment extremely negative. It then adjusted within the $90,000-$93,000 range.

Causes of the Trend:

1. Investor confidence further weakened, with crypto assets seen as high-risk exposure.
2. The macro environment remains biased towards tightening interest rates and rising funding costs, reducing leverage/speculative space.

Intense Volatile Decline (November 19-21)

On November 19, the price repeatedly adjusted around $90,000, dipping and then quickly rebounding to $92,000, but the rebound was weak, indicating limited buying pressure below.

On November 20, the trend continued to fluctuate downwards, repeatedly breaking below $90,000, with a low approaching $88,000.

The chart shows intense fluctuations throughout the day, repeatedly testing the lows but quickly being pushed back down.

On November 21, it broke through $87,000 in the early morning, hitting a new low of $86,057 for this phase. At the time of writing, the price was around $86,540, with multiple tests of the bottom, increasing volatility, indicating that panic selling and liquidation are still pouring in.

Causes of the Trend:

1. Bearish sentiment has sharply intensified, further pushing Bitcoin down.
2. Panic selling amplifies market volatility, with the Greed and Fear Index remaining in the "extreme fear zone" for several days, as retail investors and short-term holders continuously cut losses.

2. Market Dynamics and Macro Background

Capital Flows

1. ETF Capital Dynamics

This week's Bitcoin ETF capital flow:

November 13: -$866.7 million

November 14: -$492.1 million

November 17: -$254.6 million

November 18: -$372.8 million

November 19: +$75.4 million

November 20: -$547.7 million

ETF Inflow/Outflow Data Image

During this period, the ETF showed a structural weakness of "large-scale outflow → brief inflow → further outflow." Last Thursday, November 13, the total outflow from the Bitcoin ETF reached $866.7 million, the largest single-day outflow so far this month. From November 14 to 18, the outflow narrowed compared to the 13th, but the trend of capital withdrawal did not stop. On the 19th, a small inflow of $75.4 million rebounded, led by BlackRock's IBIT, which brought in $60.6 million. However, this rebound still could not compensate for the previous day's loss of over $500 million. On the 20th, there was another significant outflow of $547.7 million.

The cumulative ETF capital outflow this week has reached nearly $2.5 billion, marking the fourth consecutive phase of net outflow this month. Notably, the single-day outflows on November 13 and 20 both exceeded $500 million, indicating that institutions are accelerating their withdrawal from risk assets amid extreme panic sentiment. The concentrated outbreak of capital outflows corresponds with Bitcoin's continuous drop below the $100,000 and $90,000 thresholds, compounding the tightening of market liquidity. The ETF has failed to provide support and has instead exacerbated the selling pressure on Bitcoin, becoming a major driver of the short-term market downturn.

However, in contrast to the short-term capital flight, there has been an extremely rare reverse signal on-chain. According to CryptoQuant's monitoring, since October 6, the BTC holdings of long-term holders have surged from 159,000 to 345,000, with a net increase of 186,000 within a month, marking the largest accumulation in this cycle. This behavior of "diamond hands" significantly accumulating against the trend stands in stark contrast to the continuous price decline and the market being in a state of billions of dollars in unrealized losses.

Historically, when long-term holders aggressively absorb supply at panic bottoms, prices often rebound eventually due to the deep locking of supply, albeit with a delay; however, the current macro environment and scale of capital withdrawal may lead the market down two entirely different paths.

One scenario is that when retail investors are washed out in extreme panic and supply is absorbed by long-term holders, as long as ETF capital stops flowing out or even turns into net inflows, the market could quickly trigger a strong rebound, with institutions distributing to new incoming funds during the rebound.

The other scenario is that prices continue to probe lower, completing a more thorough cleansing, even strong buyers may need to reassess risks, laying the groundwork for the next more sustained trend. Currently, the Fear and Greed Index is in the extreme fear range, with sentiment near the cycle bottom, while the capital side remains weak, creating a major contradiction in the current market.

Overall, the short-term may still be under pressure, but the bottom structure is quietly being built by large holders, with the key variable in the next one to two weeks being whether ETF capital shows signs of stopping outflows.

2. Exchange Net Outflows Expand, Market Enters Deep Accumulation but Lacks Momentum

Although there has not been a larger scale of exchange inflows this week, on-chain data shows that after Bitcoin broke below $90,000, exchange holdings continued to decline, indicating that funds are continuing to withdraw from exchanges and move towards self-custody. VanEck reported that since October 9, Bitcoin open interest (OI) has decreased by about 20% in BTC terms, with exchange inflows decreasing and outflows increasing, reflecting a significant cooling of speculative activity.

3. Open Interest Continues to Contract, Market Risk Aversion

Bitcoin All-Exchange Perpetual Contract Open Interest

Futures open interest has continued to decline this week, following the price drop, indicating a sustained reduction in speculative activity. Traders have not increased their exposure to weak risks but have systematically unwound positions, leading to a significant lack of positioning in the derivatives market compared to previous pullbacks. This lack of incremental leverage highlights the cautious attitude of market participants and aligns with the broader theme of decreasing demand from risk-bearing groups. The continued contraction of futures positions underscores that the market remains unwilling to deploy capital, further emphasizing the current lack of confidence in price trends.

As futures open interest continues to decline, the derivatives market has significantly reduced speculative positions. Traders are choosing to unwind risks rather than increase exposure to weakness, resulting in a notable lack of leverage in the open interest compared to previous pullbacks.

This dynamic is also reflected in the financing market, where the interest rates for the top 500 assets have clearly shifted to a neutral to negative range. Moving away from the positive premiums seen at the beginning of the year highlights a general cooling of demand for leveraged short positions, shifting towards defensive positioning. The current decline in the holding index and negative financing confirms that speculative leverage is being systematically drained from the market, reinforcing the backdrop of risk aversion.

4. Options Market Rapidly Amplifies Short-Term Risk Pricing

After Bitcoin briefly fell below $90,000, the options market immediately repriced risk, with implied volatility across all maturities rising significantly, particularly at the short end. This reflects two major dynamics: first, a surge in demand for downside protection; second, a large number of short gamma positions being forced to cover and roll up, passively pushing up short-term volatility. The current level of implied volatility is nearing the peak seen during the October 10 liquidation event, indicating that traders are rapidly raising their assessments of short-term risk. The 25-delta skew remains negative across all maturities, with one maturity approaching extreme bearish levels, where the premium for one-month put options is about 14%, indicating that the market is willing to significantly increase the cost of downside protection. Such buying pressure can lead market makers to short delta, further selling futures or perpetual contracts during hedging, potentially creating a self-reinforcing downward pressure effect. Although the mid to long-term skew is also bearish, it is not as pronounced as the short end, with six-month maturities slightly below 5%, indicating that pressure is primarily concentrated in the short-term window.

Bitcoin Options 25-Delta Skew

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

Bitcoin 14-Day RSI Data Image

As of the end of this period, Bitcoin's 14-day RSI is 40.11, not reaching oversold (RSI < 30), showing a slight recovery compared to previous days but still in a clearly weak range. The RSI remaining in the 30-45 range indicates that the market is still weak, with short-term oversold pressure somewhat released, but rebound momentum is currently insufficient.

2. Moving Average (MA) Analysis

MA5, MA20, MA50, MA100, M200 Data Image

Latest moving average data shows:

● MA5 (5-day moving average): $89,503

● MA20 (20-day moving average): $101,352

● MA50 (50-day moving average): $110,124

● MA100 (100-day moving average): $113,916

● Current price: approximately $87,083

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, the adjustment may continue.

3. Key Support and Resistance Levels

Support Level: $86,000, if broken, may test $82,000-$84,000

Resistance Level: $90,000 and $95,000 are the main pressure zones for price upward movement

Market Sentiment Analysis

Fear and Greed Index Data Image

As of November 21, the "Fear and Greed Index" is around 11 points, in the "extreme fear" range.

Looking back at this week (November 15 to November 21), the Fear and Greed Index was 16 (extreme fear), 18 (extreme fear), 17 (extreme fear), 15 (extreme fear), 16 (extreme fear), 15 (extreme fear), and 11 (extreme fear). The overall range operated between 18-11 points, remaining in the "extreme fear" zone.

The index dropped from 18 to 11, reflecting that market sentiment has gradually deteriorated as prices declined. The overall trend shows a shift from weak to weaker, and with the Fear and Greed Index dropping to 11, short-term sentiment is likely to remain in a low range. If Bitcoin continues to hover at low levels or further declines, fear sentiment may accumulate further, causing the index to linger near extreme fear for a longer time. Conversely, if prices stabilize in the key support area and funds flow back in, sentiment may undergo a phase of repair, rising from extreme fear to fear or neutral ranges.

Macro Economic Background

1. Federal Reserve Vice Chair: Economic Trade-offs Provide Basis for Slow Rate Cuts

On November 17, news reported that Federal Reserve officials have disagreements on how to set interest rates, with almost no new economic data to guide their difficult judgments, making it a challenge to resolve these differences.

Federal Reserve Vice Chair Philip Jefferson's speech on Monday exemplified the central bank's dilemma, acknowledging the risks of persistent inflation and weakening employment conditions—two opposing threats that require entirely different responses.

2. Investors are Shifting to Risk-Averse Mode, Reducing Risk Exposure; Fed Minutes and Nvidia Earnings Will Impact Short-Term Direction

On November 18, news reported that Cryptoquant analyst Axel stated on social media that the current volatility in the stock market is rising in sync with volatility in the interest rate/credit market, indicating that the market is fully shifting to a risk-averse mode. In this environment, funds and institutional investors are beginning to comprehensively reduce risk exposure in their portfolios.

Gold prices have fallen for four consecutive trading days, currently retreating to around $4,033. Investors are closely monitoring several delayed U.S. economic data releases scheduled for this week.

The Fed minutes indicate that short-term financing markets are tightening, with reserves approaching ample levels. Additionally, the artificial intelligence sector is exerting additional pressure on the market.

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3. Political Factors Create Uncertainty for Monetary Policy

On November 19, Trump strongly criticized Federal Reserve Chair Powell at a forum in Washington, calling him "extremely incompetent" and "mentally unstable," and openly stated that he "really wants to fire him." Trump also pressured Treasury official Scott Bessent to "quickly resolve the Powell issue," further reinforcing the implication of White House intervention in monetary policy. The market generally believes that this move could interfere with monetary policy, challenge the independence of the Federal Reserve, and increase uncertainty at the policy level.

For Bitcoin and related assets, "political intervention + uncertainty in monetary policy" creates a dual impact: on one hand, potential faster liquidity easing is bullish for crypto assets in the medium to long term, but short-term political risks and unclear interest rate paths may increase market demand for risk aversion, leading to greater volatility.

4. Bank of Japan Governor Hints at Unchanged Rate Hike Path

On November 19, news reported that Bank of Japan Governor Kazuo Ueda stated after his first bilateral meeting with Prime Minister Sanae Takaichi that the central bank is still gradually adjusting the intensity of monetary easing, indicating a firm intention to raise interest rates. Ueda told the media after the meeting: "The mechanism of inflation and wage growth is recovering. Therefore, I explained to the Prime Minister that we are gradually adjusting the extent of monetary easing." This meeting comes as investors focus on Takaichi's stance on monetary policy and await details of the economic stimulus plan to be announced this week. Ueda emphasized that the central bank will closely monitor the impact on the economy and work closely with the government.

5. Fed Minutes Indicate Tightening in Short-Term Financing Markets, Reserves Approaching Ample Levels

On November 20, news reported by Jin10 indicated that the Fed's October meeting minutes showed that conditions in the U.S. short-term financing market tightened significantly during the intermission period but remained orderly. As the intermission period nears its end, the effective federal funds rate and the reserve balance rate have narrowed to the tightest level since the Fed began tapering in 2022. The secured overnight financing rate has repeatedly breached the minimum bid rate for the standing repo facility, leading to multiple activations of this tool. The average usage of the overnight reverse repo tool has dropped to its lowest level since 2021, indicating that reserve balances are gradually approaching ample levels.

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6. U.S. Employment Data (Delayed Release)

On November 20, official data showed that 119,000 new non-farm jobs were added in September, exceeding market expectations by about 50,000. The unemployment rate slightly rose to 4.4% (previously 4.3%). The report also noted that October employment data would be canceled (household survey data collection paused) or merged into November's data release. Following the data release, the U.S. dollar index strengthened, showing active performance against major currencies (such as the yen), indicating that the market remains focused on the resilience of the U.S. labor market.

3. Mining Dynamics

Hash Rate Changes

Over the past seven days, the Bitcoin network hash rate has steadily increased, maintaining a range of 905.54 EH/s to 1195.00 EH/s this week, remaining at a relatively high level.

From a trend perspective, the overall network computing power remains high, with a 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 corresponded with price movements: on November 18, when Bitcoin's price underwent a phase adjustment, the overall network computing power briefly dipped to around 905.54 EH/s; subsequently, as the price quickly rebounded, computing power also rose back up, approaching the phase high over the weekend. In the context of high difficulty and high energy consumption, miner profits are being squeezed, leading to short-term adjustments in computing power within the high range, but the overall trend remains robust.

Weekly Bitcoin Network Hash Rate Data

As of November 21, the overall network computing power reached 1.05 ZH/s, with mining difficulty at 152.27 T. The next difficulty adjustment is expected to occur on November 27, with an estimated decrease of 2.28%, adjusting the difficulty to approximately 148.79 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 21, 2025, Hashprice is $36.19/PH/s/day. This week, Hashprice has generally followed the trend of Bitcoin prices, showing a recovery trend after a high-level pullback:

● November 14: This week's high of $41.37/PH/s/day

● November 21: This week's low of $35.99/PH/s/day

The fluctuations in Hashprice are primarily driven by Bitcoin prices and trading demand. Due to the price pullback and cooling on-chain demand, miner earnings have repeatedly rebounded without strength. The continuous increase in overall network computing power has further compressed the profit space brought by 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 has entered a phase that emphasizes efficiency and cost control. Overall, it shows a certain degree of resilience. Considering the trend of Hashprice, miner earnings have shown some fluctuations in the short term, presenting an overall downward trend, with the profit space for miners being compressed to some extent.

Hashprice Data

4. Policy and Regulatory News

Japan Considers New Cryptocurrency Rules, Promotes Crypto Trading

On November 17, news reported that Japanese regulators plan to allow banks and insurance companies to sell cryptocurrencies to depositors and policyholders through their securities subsidiaries while lowering the tax rate on crypto trading profits to about 20%.

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U.S. Senator Urges IRS to Reconsider Tax Policy on Cryptocurrency Staking Rewards

On November 19, news reported that Indiana Republican Senator Todd Young wrote to Treasury Secretary Scott Bessent, urging the IRS to reconsider and review the 2023 guidance on the tax treatment of cryptocurrency staking rewards.

As a member of the Senate Finance Committee, Senator Young questioned the rationale behind the current regulations requiring cryptocurrency holders to pay taxes when they "receive" staking rewards rather than when they "sell." Staking refers to the process by which cryptocurrency holders lock their assets to support the operation of blockchain networks and validate transactions. Bessent currently also serves as the acting commissioner of the IRS, having direct review authority over this policy. The regulatory environment may become clearer.

UK and Basel Committee Advance New Capital Rules for Banks Holding Stablecoins

On November 20, news reported that the Basel Committee on Banking Supervision (BCBS) plans to set a 1250% risk weight for digital assets, including stablecoins, held by banks starting January 1, 2026.

The Bank of England has revised its stablecoin regulatory plan, allowing certain assets to include short-term UK government bonds, easing strict requirements.

Compliance costs related to stablecoins in the banking system may rise significantly; stablecoin issuers and crypto platforms need to pay attention to the risk landscape of their banking partners.

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5. Bitcoin News

"Global Corporate and National Bitcoin Holdings (This Week's Statistics)" Related Content Collection and Organization

1. Avenir Group Bitcoin ETF Holdings Rise to $1.189 Billion, Setting New Record

On November 15, news reported that according to SEC 13F filings, Avenir Group, a family office under Li Lin, held 18.297 million shares of BlackRock iShares Bitcoin Trust (IBIT) in the third quarter of 2025, with a market value of $1.189 billion, an increase of about 18% from the previous quarter, and has remained the largest institutional holder in Asia for five consecutive quarters.

2. German Listed Company aifinyo Increases Holdings by 2 BTC, Current Bitcoin Holdings Approximately 30.9 BTC

On November 16, news reported that the German listed Bitcoin treasury company aifinyo announced it increased its holdings by 2 BTC at an average price of €90,075, bringing its total Bitcoin holdings to approximately 30.9 BTC, with a Q4 Bitcoin yield of 7.01%. The company stated it plans to purchase 10,000 BTC by 2027.

3. Institutional Purchases Hit New Highs, Institutional Capital Actively Enters Bitcoin Market.

On November 17, news reported by Bitcoin Magazine indicated that in the third quarter of 2025, institutions purchased approximately 944,330 BTC, bringing their total holdings to over 3.8 million BTC, valued at approximately $435 billion.

4. Data: Institutional BTC Holdings Increased by Over $500 Million in the Past 30 Days

On November 17, news reported that according to Bitcoin Treasuries data, institutional BTC reserves increased by over $500 million in the past 30 days.

5. Founder of Equation News Increases BTC Holdings and is Bullish on Market Performance in the Coming Months

On November 17, news reported that Vida, the founder of Equation News, stated on his personal channel that he has increased his BTC holdings as a long-term investment and has also increased a small-cap meme coin for short-term speculation over the next few months. Vida expressed a bullish outlook on the crypto market's performance in the coming months, as he believes that the U.S. stock market will not decline too severely. The current BTC price is supported by the one-week supertrend indicator, which is considered one of the most effective supports in this bull market.

6. El Salvador Increases Holdings by 1,090 BTC, Total Holdings Reach 7,474.37 BTC

On November 18, news reported that according to data from the Ministry of Finance of El Salvador, the country increased its holdings by 1,090 BTC (worth $100 million), bringing its total Bitcoin holdings to 7,474.37 BTC, valued at over $686 million.

7. UK Listed Company B HODL Increases Holdings by 2 BTC, Total Holdings Reach 155 BTC

On November 18, news reported that according to BitcoinTreasuries.NET monitoring, UK listed company B HODL (stock code: HODL) increased its holdings by 2 BTC, bringing its total holdings to 155 BTC.

8. Hyperscale Data's Bitcoin Holdings Increase to Approximately 332.2 BTC and Allocates $41.25 Million for Further Accumulation

On November 19, news reported that Hyperscale Data, listed on NYSE America, announced that through its subsidiary Sentinum, it has acquired 332.2516 BTC (including 283.3468 BTC purchased on the open market and approximately 48.9048 BTC obtained from its Bitcoin mining operations), and has allocated $41.25 million in cash for further Bitcoin purchases on the open market.

9. Trump Ally Brandon Gill Increases Bitcoin and IBIT Holdings Again

On November 19, news reported that U.S. Congressman and Trump ally Brandon Gill (Texas Republican) has again significantly increased his Bitcoin holdings. According to the latest congressional trading disclosures, he purchased between $100,000 and $250,000 in BTC on October 20 and increased his holdings in BlackRock's Bitcoin spot ETF IBIT by $15,000 to $50,000 at the end of October. Gill is one of the most active members of Congress in accumulating BTC, having purchased up to $2.6 million in Bitcoin since taking office in January.

10. Texas Congressman Brandon Gill Increases Holdings of Approximately $300,000 in BTC and Bitcoin ETF

On November 20, news reported that according to Bitcoin News, Texas Republican Congressman Brandon Gill disclosed that he has increased his portfolio by up to $300,000 in Bitcoin and Bitcoin ETF.

CryptoQuant Founder: Funds are Still Flowing into Bitcoin, Market May Rebound at Any Time

On November 15, news reported that Ki Young Ju, founder and CEO of CryptoQuant, stated on the X platform that as long as funds continue to flow in, Bitcoin is not in a bear market; currently, funds are still flowing into Bitcoin. If OG whales stop selling and macro market sentiment reverses, Bitcoin may rebound at any time.

Ki Young Ju previously pointed out that the cost basis for investors who entered the Bitcoin market 6-12 months ago is close to $94,000, and unless it falls below that price level, he does not believe the market has entered a bear cycle.

Bitcoin Trading Volume Surges, Market Participation Extremely High

On November 17, news reported that on-chain data from analysis firm IntoTheBlock showed that Bitcoin trading volume surged to $45.6 billion on November 15, marking the highest point in a month. Approximately 516,000 BTC moved during the same period, indicating that despite the price decline, market participation remains high.

Institutional Bitcoin Buying Surge: $405 Million in Dip Purchases Indicates Strong Confidence

On November 17, news reported that recent data shows a significant wave of institutional Bitcoin purchases during the market downturn, with over $405 million in BTC transferred from major exchanges to custody solutions. This strategic move indicates strong confidence in Bitcoin's long-term value proposition despite short-term market volatility.

"Rich Dad Poor Dad" Author: I Don't Trust Wall Street, Real Assets are Gold and Bitcoin

On November 18, news reported that Robert Kiyosaki, author of "Rich Dad Poor Dad," stated on social media that Warren Buffett claims Bitcoin is not an investment but speculation and predicts that the bubble will burst, severely impacting Bitcoin investors. However, stocks, bonds, and other Wall Street assets sold by Buffett also carry the risk of collapse, as both the Japanese and Chinese central banks are currently selling what are considered "the safest investments," U.S. Treasury bonds.

Kiyosaki stated that he holds gold mines, gold and silver coins, as well as Bitcoin and Ethereum, because he does not trust the Federal Reserve, the U.S. Treasury, and Wall Street. He categorizes real gold and silver as "God's money," Bitcoin and Ethereum as "people's money," and government-issued currencies as "fake money." He emphasized that he trusts blockchain technology more than traditional accounting firms and stated that he would never invest in "fake assets" such as gold ETFs, silver ETFs, or Bitcoin ETFs. Kiyosaki believes that as Bitcoin's total supply is limited to 21 million, while government currencies can be printed indefinitely, Bitcoin's value will rise as the purchasing power of the dollar declines.

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Czech Central Bank Becomes the First Central Bank to Directly Hold Bitcoin

On November 19, news reported that the Czech National Bank announced the purchase of Bitcoin and other digital assets, launching a $1 million experimental digital asset investment portfolio. This makes it the first central bank in the world to publicly include Bitcoin on its balance sheet, symbolizing significant recognition of the exploration of cryptocurrencies by officials.

Bitcoin ATMs Appear in Nairobi Shopping Malls After Kenya's First Cryptocurrency Law Takes Effect

On November 20, news reported that after Kenya implemented its first comprehensive cryptocurrency law, several large shopping centers in Nairobi have installed ATMs branded "Bankless Bitcoin," providing local residents with cash exchange services for cryptocurrencies.

It is reported that Kenya implemented the "2025 Virtual Asset Service Providers Act" on November 4, which is the country's first formal licensing framework for crypto platforms such as wallet operators, exchanges, and custodians.

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UAE Sovereign Fund Al Warda Claims Bitcoin is Equally Important as Gold, Plans to Hold Long-Term

On November 20, news reported that the UAE sovereign wealth fund Al Warda stated that Bitcoin is "playing an important role alongside gold" and that it "plans to hold Bitcoin assets long-term," showing a strategic allocation attitude.

Nvidia's Earnings Exceed Expectations, Bitcoin Mining Stocks Surge After Hours

On November 20, news reported that Nvidia announced third-quarter revenues of $57 billion, with fourth-quarter revenue expectations exceeding analyst forecasts, stimulating a 5% rise in its stock price after hours. This strong performance drove Bitcoin prices back up to around $91,000, while significantly boosting cryptocurrency mining stocks.

Cipher Mining led the surge, rising over 13% after hours; IREN followed closely with an increase of about 10%; Bitfarms, TeraWulf, and CleanSpark also saw significant gains. Notably, several Bitcoin miners are actively transitioning to AI infrastructure businesses, such as IREN signing a $9.7 billion AI cloud agreement with Microsoft and Cipher Mining reaching a $5.5 billion AI hosting agreement with AWS.