Author: Wang Tai | Editor: Wang Tai

1. Bitcoin Market

Bitcoin Price Trend (2025/11/22-2025/11/28)

During this phase, Bitcoin's overall performance can be described as "deep drop to the bottom → low-level repair → oscillation rebound → breakthrough reversal → stabilizing at key resistance levels." The price range rebounded from the low point of about $81,000 on the 22nd. A key reversal occurred on the 27th, with a significant acceleration in the trend, as the price quickly surged from around $88,000, successfully breaking through the $90,000 resistance level that had been difficult to maintain for several days, reaching the $91,000--$92,000 range by the 28th. Market sentiment improved moderately from extreme panic, but the funding situation remained cautious, with the rebound mainly driven by oversold recovery and short covering.

Deep Drop to the Bottom Phase (November 22)

On the 22nd, Bitcoin continued the cliff-like decline from the previous day, opening lower and quickly breaking through key levels such as $85,000 and $83,000. It then further declined to the lowest point of around $81,000 for this phase, showing a dramatic waterfall-like drop, with market panic reaching a peak for the month. Although there was a slight rebound before the close, the overall state remained deeply oversold, with significant fluctuations throughout the day, indicating extreme capital contraction and a sharp decrease in liquidity supply.

Causes of the Trend:

1. Large-scale leverage liquidation accumulated over the previous days concentrated and exploded on the 22nd, causing a rapid decline.
2. The fear index remained at extreme levels, with market perceptions of short-term risks in crypto assets continuing to deteriorate.
3. Long liquidity was exhausted, with selling pressure dominating the market, leading to a rapid breach of multiple support levels.

Low-Level Repair Phase (November 23)

After the significant bottoming out on the 22nd, the market stabilized noticeably on the 23rd. The price gradually rose from the $81,000--$82,000 range, testing this area multiple times without breaking lower, indicating that short-term selling pressure began to exhaust. The afternoon saw an increase in rebound strength, peaking around $85,000, and oscillating within this range repeatedly. The overall performance showed that while bullish strength was weak, the market entered a "technical repair + wait-and-see buffer" phase, with the decline significantly slowing.

Causes of the Trend:

1. Low-level buying funds and short covering jointly pushed the price recovery.
2. Market panic eased somewhat, with sentiment slightly recovering from extreme fear.
3. Technical overselling led to short-term funds scrambling to catch the rebound.

Oscillation Rebound Phase (November 24--25)

November 24

On the 24th, the overall rebound rhythm continued, with Bitcoin oscillating upward in the $84,000--$86,000 range. In the afternoon, it further attacked $87,000, but selling pressure above remained evident, and the rebound rhythm was relatively mild. Funds showed a tendency to "buy on dips," with the market gradually shaking off the dominance of panic selling.

November 25

In the early part of the 25th, the price attempted to challenge $89,000, briefly touching around $90,000 during the day, but the resistance at this integer level was strong. After failing to break higher, Bitcoin fell back to the $87,000 range for consolidation, with significant upward and downward pressure throughout the day. Although the price continued to rise, it remained within a "repair window," with no confirmation of a trend reversal.

Causes of the Trend:

1. The rebound momentum entered a verification phase, with a clear tug-of-war between bulls and bears at $90,000.
2. Despite market stabilization, fear sentiment still dominated, lacking long-term capital to drive a breakthrough.
3. $90,000 served as a dual resistance level, both technical and psychological, showing significant resistance.

Breakthrough Reversal Phase (November 26--27)

November 26

On the 26th, Bitcoin continued to maintain a narrow oscillation range of $86,000--$88,000. This range exhibited a clear "higher bottom" pattern, with bulls gradually gaining short-term advantage. However, overall volume remained limited, and the market had yet to show decisive breakthrough action.

November 27 Key Reversal

On the 27th, the trend showed significant acceleration, with the price quickly rising from around $88,000, successfully breaking through the $90,000 resistance level that had been difficult to maintain for several days. After the breakthrough, momentum significantly increased, peaking in the $91,500--$92,000 range, marking the first appearance of a "clear breakthrough + high-level support" strong structure since this round of decline.

Causes of the Trend:

1. Concentrated short covering triggered rapid price increases.
2. Technical breakthroughs attracted short-term bulls and quantitative trading to enter the market.
3. The market overall transitioned from extreme panic to a cautious repair phase, with marginal improvements in pessimistic sentiment.

Resistance Level Stabilization Phase (November 28)

On the 28th, Bitcoin maintained high-level oscillation in the $91,000--$92,000 range, with the overall market stabilizing. Although there was a slight pullback, the lows did not break below the previous day's breakout level, remaining solidly above $91,000. This indicates that market support remains strong. The overall performance reflects a natural consolidation after the breakthrough, with market sentiment clearly more stable than the previous week.

Causes of the Trend:

1. Inertia buying from the previous day's breakthrough continued to provide support.
2. Bears were unwilling to expand their positions further after the breakthrough, leading the market into a relatively balanced state.
3. Some investors anticipated that a "phase bottom" might form in the short term, slightly increasing risk appetite.

2. Market Dynamics and Macroeconomic Background

Capital Flow

1. ETF Capital Dynamics

This week’s Bitcoin ETF capital flow:

November 21: +$238.4 million

November 24: -$151.0 million

November 25: +$128.7 million

November 26: +$21.1 million

ETF Inflow/Outflow Data Image

On November 21, Bitcoin spot ETFs saw a net inflow of approximately +$238.4 million, showing a significant capital return after several days of continuous outflows; however, on November 24, there was a brief shift to a net outflow of -$151 million. This occurred against the backdrop of a record single-day outflow of $523 million from BlackRock's IBIT on November 19, and the overall US stock Bitcoin ETF turned to net redemptions for the week, indicating that institutional sentiment remains defensive. On November 25 and 26, funds again returned to a slight net inflow, with low-level buying starting to re-enter the ETF channel, and the capital structure gradually shifting from "one-sided outflow" to "alternating outflows and inflows," but overall still in a phase of oscillation and game.

According to BTC-ETF Flow tracking data from Farside Investors, this pattern of outflow followed by slight replenishment reflects a potential structural reversal near the bottom of the market. It is worth noting that despite the inflow, the overall inflow amount still cannot cover the previous cumulative outflow of several hundred million dollars, and market liquidity remains tight. Overall, the ETF capital logic this week reflects that after strong redemptions from early to mid-November, the tentative replenishment on November 25 marks a cautious entry by institutions into the current low-price zone, potentially laying the groundwork for a mid-term bottom, but in the short term, it remains to be seen whether funds can continue to flow in.

According to Cointelegraph, holders of BlackRock's spot Bitcoin ETF IBIT returned to profitability after Bitcoin rose above $90,000, indicating a potential shift in sentiment among one of the key investor groups driving the market this year. Arkham data shows that the largest spot Bitcoin fund, BlackRock's IBIT, has seen cumulative profits rise to $3.2 billion. Arkham stated, "Holders of BlackRock IBIT and ETHA collectively made nearly $40 billion in profits at their peak on October 7, while just four days ago, it fell to $630 million. This means that the average cost of all IBIT purchases is nearly flat." As ETF holders are no longer under pressure, the speed of Bitcoin ETF sell-offs may continue to slow. The situation has significantly improved since the record net outflow of $903 million on November 20.

2. Bitcoin ETF Experiences Record Net Outflows, Spot Market Under Pressure

On November 26, news from Forbes reported that Bitcoin spot ETFs continued the trend of large-scale redemptions, with a cumulative net outflow of $3.7 billion for the month, setting a record since February of this year. As a result, Bitcoin has corrected more than 35% from its historical high of $126,000 in October, with a low of $80,000 during this period, marking the lowest point since April.

Ethereum-related ETFs also saw over $1.6 billion in outflows during the same period, compounded by market panic, causing the total market capitalization of global crypto assets to briefly fall below $3 trillion.

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3. Significant Inflows of Whale Funds into Exchanges, Potential Selling Pressure Not Yet Resolved

CryptoQuant data shows that over the past 30 days, the inflow of BTC whale funds into Binance has reached $7.5 billion, a new high for the year. This inflow structure is highly consistent with past high-volatility markets, typically indicating:

Whales transfer assets to exchanges during weak market phases for profit-taking or risk hedging;

The current 30-day indicators are still on the rise, with no signs of stabilized selling pressure.

Historical experience shows that in similar situations, the market often requires about one month to form a phase bottom.

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4. Stablecoin Reserves Reach All-Time High, Safe-Haven Funds Continue to Enter

As the market quickly corrected, the overall capital inflow into exchanges significantly increased. The stablecoin reserves on Binance reached $51.1 billion this week, setting a new high, indicating a strengthening of market risk aversion. Meanwhile, the total capital inflow for Bitcoin and Ethereum combined was approximately $40 billion, with Binance and Coinbase being the most active in terms of inflows, reflecting a concentration of short-term liquidity towards leading institutional platforms.

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5. Options Market's Upside Cap and Downside Risks Not Cleared

The most important expiration date of the year is approaching, and as the options market expands, its influence is also growing. Large clusters of open contracts and the surrounding hedging liquidity help shape which price levels attract liquidity. As the gamma index rises, hedging demand will also increase, with gamma values typically peaking as expiration approaches and when spot trading nears the at-the-money strike price. This makes late December a period when volatility may significantly rebound.

The distribution of strike prices shows that put options are concentrated around $84,000, while call options have increased around $100,000. The areas between these attacks are relatively narrow, creating space for sharper movements within this range. Traders are short gamma on puts and short gamma on calls, indicating that the upside potential may still be limited in the coming weeks, while downside risks have not been fully cleared. In short, recent rebounds may continue to struggle below key resistance levels.

Bitcoin Options Open Interest Strike Price Distribution

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 was 37.33, not reaching oversold (RSI < 30), slightly down from last week's 40, but still within a clearly weak range. The RSI remaining in the 30--45 range indicates that the market is still weak, with short-term overselling 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): $88,804
• MA20 (20-day moving average): $97,198
• MA50 (50-day moving average): $108,357
• MA100 (100-day moving average): $113,578
• Current price: approximately $91,325

Overall, Bitcoin is currently trading below all moving averages except for MA5, with the structural bearish pattern not being broken, existing only as a short-term repair. Unless the price can stabilize above MA20 and MA50 with sustained volume support, it is difficult to form an effective reversal.

3. Key Support and Resistance Levels

Support Level: $90,000, while still needing to cautiously observe the previous resistance level of $86,000.

Resistance Level: $92,000 is the main pressure zone for recent price increases.

Market Sentiment Analysis

Fear and Greed Index Data Image

As of November 28, the "Fear and Greed Index" was around 20 points, in the "extreme fear" range.

Looking back at this week (November 22 to November 28), the Fear and Greed Index recorded values of 10 (extreme fear), 10 (extreme fear), 12 (extreme fear), 15 (extreme fear), 15 (extreme fear), 18 (extreme fear), and 20 (extreme fear). The overall range operated between 20-10 points, remaining in the "extreme fear" zone.

The index has slightly rebounded from the year's low of 10 to 20, with market sentiment slightly recovering as Bitcoin climbed above $90,000, but overall still in the extreme fear range, indicating that investor confidence remains very fragile. Historical experience shows that this "continuous low-level hovering" emotional performance often appears in phase bottom areas, but it can also persist for several weeks or even months, requiring a combined judgment with capital flow and fundamentals.

Macroeconomic Background

1. US Officials Announce New Actions Against Venezuela, Geopolitical "Black Swan" Alert Faces Price Surge Impact

On November 24, news reported that US officials announced new actions against Venezuela. If the situation escalates, oil prices will face supply-side shocks and soar, directly pushing up global inflation. The rapid rise in oil prices not only directly impacts global inflation rates but may also disrupt the Federal Reserve's interest rate policy expectations, causing the previously anticipated rate cuts or peak cycle plans to fall through. Macro investors generally believe this will prompt funds to flow into gold as a hedge against risks.

More notably, this uncertainty simultaneously strengthens Bitcoin's narrative as "digital gold" and the ultimate decentralized safe-haven asset. As the traditional financial system faces dual pressures from oil price inflation and geopolitical tensions, institutions and high-net-worth individuals may accelerate the transfer of some funds into major cryptocurrencies like $BTC$, seeking hedging tools outside the dollar system.

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2. Fed's December Rate Cut Expectations Surge Violently

On November 24, news reported that Barclays research indicated uncertainty remains regarding the Fed's interest rate decision next month, but Chairman Powell is likely to push the FOMC to make a rate cut decision. Based on recent speeches, Barclays believes that governors Milan, Bowman, and Waller may support a rate cut, while regional Fed presidents Musalem and Schmidt prefer to maintain rates. Governors Barr and Jefferson, along with Goolsbee and Collins, have shown unclear attitudes but lean towards maintaining the status quo. Governors Cook and Williams rely on data but seem to favor a rate cut. The Fed's rate cut expectations have been hit by multiple factors, compounded by the weakness of non-US currencies like the yen, causing the dollar index to rise above 100.3. On Friday, dovish remarks from Fed's Williams reignited expectations for a December rate cut, and the yen reversed its decline after Japanese authorities mentioned the possibility of currency intervention, with the dollar index closing the week at 100.18, up 0.87%.

Barclays stated, "This means that before considering Powell's position, there may be six voters inclined to maintain rates and five inclined to cut." Powell will ultimately lead this decision, as the threshold for governors to publicly oppose his stance is very high.

3. Hassett Becomes Top Contender for Fed Chair, Potential Historic Turn for the Fed

On November 26, news reported that as the selection of the new Fed chair enters its final weeks, Kevin Hassett, director of the National Economic Council, has become the top contender in the eyes of White House advisors and Trump allies.

Anonymous sources indicated that if Hassett is appointed, Trump will place a close ally he knows and trusts in the independent central bank. Some have pointed out that Hassett is seen as someone who can bring Trump's rate cut philosophy into the Fed—an institution that Trump has long sought to influence, now facing a historic turning point.

However, they also caution that Trump is known for unexpected personnel decisions, and everything remains uncertain until the formal nomination is announced. White House Press Secretary Karoline Leavitt stated, "No one can predict his decision before President Trump takes action." Fox News White House reporter Edward Lawrence also stated that there is currently no frontrunner for the next Fed chair.

A senior US official confirmed that the final candidate list has not yet been submitted to the White House. The selection of the Fed chair and governors has traditionally been the most direct way for presidents to influence the central bank. Trump nominated current chair Jerome Powell during his first term, and when the latter failed to cut rates as expected, the president expressed regret over that decision. Hassett is highly aligned with Trump in economic policy, and both believe further rate cuts are necessary.

4. US Extends Tariff Exemption Period for China Until November 10, 2026

On November 27, news reported that the US Trade Representative's office announced it would extend the tariff exemptions established under Section 301 investigations regarding China's technology transfer and intellectual property issues until November 10, 2026. The existing exemption was originally set to expire on November 29 of this year.

From the perspective of the crypto industry, the US decision to extend the tariff exemption period essentially represents a game of rule certainty and policy continuity. The crypto market is highly sensitive to changes in global macro policies, and adjustments to tariff policies directly reflect subtle changes in geopolitical relationships, which can transmit to asset liquidity, market sentiment, and even cross-border capital flows. The extension of the exemption period indicates a short-term easing of trade frictions, which is generally favorable for risk assets, including cryptocurrencies.

5. US Cancels Release of October CPI Inflation Data; PCE Will Also Be Rescheduled

On November 27, news reported that the US Bureau of Labor Statistics announced it had canceled the release of the October Consumer Price Index (CPI) originally scheduled for November 7 due to the inability to retrospectively collect some survey data during the government shutdown. Authorities stated that the November CPI, originally scheduled for release on December 10, will be postponed to December 18, meaning it will be released after the Fed's next interest rate meeting along with non-farm payroll data. The US Department of Commerce's Bureau of Economic Analysis also stated it would reschedule the release of another key inflation indicator, the Personal Consumption Expenditures (PCE) price index, but did not announce a new date. The PCE was originally scheduled for release on November 26 and is the Fed's preferred measure of inflation.

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3. Mining Dynamics

Hash Rate Changes

Over the past seven days, the Bitcoin network hash rate has steadily increased, maintaining a range of 877.41 EH/s to 1275.60 EH/s this week, at relatively high levels.

From a trend perspective, Bitcoin's overall network computing power has consistently remained near the high range of 1 ZH/s, maintaining a strong structural pattern. Although there have been frequent fluctuations in the short term, they have all been high-level oscillations, with no signs of a downward trend, indicating that the hash rate foundation remains solid. The main changes this week are still closely linked to Bitcoin's price. Around November 25, when BTC experienced a phase correction, the hash rate also saw a sharp drop, touching a low of about 877 EH/s. Subsequently, as the price quickly recovered, the hash rate also rebounded rapidly, approaching a peak of 1.15 ZH/s on November 27--28, reflecting the resilience of the hash rate recovery in the mining industry under a high-cost environment.

Weekly Bitcoin Network Hash Rate Data

As of November 28, the overall network computing power reached 1.09 ZH/s, with mining difficulty at 149.30 T. The next difficulty adjustment is expected to occur on December 10, with an estimated decrease of 0.24%, bringing the difficulty to approximately 148.94 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 28, 2025, the Hashprice was $38.56/PH/s/day. This week, Hashprice has generally followed the trend of Bitcoin prices, showing a trend of rising sharply after a decline:

• November 27: Weekly high of $38.85/PH/s/day
• November 21: Weekly low of $34.20/PH/s/day

The core driver of Hashprice still comes from Bitcoin prices and on-chain transaction demand. Recently, the combination of BTC price corrections and cooling on-chain activity has repeatedly led to weak rebounds in miner earnings. Meanwhile, the continuous rise in overall network computing power has further compressed the profit margins per unit of computing power. However, the rapid surge seen over the weekend was significantly stronger than the levels during the week, indicating that there is still some resilience in high-level fluctuations.

Combining the latest industry data, the overall mining economy is entering a more tense phase. At the same time, the payback period for mining machines has been extended to over 1,200 days, with financing costs continuing to rise, forcing mining companies to accelerate their transition to AI and high-performance computing (HPC), but current related revenues are still insufficient to offset the decline in mining earnings. Despite the pressure on the mining side, capital market sentiment has shown phase improvements. Overall, in the short term, miner earnings still face pressure, and the mining ecosystem is gradually entering a phase that emphasizes efficiency improvement, cost control, and business diversification; however, against the backdrop of record high computing power and renewed institutional interest, the industry still demonstrates certain risk resistance and structural growth opportunities.

Hashprice Data

4. Policy and Regulatory News

Trinidad and Tobago Passes Crypto Regulation Bill in Preparation for FATF Assessment

On November 24, news reported that the Parliament of Trinidad and Tobago passed the "Virtual Assets and Virtual Asset Service Providers Act" with a vote of 25 to 11, establishing a regulatory framework for cryptocurrency activities in the Caribbean nation.

The bill aims to meet the anti-money laundering and counter-terrorism financing standards set by the Caribbean Financial Action Task Force (FATF) in preparation for the on-site assessment scheduled for March 2026. The passage of the bill was chaotic, with the opposition accusing the government of submitting a 48-page document containing over 200 amendments just minutes before the debate began, violating parliamentary procedures.

Critics worry that the bill's strictness may hinder innovation, but the government insists that the amendments are based on extensive consultations with the central bank, securities regulators, and industry participants.

Bank of England Proposes Easing Stablecoin Rules

On November 25, news reported that the Bank of England proposed new rules allowing stablecoin issuers to invest up to 60% of their reserve assets in short-term government bonds, rather than the previously proposed 100% held at the central bank.

This represents a significant softening of its regulatory stance, aimed at supporting the stablecoin regulatory mechanism set to launch in 2026.

At the same time, the Bank of England is considering providing liquidity support to systemic stablecoin issuers during times of market stress.

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Global Bank Crypto Asset Rules Need Reevaluation --- Basel Committee Chair Proposes

On November 26, news reported that Erik Thedéen, chair of the Basel Committee on Banking Supervision, stated that the current capital requirements for banks holding crypto assets (such as stablecoins and Bitcoin) are too stringent and need to be reevaluated.

He pointed out that as the stablecoin market rapidly grows (currently around several hundred billion dollars), a "different approach" is needed to address its risks.

If the current rules are strictly enforced, it will suppress banks' participation in crypto asset businesses, potentially hindering the integration of stablecoins and other crypto assets with the traditional financial system.

Central Bank of the UAE Incorporates Crypto + Blockchain into Traditional Financial Regulatory Framework

On November 27, news reported that the UAE has passed a new federal financial decree that incorporates services related to cryptocurrencies and blockchain activities under the supervision of the central bank. This means that all crypto/blockchain-related services will be subject to the same regulations as traditional financial institutions.

As an important financial center in the Middle East, this step represents a transition for the region from a "gray area" to a "formal and regulated financial system," promoting the legalization of global crypto assets and institutional participation.

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5. Bitcoin News

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

1. Bitwise CEO: Increased Bitcoin Holdings Again at $85,000 Price Level

On November 24, news reported that Bitwise CEO Hunter Horsley posted on X platform that he "couldn't resist" and increased his Bitcoin holdings again at the $85,000 price level, feeling good about it. He had disclosed earlier in the week that he purchased Bitcoin at the $89,000 price level.

2. El Salvador Increased Holdings by 1,098.19 BTC in the Past 7 Days, Total Holdings 7,478.37 BTC

On November 24, news reported that El Salvador increased its Bitcoin holdings by 1,098.19 BTC in the past 7 days, bringing its total Bitcoin holdings to 7,478.37 BTC, valued at $632 million.

3. OranjeBTC Increased Holdings by 7.3 BTC, Total Holdings Reached 3,720.3 BTC

On November 25, news reported that Brazilian listed company OranjeBTC announced it had increased its holdings by 7.3 BTC at an average price of about $95,000, bringing its total holdings to 3,720.3 BTC, with a year-to-date Bitcoin return of 2.2%.

4. Japanese Listed Company Value Creation Increased Holdings by 7.057 BTC

On November 25, news reported that Japanese listed company Value Creation Co. Ltd. (TSE code: 9238.T) announced it had purchased 7.057 BTC using surplus funds, totaling approximately 100 million yen (about $670,000), with an average purchase price of 14.17 million yen per Bitcoin.

5. Texas Crypto Reserve Takes Key Step, Allocated $5 Million to BlackRock's Bitcoin Spot ETF

On November 26, news reported by Coindesk indicated that Texas has taken a key step in building a state-level crypto reserve. According to officials, the state has invested $5 million in BlackRock's Bitcoin ETF, although the Texas Strategic Bitcoin Reserve plan is still in preparation.

The state has recently solicited industry opinions on establishing a compliance plan for Bitcoin reserves and allocated $10 million earlier this year through legislation. After completing the final steps, Texas is expected to become the first state government in the US to seriously initiate long-term investments in crypto assets. A spokesperson from the state auditor's office confirmed on Tuesday that as a transitional measure before establishing a custody contract, $5 million has already been allocated to BlackRock's iShares Bitcoin Trust.

6. DDC Enterprise Increased Holdings by 100 BTC, Total Holdings Increased to 1,183 BTC

On November 27, news reported that digital asset management company DDC Enterprise Limited announced it had increased its holdings by 100 BTC, with an average purchase price of $106,952, bringing its total Bitcoin holdings to 1,183 BTC, with a year-to-date Bitcoin return of 122%.

7. South Korean Listed Company Bitplanet Launches Daily Bitcoin Accumulation Plan

On November 27, news reported that South Korean listed company Bitplanet has launched its first daily Bitcoin accumulation plan as part of a broader effort to build a substantial capital reserve using the world's largest cryptocurrency, purchasing the asset. Additionally, the company purchased 93 BTC last week.

8. Japanese Company ANAP Increased Holdings by 20 BTC, Total Holdings Increased to 1,145.6951 BTC

On November 28, news reported that Japanese fashion company ANAP announced it invested $2.08 million to increase its holdings by 20.4422 BTC, bringing its total holdings to 1,145.6951 BTC.

9. Hong Kong Company Prenetics Increased Holdings by 7 BTC, Total Holdings Increased to 501 BTC

On November 28, news reported that Hong Kong-based genetic testing and health technology company Prenetics invested $620,000 last week to purchase 7 BTC, bringing its total holdings to 501.0341 BTC.

10. Japanese Company Convano Increased Holdings by 97 BTC, Total Holdings Increased to 762 BTC

On November 28, news reported that Japanese nail salon operator and franchise company Convano announced it invested $1.05 million to increase its holdings by 97.6775 BTC, bringing its total holdings to 762.6776 BTC.

Michael Saylor Posts "Will Not Yield," Suggesting Continued Accumulation of Bitcoin

On November 24, news reported that Strategy founder Michael Saylor posted "I will not yield," possibly indicating he will continue to accumulate Bitcoin.

Previously, the "Will You HODL This Week" poll initiated by Saylor ended with 77.8% not selling.

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A Certain Options Trader Bets Bitcoin Will Break $100,000 Before Year-End, But Does Not Expect New Highs

On November 25, news reported by Coindesk indicated that on Monday, a trader opened a "bullish vulture" option with a notional value of 20,000 Bitcoin ($1.76 billion) on Deribit, establishing a net position that allows them to profit if Bitcoin's price closes between $106,000 and $112,000 by year-end. This means the trader expects Bitcoin's price to continue rebounding before the end of the year, breaking the $100,000 mark, but not reaching new highs.

Reports indicate that Bitcoin has rebounded from last week's low of nearly $80,000 to around $88,000. Although this rebound is mainly driven by market expectations of a 25 basis point rate cut by the Fed in December.

Bitcoin Listed as Current Most Noteworthy "Blue-Chip Crypto" with Excellent Risk/Reward Ratio

On November 26, news reported by cryptonews indicated that among the cryptocurrencies worth buying, Bitcoin and Ethereum are more mature choices, while higher-risk options include Solana and Binance Coin. For investors seeking utility or investments in the AI field, Bittensor and Hyperliquid stand out as they link blockchain with real-world applications and high trading volumes.

Strong bullish factors are expected in the fourth quarter of 2025: Bitcoin's historical average increase in the fourth quarter is 79%, with over $18 billion flowing into US spot Bitcoin and Ethereum ETFs. By 2029, the market value of tokenized real-world assets could reach approximately $5.25 trillion.

Analyst: Bitcoin Sell-Off Tide Approaching Saturation, Current Relative Strong Buying Opportunity

On November 27, news reported by The Block indicated that K33 research director Vetle Lunde stated in a new report that Bitcoin has underperformed the Nasdaq index on 70% of trading days over the past month, and Bitcoin's performance relative to that index is 30% weaker than on October 8. The recent Bitcoin sell-off has approached saturation, and signals of panic selling in the spot market and ETP trading flows confirm this.

Bitcoin's severe underperformance relative to stocks has become seriously disconnected from fundamentals, providing a strong long-term relative buying opportunity.

Analyst: Bitcoin's Median Price May Reach $201,000 After Halving

On November 28, news reported by BraveNewCoin indicated that several crypto/financial analysts have summarized opinions that Bitcoin's median price may reach $201,000 after this halving cycle, reflecting optimistic expectations for the market's long-term trend. Why is halving so important: historical boosts and the subsequent resistance. Historical returns after halving: Bitcoin halving—reducing the new supply of Bitcoin received by miners—historically often signals significant price increases. For example, after the 2012 Bitcoin halving, driven by widespread adoption and media attention, Bitcoin soared over 8,000% within a year. The 2016 halving led to a slow price increase, but ultimately peaked during the 2017 bull market cycle, with prices rising about 30 times from the halving day to the peak. After the 2020 Bitcoin halving, driven by macroeconomic benefits and stimulus policies, Bitcoin rose about 567% in the first year. Supply-side constraints, combined with demand, can yield excess returns.

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Bitcoin (BTC) Price Prediction: After Breaking Support Level, Target Price for Bitcoin is $1.2 Million, Fed Rate Cuts Driving Price Up

On November 28, news reported by BraveNewCoin indicated that technical analysis through X shows that Bitcoin broke through $117,000 after retesting $116,000 twice, and this bullish signal aligns with a finding published in the "Journal of Risk and Financial Management" in 2023, which found that such retests typically indicate further increases. This breakthrough has sparked market optimism, with traders currently eyeing $120,000 as the next short-term target.

"Bitcoin Whales/Big Holder Wallets" Recently Accumulating BTC Again

On November 28, on-chain data/market analysis indicated that institutions and large holders began to "re-accumulate" BTC after the last correction, suggesting they may view the current price as an opportunity to buy on dips.