On November 26, the sentiment in the cryptocurrency market significantly dropped, with Bitcoin retracing continuously after reaching a high of $99,588, dropping below $93,000 at one point during the trading session. As of the time of writing,$Bitcoin (BTC.CC)$ it rose by 1.87% to $94,758.81, falling nearly 4% within 24 hours; $Ethereum (ETH.CC)$ it rose by 0.44% to $3,430.04.
Key Focus
Wall Street is preparing to launch a new generation of cryptocurrency-related ETFs, observing the situation.
With the crypto-friendly Trump returning to the White House, Wall Street is set to introduce a new generation of risk-oriented products in this $3.2 trillion industry, aiming to satisfy various investors from institutional newcomers to stubborn retail investors. Executives and lawyers involved in etfs indicate that the products they describe include defensive etfs aimed at professional fund managers curious about cryptos, as well as comprehensive speculative bets targeting individuals who identify as fallen gamblers. Industry investors and lawyers mention that high-risk crypto etfs may focus on various digital tokens, sometimes using leverage, options, or algo strategies.
MicroStrategy has once again invested $5.4 billion in bitcoin, causing institutions to raise their target price to $600.
$MicroStrategy (MSTR.US)$ Between November 18 and 24, it acquired approximately 55,500 bitcoins for around $5.4 billion. The average price paid per bitcoin was $97,862. MicroStrategy has purchased a total of 134,480 bitcoins in November (to date), worth $12 billion. Analysts at Bernstein expect the amount of bitcoin held by MicroStrategy to increase from 1.7% of the circulating supply to 4% over the next ten years, updating their target price for MicroStrategy stock to $600 by the end of 2025.
Bitcoin's upward trend has stalled after approaching the $0.1 million level, and may experience a short-term consolidation.
According to foreign reports, Matt Maley, Chief Market Strategist at Miller Tabak+Co, stated that investors are concerned that bitcoin "must take a break now as it has essentially tested the $0.1 million level", and the bullish sentiment surrounding bitcoin is "becoming extreme". Since the Republican victory on November 5, the overall value of the digital asset market has increased by approximately $1 trillion.
David Lawant, Director of Research at cryptocurrency prime brokerage Falcon X, said: "As bitcoin approaches the $0.1 million mark, I see an increase in selling pressure, indicating that we may experience consolidation around this level in the short term before continuing to break through this level." Stephane Ouellette, CEO of cryptocurrency investment firm FRNT Financial Inc., said: "Bitcoin has been extremely overbought since the election and is destined to stagnate. That said, the current situation hardly qualifies as a pullback; we've just returned to levels from the middle of last week."
Galaxy expects active trading in bitcoin options to continue until January 2027, around the mid-term of Trump's presidency.
The Galaxy Digital trading team stated that BlackRock IBIT ETF options have been heavily traded in the U.S. stock market, with a first-day volume of 353,716 contracts, surpassing the most active first-day trading of previous options products which was in 2012 when Facebook options went live, with a volume of 360,000 contracts. Galaxy expects this active options trading to continue until January 2027, roughly halfway through Donald Trump's presidency, reflecting investor confidence in the long-term growth potential of bitcoin ETFs and indicating bullish sentiment for the coming years.
Galaxy further stated that currently offshore crypto-native platforms such as Binance and Deribit have always been the main market for bitcoin derivatives trading, but there is obvious volatility premium between Deribit, CME, and IBIT, which may provide arbitrage opportunities between different platforms offering derivative trading.
Greeks.live: The crypto options market is relatively stable, and block trades and market interest rates are worth paying attention to.
Greeks.live macro analyst Adam posted on X platform that this week is Thanksgiving, economic events and data are concentrated on the Wednesday before Thanksgiving, US stocks are closed on Thursday and Friday, the recent market of crypto-related US stocks is very active, closely related to crypto, worth paying more attention to. Bitcoin is only a step away from $100,000, with Ethereum having a significant rebound last week, driving all altcoins to rise across the board, and the crypto market sentiment is gradually shifting back from meme to mainstream market.
Over the weekend, there was a slight pullback, the market's resilience is very strong, the bull market in spot markets is very strong. The options market is relatively stable, with block trades and market interest rates worth watching. Currently, the main term IV is at a relatively low level. It is a good opportunity to buy options in the current bullish market trend. In terms of crypto interest rate markets, Bitfinex's interest rate market has been relatively stable recently. It is recommended to actively trade suitable interest rate orders, especially worth special attention during market movements.
Matrixport: Blackrock's Bitcoin ETF options are gaining popularity, showing optimistic investor sentiment.
In its latest report, Matrixport stated that last week, Blackrock launched Bitcoin ETF (IBIT) options, with a strong market response and active trading volume, steadily increasing open interest. This indicates that investors' expectations for Bitcoin's future rise are strengthening. The report focuses on option-related data expiring in December. Interestingly, the implied volatility has continued to decline and is now close to 65%. Previously, Bitcoin surged from $70,000 to $98,000 rapidly after Trump's election. However, the recent upward momentum has slowed down.
In the future, Bitcoin prices may enter a more stable upward phase, which may further reduce the implied volatility. A decrease in implied volatility is good news for traders because it means lower costs for bitcoin call options, allowing investors to build positions at lower prices and potentially expand their positions. At the same time, the increasing demand for options trading and the rise in large trades may further drive up Bitcoin prices.
The Trump family's crypto project WLFI receives a $30 million investment from Justin Sun.
According to Bloomberg, Justin Sun, the founder of Tron, invested $30 million in former President Trump’s DeFi project World Liberty Financial (WLFI), becoming the largest investor in the project. Justin Sun wrote on platform X: "The USA is becoming the blockchain center, and Bitcoin's rise is thanks to Trump." A WLFI spokesperson stated: "There have already been several significant purchases in recent weeks, and we are confident about future success. More developments of this kind are expected in the coming weeks and months."
Video sharing platform Rumble announced a Bitcoin financial strategy, including purchasing $20 million worth of Bitcoin.
According to official sources, the video sharing platform and cloud service provider $Rumble (RUM.US)$ announced that its board of directors has approved a company's financial diversification strategy, allocating part of the company's excess cash reserves to Bitcoin. Rumble's Bitcoin allocation strategy will include purchasing up to $20 million worth of Bitcoin at the company's discretion. According to the allocation strategy, the actual timing and value of Bitcoin purchases will be determined by management and will depend on various factors, including but not limited to general market and business conditions, Bitcoin trading prices, and Rumble's expected cash needs. The allocation strategy may be suspended, terminated, or modified at any time for any reason.
Rumble's Chairman and CEO Chris Pavlovski stated: "We believe that the world is still in the early stages of Bitcoin adoption, with the recent increase in Bitcoin adoption speed due to the U.S. electing a crypto-friendly presidential government and increasing institutional adoption. Unlike any government-issued currency, Bitcoin is not diluted by endless printing, making it a valuable inflation hedge tool and an excellent addition to our treasury."
The asset value in Trump's cryptocurrency wallet has risen to $7.09 million, an increase of $1.77 million in the last 24 hours.
According to Arkham monitoring, Trump currently holds approximately 7.09 million dollars in crypto assets, with a 24-hour value increase of 1.77 million dollars. The tokens with holdings exceeding 1 million dollars include ethereum (1.7 million dollars), TROG (1.69 million dollars), WETH (1.65 million dollars), and TRUMP (1.04 million dollars).
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