Recent market data shows that Bitcoin's price continues to underperform compared to tech stocks and the overall U.S. stock market. After the Federal Reserve signaled a dovish rate cut, the Nasdaq Composite Index decreased by about 1.7%, while Bitcoin's decline during the same period widened to 2.4%, indicating that its short-term volatility remains higher than that of traditional risk assets. From a mid-term perspective, this gap becomes even more evident. Since the second half of 2025, the component stocks of the Nasdaq index have increased by approximately 17%, whereas Bitcoin has fallen by about 15% over the past six months. This contrasts with the market's long-term expectation of Bitcoin as a "high-beta tech asset" and also means that the returns from allocating to the Nasdaq index this year have significantly outperformed those from investing in Bitcoin.

In the current context of intertwined macro and market sentiment, Bitcoin (BTC) is in a phase of high volatility and low certainty. Safe-haven sentiment continues to rise, prices fluctuate repeatedly, and key support levels are under test, making the market more dominated by short-term traders and leveraged funds. This oscillating structure, in fact, makes shorting Bitcoin more attractive in terms of risk-reward ratio. From on-chain and derivatives data, Bitcoin's estimated leverage ratio (ELR) has rebounded to around 0.22, indicating traders are increasing their leveraged exposure and actively betting on short-term volatility. Lookonchain data further confirms this trend: a trader has been shorting BTC for seven consecutive days, with a total profit of over $22 million. This suggests that in an environment of tightening liquidity, the short strategy is forming a self-reinforcing feedback loop.

0xNing0x analyzes that after the Federal Reserve's interest rate cut, US stocks and Bitcoin declined due to changes in the US bond yield curve shape. The rate cut policy will impact the global financial market trends, overvalued assets face pressure, and dividend stocks in the US market will experience valuation recovery.

The US SEC issues a "No-Action Letter" to DTCC, allowing it to custody and settle tokenized stocks, bonds, and treasuries on the blockchain, providing unprecedented market opportunities for decentralized exchanges (DEXs) to absorb upcoming tokenized liquidity. Nomina co-founder Austin King posted on X: "DTCC is custodying assets worth $99 trillion. Today, they received a no-action letter from the U.S. Securities and Exchange Commission (SEC) regarding their stock tokenization and ETF. I don't know why, but I haven't seen anyone discuss the obvious overlap with decentralized exchanges (DEXs). A key point that is often overlooked is that DTCC itself is not an exchange. It is a custodian. What does that mean?"

Terra's LUNA token experienced a rare explosive surge this week, rising over 250% in the past ten days, clearly outperforming the overall cryptocurrency market. Key factors driving this rally include the implementation of network upgrades, the countdown to the legal trial of Terraform Labs co-founder Do Kwon, and cyclical rebounds caused by technical structures. The rally was first triggered by the Terra v2.18 network upgrade on December 7. This update mainly improved node performance, fixed memory vulnerabilities, and addressed intermittent reliability issues that had plagued the network for months. As technical improvements boosted market sentiment, external events further intensified volatility. Do Kwon is scheduled to be sentenced on December 11, 2025, at the Manhattan Federal Court. He has previously admitted to fraud charges related to the 2022 TerraUSD collapse. The incident caused approximately $40 billion in market capitalization to evaporate. Prosecutors seek a 12-year prison sentence, while the defense advocates for a lighter sentence. This legal milestone has become a major focus for short-term traders. As the verdict approaches, market speculative sentiment has significantly heated up, causing LUNA trading volume and price to rise in tandem.

HumidiFi (WET) has become the brightest token in the crypto market today, with its price skyrocketing by more than 100% in the past 24 hours, attracting great attention from the community. The project is based on Solana, and the token quickly rose to the top of the CoinGecko hot list after its listing, with a 24-hour increase of 104.5% and is now trading at $0.25, with a market capitalization of more than $50 million, a daily trading volume of more than $150 million, and about 80% of trader sentiment is bullish. HumidiFi is an important decentralized trading protocol in the Solana ecosystem, known as the largest spot DEX market maker on Solana, with a daily trading volume of over $1 billion, accounting for 35% of Solana's overall spot DEX trading volume. Its native token, WAIT, is the first project to launch through the Jupiter Decentralized Token Offering (DTF) platform.

Andrew Tate recently posted on social platforms, questioning MicroStrategy's purchase of about 10,000 Bitcoins but failing to drive the price up, a statement that quickly sparked heated discussions in the Bitcoin community. Despite the staggering size of this nearly $1 billion purchase, the Bitcoin price remained in the $88,000 to $92,000 range before and after the announcement, with little market reaction. The discussion focused on a key question: Why didn't such a huge buying order drive spot prices? Industry insiders pointed out that the core reason is that micro strategies usually do not execute buy orders through the open market, but rely on over-the-counter (OTC) to complete large orders. OTC platforms privately match buyers and sellers to complete huge transactions off-chain, avoiding impact on the order book and leaving no traces on the price chart.

BitMine Immersion Technologies continues to make large purchases of Ethereum, even as market sentiment remains tense and ETF funds keep flowing out. The company, chaired by Tom Lee, has now become the world’s largest corporate holder of Ethereum and has significantly increased its ETH holdings over the past week. According to the latest data, BitMine purchased 138,452 ETH in one week, a 156% increase from the previous period, bringing its total holdings to 3.86 million ETH. This accounts for more than 3.2% of Ethereum’s circulating supply and brings the company two-thirds of the way toward its goal of controlling 5% of ETH’s supply. Since October, ETH prices have dropped nearly 25% in total, but BitMine has persisted in buying, demonstrating a clear long-term bullish stance.

This week, both Bitcoin and Ethereum saw significant rebounds, but XRP continued to fluctuate within a narrow range since mid-November. Despite an on-chain indicator—typically signaling a bullish trend—reaching a three-month high, the price has yet to break out. The key reason behind this lies in the divergence between long-term holder behavior and the overall on-chain structure. On-chain data shows that the number of spent tokens has dropped sharply over the past month, plunging 91% from 186.36 million XRP on November 15 to around 16.32 million currently, the lowest level in three months. The reduction of older supply means that market selling pressure has dropped significantly, which usually helps prices stabilize or even rebound. Therefore, the rise in dormancy to a three-month high should have been a positive sign.

BlockBeats news, on December 1, Musk recently stated in a podcast that in the future, human material needs will be greatly met, and thus currency will no longer be a necessity for humanity; the concept of currency may even disappear. At that time, energy will become the true currency, and "this is why I say Bitcoin is based on energy; you cannot control energy through legislation. You cannot suddenly possess a large amount of energy through a law."

BlockBeats news, on November 24, well-known investor Duan Yongping stated during his interaction with netizens this weekend that he does not think Nvidia is a bubble and will continue to sell put options (indicating his belief that Nvidia will not experience a big dump in the long term and is willing to continuously collect option premiums). Earlier this month, when Duan Yongping discussed why he invested in Nvidia, he mentioned that AI is something that must be involved at least a bit, so as not to miss out, and he greatly admires Jen-Hsun Huang, who has been working towards the product direction he promised more than a decade ago.

PANews November 20 news, the Core Foundation announced that the Grand Court of the Cayman Islands found that Maple Finance was involved in "serious issues requiring adjudication" in the process of cooperating to develop lstBTC, allegedly violating confidentiality obligations and exclusive cooperation terms. The Core Foundation stated that since the beginning of their collaboration in early 2025, they have invested a significant amount of resources in technology development, market promotion, and product subsidies. However, Maple Finance has since been accused of using relevant confidential information to develop competing products, violating the 24-month exclusive cooperation agreement between the two parties. Regarding Maple Finance's announcement that it needs to impair the assets in the Bitcoin Yield product, the Core Foundation pointed out that it remains unclear why Maple Finance is unable to return the lenders' BTC.

Golden Finance reported that gold advocate and economist Peter Schiff tweeted that the price of Bitcoin has fallen below its January 2025 peak, while the Nasdaq and gold have risen 18% and 42% respectively from the January peak. Given the numerous speculations surrounding Bitcoin since Trump's inauguration, why has Bitcoin not seen any progress despite the rise of both risk assets and safe-haven assets?

On October 30, Jin10 reported that KAZUTAKA MAEDA, an economist at Meiji Yasuda Research Institute, stated that due to limited communication time with Japanese Prime Minister Sanae Takaichi, the Bank of Japan is certainly unlikely to make any policy adjustments this time. On the other hand, although Takaichi seems to oppose interest rate hikes, she is not absolutely against them. If communication between the Bank of Japan and Takaichi progresses smoothly, there is still a possibility of raising interest rates in December. Additionally, recent comments from U.S. Treasury Secretary Yellen regarding the Bank of Japan may also provide support for an interest rate hike.

PANews, October 26th news, Coinbase CEO Brian Armstrong stated on the X platform, "Every entrepreneur I know believes there is a problem with the financing process. Why should financing be done on-chain? There are three reasons: increased efficiency, a process that is fairer to both parties, and greater transparency."

PANews, October 23 - CZ (Zhao Changpeng) tweeted that so-called "Tokenizing gold" essentially relies on third-party custody and future payment IOUs, which is not equivalent to "on-chain" gold; he stated that under circumstances such as management changes or wartime, the commitments may fail, which is also the reason why "gold-backed tokens" have not become widespread. The statement originates from Tengen quoting Peter Schiff's plan to launch a "tokenized

Jin10 data reported on October 23, on Wednesday, South Korean President Lee Myung-bak praised the South Korea-U.S. relationship during an interview with CNN, setting aside lingering trade concerns and welcoming Trump, who is set to visit Asia, as a "peace maker." He downplayed the risks of trade rifts, reaffirming the necessity of pursuing peace and dialogue, and suggested the possibility of Trump bridging the gap between North and South Korea. Lee Myung-bak stated, "I also believe President Trump hopes to achieve world peace, which is why I suggested he take on the role of a peace maker."

Trump canceled the meeting with Putin, believing it is not appropriate at this stage and suggesting that both Russia and Ukraine are not yet ready to negotiate seriously, considering the meeting a "waste of time." Analysts believe that the U.S. needs to rely on European support to end the Russia-Ukraine conflict, and maintaining unity between the U.S. and Europe is crucial.

ChainCatcher news, Trump’s son Eric Trump posted on social media, "We love America, we love Bitcoin. That’s why we launched $ABTC (the stock code for American Bitcoin)."

Golden Finance reported that economist and cryptocurrency critic Peter Schiff stated on social media that gold is the biggest threat to Bitcoin. This is why the entire crypto assets industry is now attacking it. While gold took over a decade to consolidate its previous rise, the hype around Bitcoin was effective. But now that gold prices have surged, people have no reason to buy Bitcoin.

ChainCatcher news, stablecoin giant Tether donated $250,000 to the nonprofit organization OpenSats that supports Bitcoin developers. Subsequently, Twitter co-founder Jack Dorsey publicly questioned on social media: "Why only $250,000?" and emphasized that he had donated over $21 million to the same organization.

Odaily News Binance co-founder He Yi posted on platform X in response to the launch of the "Same Boat Plan." She stated, "Binance has been stumbling since day one, facing many hardships, but has always been reborn; therefore, I hope that Binance users who were injured in this big dump of coin prices have the opportunity to start anew. Those who passionately speak up will continue; they will slander us, attack us, and also promote us, while what we need to do is to assess our affected users and see what help we can provide within our means. We believe that 'action speaks louder than words.' Binance's only intervention in the market over the years has been to directly give money to users, leaving the rest to time. This relief fund is difficult to push because it could have sponsored 4 teams, or even the Olympics, and could buy millions of users; airdropping to users might just be a drop in the bucket, and instead, it could provoke many attacks like: 'Why are they giving money?' 'How can they distribute so much money?'"

Odaily News According to GMGN data, CZ commented on the new dynamics, stating "why 为什么 BNB 没有下跌那么多". Due to this news, the similarly named Meme Token why saw its market capitalization rise to 800,000 USD. Odaily reminds users that the prices of Meme coins are highly volatile, and investors should participate with caution.

Foresight News reports that Solana co-founder toly, in response to Helius CEO mert's tweet regarding "Why do wallets need tokens?", stated, "All profitable things should have tokens. This way, profits can be returned to token holders."

On September 19, Jin10 reported that after choosing to cut interest rates while inflation remains above the target level, "maintaining credibility" seems to be a more pressing issue for the Fed. Fed's Kashkari stated, "We need to work extra hard to explain to the public why we are taking this action—why we are choosing to cut rates now after facing high inflation for four consecutive years." He emphasized, "We will not tolerate a 3% inflation rate." Kashkari pointed out that the weak labor market provides support for the rate cut, and at the same time, inflation levels often tend to slow down. He stated, "I am confident that we will bring the inflation rate back to the 2% target level."

Gold prices hit a new high on September 8, breaking $3640/ounce, with a rise of nearly 1.5%. Analysts pointed out that this was mainly influenced by Trump’s attempts to manipulate the Fed, the collapse of the global trade order, military intervention risks, fiscal instability, and technical factors.

PANews, September 6th news, according to Cointelegraph, crypto analyst PlanC posted on the X platform stating that anyone who thinks Bitcoin will peak in the fourth quarter of this year does not understand statistics or probability, because from a statistical and probabilistic standpoint, this is equivalent to flipping a coin three times in a row and then betting all your money that the fourth flip will definitely be tails. However, relying on the previous three Halving cycles does not provide sufficient statistically significant data. Today, with the rise of Bitcoin funding companies and the influx of large amounts of capital into the U.S. spot Bitcoin ETF, the halving cycle is no longer relevant to Bitcoin. Aside from psychological and self-fulfilling prophecies, there are no fundamental reasons to explain why Bitcoin will peak in the fourth quarter of 2025.

Jin10 data reported on September 2nd that a total of 28 public sale fund companies have released their revenue situations, among which 8 companies had revenues exceeding 1 billion yuan in the first half of the year, and 11 companies had net profits over 100 million yuan. The three most profitable companies in the first half of the year are E Fund, GF Fund, and Huaxia Fund, with net profits of 1.877 billion yuan, 1.18 billion yuan, and 1.123 billion yuan, respectively, also the only three companies in the entire market with net profits exceeding 1 billion yuan. However, some companies reported losses in the first half of the year, including Huaxi Fund, Zheshang Fund, and Jiangxin Fund, which had losses exceeding 10 million yuan. Industry insiders analyze that the reasons why some fund companies were able to achieve profitability in the first half of the year, and even outstanding performance, are multifaceted. For example, in terms of product line layout, leading fund companies with comprehensive and diversified development have rich product lines, which allows them to meet the needs of different investors in various market environments. Some fund companies are also adept at seizing market hotspots.

Jin10 reported on August 27 that Trump said on Tuesday that Meta plans to invest $50 billion in a giant data center to be built in rural Louisiana, and he was shocked by the project's cost. "When they say a factory will cost $50 billion, I ask, 'What kind of factory is that?'" Trump said, showing a picture he claimed was given to him by Meta CEO Mark Zuckerberg, which compared the data center to Manhattan to illustrate its scale. "When you see this, you'll understand why it costs $50 billion," Trump said. Meta had previously only publicly stated that its investment in the data center would exceed $10 billion.

Jin10 reported on August 20 that Mexican President Sinaloa said on Tuesday that the Mexican government had not reached any agreement with the U.S. Drug Enforcement Administration (DEA) regarding an operation called the "POTRO Project" announced by the DEA. The DEA stated in a statement on Monday that it would launch a "bold bilateral initiative" with Mexico aimed at dismantling drug trafficking corridors. Sinaloa responded, saying: "The DEA issued this statement, and we do not know what it is based on. We have not reached any agreement with the DEA through any security agency, and we do not know why they issued this statement."

On August 18, Jin10 reported that U.S. President's Special Envoy Wietkowski stated that the United States would not impose potential territorial concessions on Ukraine within the framework of negotiations with Russia. Wietkowski said in an interview with CNN on Sunday, "How to conduct territorial exchanges or reach agreements with Russia should be decided by the Ukrainians themselves. That is why Zelensky and his European partners will be discussing this directly at the White House on Monday." Wietkowski emphasized that the U.S. is merely playing a mediating role, "As mediators, the President is a mediator, and we have been looking for ways to resolve the crisis."

Jin10 data reported on August 6, a macro trader at Goldman Sachs stated that a 30% probability of a U.S. economic recession may sound like a warning signal, but global stock markets remain resilient because, in the face of current market momentum, "shorting almost seems illogical." "The key is that the market cannot see far enough into the future. This is why it tends to ignore the risks of an economic recession," Paolo Schiavone wrote in the report. He pointed out that investors might overlook the possibility of a slowdown in the labor market, instead focusing on strong Liquidity and structural growth themes such as artificial intelligence and fiscal credit expansion.

Gate News bot news, according to the official announcement from Gate on August 5, 2025: Gate will delist 12 perpetual contract trading markets on August 7, 2025, at 16:00 ( UTC+8, including RDO/USDT, MOBILE/USDT, GHIBLI/USDT, POKT/USDT, WAXL/USDT, SHM/USDT, EDGEN/USDT, FDUSD/USDT, MGO/USDT, NS/USDT, WHY/USDT, and PRAI/USDT. The contract trading markets will enter a reduction-only mode on August 7 at 15:30 ) UTC+8 and will officially stop trading at 16:00 ( UTC+8. The platform will settle the outstanding positions based on the average index price of the last half hour before the shutdown.

BlockBeats news, on July 24, Bitwise tweeted that "since mid-May, ETPs (exchange-traded products) and listed companies have bought a total of 2.83 million ETH, while the Ethereum network has only issued 89,000 ETH. This means that demand is 32 times supply, which is exactly why the price of ETH has skyrocketed."

Fed Chairman Powell will wait for more evidence to confirm inflation trends before cutting interest rates, and due to the unusual depreciation of the dollar, Powell needs to be more cautious. Since April, the dollar index has fallen by 6.8%, with a cumulative decline of 10.4% so far in 2025, marking the worst performance in at least 25 years, which could have a significant impact on the economy.

According to Golden Finance, on July 18 local time, U.S. President Trump stated on his social media platform "Truth Social" that there is no conclusive evidence in the Epstein case. Trump said, "If there is really conclusive evidence in the Epstein case, why did the Democrats control these documents for four years and put Garland and Comey in charge, yet did nothing with it? Because they have nothing."

Bitcoin (BTC) set a new all-time high of over $112,000 this week, while Ethereum held above the key support zone. On-chain data provided by Santiment, Altcoin Daily, and crypto analyst Ali clearly illustrates what is happening beneath the surface and the reasons why the market may be preparing for more pumps.

Bitcoin (BTC) reached a historical high of $112,040 this week, shocking global markets and once again proving its status as the best-performing asset of the past decade. However, it is puzzling that when flipping through mainstream Wall Street media such as The Wall Street Journal, The Financial Times, and The New York Times, there are very few articles linked to this milestone, creating a stark contrast between "price noise" and "media silence." This inevitably raises the question: why are these elite media outlets turning a blind eye to Bitcoin's strong performance? What kind of information asymmetry risk lies behind this?

The Trump Media & Technology Group, owned by U.S. President Donald Trump, has officially submitted an application to launch a pure crypto investment fund called "Truth Social Blue Chip Crypto Assets ETF." The fund aims to encompass various top digital assets but explicitly excludes memecoin. This move signifies Trump's deeper involvement in the crypto industry after launching TMTG, NFT, and meme-themed crypto assets. However, the oversight of the "official Trump Token (TRUMP)" and other Trump-related memecoins has raised concerns among some investors.

As the wave of tokenization of US stocks sweeps the globe, Hong Kong has chosen silence. Senior executives from three Hong Kong crypto companies revealed to me that no companies will attempt stock tokenization in the short term. Ten years ago, Hong Kong missed the best opportunity to develop Hong Kong dollar and renminbi stablecoins, and has significantly fallen behind US dollar stablecoins (annual volume of 28 trillion USD) and euro stablecoins (annual volume of 2 trillion USD). Now that the "stock tokenization" market is flourishing, Hong Kong still chooses to miss out.

Tom Lee's name resonates throughout the financial world, hailed as the "Wall Street Oracle," having gained widespread attention for his precise market predictions and deep insights into technology stocks, Bitcoin, and other assets. As the founder of the analysis firm Fundstrat, he is both a well-known analyst in traditional markets and a staunch supporter of digital assets like Bitcoin (BTC) and Ethereum (ETH). Recently, Lee was appointed as the chairman of the board for the mining company Bitmine Immersion Technologies (BMNR) and is involved in the company's launch of a $250 million Ethereum treasury strategy, attracting significant market attention. In external interviews, he boldly predicted that Ethereum would rise to $10,000 during the current market cycle.

Recently, the cryptocurrency market has experienced a general fall, with mainstream tokens such as Bitcoin (BTC), Ethereum (ETH), DOGE, and Shib Inu (SHIB) all showing losses. This decline is mainly attributed to new concerns about a potential trade war, shaking investor confidence. Despite the market slump, several analysts remain bullish on the prospects of Bitcoin, Ethereum, DOGE, and SHIB. Some analysts point out that key indicators like MVRV (market capitalization to realized value ratio) are still below historical peaks. The continued increase in global liquidity suggests that the crypto bull run has not yet ended. They believe prices could break through $117,000 and are expected to reach the range of $140,000 to $170,000.

The current price movement of Bitcoin shows resilience above $100,000, but the exhaustion of volume and the exit of retail investors pose short-term concerns. On-chain data reveals positive signals of accumulation by whales and long-term holders, while the MVRV ratio also suggests that upward potential still exists. The market is at a critical node, and a decrease in OTC supply may trigger a rebound driven by supply shortages in the future. Investors need to closely monitor changes in volume and the differentiation in behavior between whales and retail investors to determine whether the BTC bull run is sustainable.