Data shows distribution on the Bitcoin network has dropped off, with both the largest of whales and small retail hands taking to accumulation.

Bitcoin Accumulation Trend Score Shows Shift Toward Buying

As explained by Glassnode analyst Chris Beamish in an X post, Bitcoin investors have been showing a lot less distribution at the recent price levels. The on-chain indicator of relevance here is the “Accumulation Trend Score,” which tells us about whether BTC holders are buying or selling.

The metric tracks investor behavior using not just the changes happening in their wallet balance, but also accounting for the size of their wallets. This means that larger entities have a higher influence on the score.

When the value of the Accumulation Trend Score is greater than 0.5, it means the investors are displaying a net trend of accumulation. On the other hand, it being under the threshold suggests the dominance of distribution.

Now, here is the chart shared by Beamish that shows how the Accumulation Trend Score has changed for the different Bitcoin investor segments over the last few years:

As displayed in the above graph, the Bitcoin Accumulation Trend Score has reflected a varied behavior for the different investor segments during the last couple of months, but very recently, a uniform picture has started to develop.

The smallest of investors in the market, those holding less than 1 BTC, started participating in aggressive accumulation around the time of BTC’s low in November and have since maintained the indicator nearly at a perfect value of 1. This suggests that retail investors have been buying the dip.

Meanwhile, the 100 to 1,000 BTC traders, popularly called the sharks, have been accumulating throughout the drawdown that has followed since the early October peak, indicating that these investors haven’t lost conviction despite the deep decline.

The story is a bit different for the whale cohorts, however. The 10,000+ BTC holders, corresponding to the largest of hands on the network, were in a phase of distribution between August and November, but they have finally started accumulating since the price low, although the Accumulation Trend Score isn’t as high as the retail investors in their case.

The 1,000 to 10,000 BTC whale group didn’t stop distributing even after the bottom, but very recently, their score has just breached the 0.5 mark. With this, a uniform behavior has begun to appear on the Bitcoin blockchain, with investors as a whole opting to expand their wallet balance.

It now remains to be seen how long this trend of accumulation will continue.

BTC Price

Bitcoin has faced a drop of more than 3% over the last 24 hours that has taken its price to $89,300.

An analyst has pointed out where a key resistance could be located for Dogecoin, based on on-chain supply distribution data.

Dogecoin Has A Large Supply Cluster Present At $0.20

In a new post on X, analyst Ali Martinez has talked about where resistance lies for Dogecoin based on Glassnode’s Cost Basis Distribution (CBD). The CBD is an indicator that tells us about the amount of DOGE supply that was last acquired at the various price levels that the memecoin has visited in its history.

Below is the chart shared by Martinez that shows the recent CBD heatmap for Dogecoin.

As is visible in the graph, the Dogecoin CBD has flagged the zone around $0.20 as one where investors did some heavy buying. More specifically, over 11.7 billion tokens have their cost basis at this level.

Considering that DOGE is trading notably under the mark right now, all this supply would naturally be in the red. The asset rising to this level could cause a strong reaction from the investors, as these tokens will get back to their break-even.

Generally, holders in loss can be desperate for the price to reach back to their cost basis. Once the asset does rise to their acquisition level, some of these investors choose to sell, fearing that the rebound is only temporary. This can make large cost basis levels above the asset’s price potential zones of resistance.

Between the current price and $0.20, there aren’t any other regions in the CBD that are as dense with supply. Based on this, Martinez has noted, “$0.20 is the key resistance for Dogecoin.” It now remains to be seen whether DOGE will retest this level anytime soon.

In some other news, the memecoin has seen a spike in network activity recently, as the analyst has pointed out in another X post.

In the chart, the indicator shown is the Number of Active Addresses, which measures, as its name suggests, the daily number of addresses that are participating in some kind of transaction activity on the Dogecoin network.

It would appear that this indicator has registered a surge recently, with a peak 71,589 addresses making transfers on the blockchain. This is the largest spike that the metric has observed since September.

The trend suggests that attention has returned back to the Dogecoin network after a slump, but only time will tell whether this activity pertains to accumulation or distribution.

DOGE Price

At the time of writing, Dogecoin is trading around $0.138, down over 7% in the last week.

Kraken and Deutsche Börse has announced a strategic partnership that will integrate crypto with traditional market infrastructure.

Kraken And Deutsche Börse Have Partnered Up

As announced in a press release, US-based digital asset exchange Kraken has teamed up with Deutsche Börse Group to bridge crypto and traditional finance and deliver institutional investors access across asset classes.

Headquartered in Frankfurt, Deutsche Börse Group is one of the biggest financial market infrastructure providers in the world. It operates the Frankfurt Stock Exchange, which ranks the 12th largest in market cap globally.

In the first phase of the partnership, Kraken will integrate directly with 360T, a subsidiary of the German multinational corporation that provides foreign-exchange trading services. This integration will provide Kraken clients access to the latter’s foreign-exchange liquidity.

The partnership will go the other way, as well. Via Crypto Finance, another Deutsche Börse subsidiary, and Kraken, Deutsche Börse Group clients will be able to trade cryptocurrencies and derivatives.

The two firms also plan to leverage Kraken Embed, the crypto trading infrastructure solution created by Kraken, to provide institutions in Deutsche Börse Group’s network with digital asset access.

The press release noted:

Together, the companies will develop advanced white-label solutions enabling banks, fintechs, and other financial institutions to offer secure, compliant crypto trading and custody services to clients across Europe and the U.S.

Another thing Kraken and Deutsche Börse Group are collaborating on is integration of xStocks in the ecosystem of 360X, Deutsche Börse’s tokenized trading venue. xStocks is a stock tokenization standard that has been gaining adoption. Kraken announced the acquisition of Backed, the company behind xStocks, just this Tuesday.

Arjun Sethi, Kraken Co-CEO, said:

By linking traditional and digital markets across a wide range of asset classes, we’re building a holistic foundation for the next generation of financial innovation: defined by efficiency, openness, and client access.

The companies are also looking to make derivatives listed on Deutsche Börse Group’s Eurex, the largest futures and options marketplace in Europe, available on Kraken, if regulators provide the nod.

Stephan Leithner, Deutsche Börse CEO, noted:

This collaboration with Kraken is a great strategic fit for Deutsche Börse Group. It underscores our ongoing commitment to shaping the future of financial markets by combining the trust and resilience of our regulated infrastructure with the innovation of the digital asset ecosystem.

Back in October, the German organization also announced another crypto partnership, this one with USDC issuer Circle. The collaboration aimed to integrate the latter’s USD and EUR stablecoins in the former’s infrastructure to boost stablecoin adoption in Europe.

Bitcoin Price

At the time of writing, Bitcoin is trading around $92,500, up 1% over the last week.

On-chain analytics firm Glassnode has pointed out how the current Bitcoin market is reminiscent to the structure from the first quarter of 2022.

Bitcoin Dynamics Are Currently Looking Similar To Early 2022 Bear Market

In its latest weekly report, Glassnode has discussed about how the broader Bitcoin market structure is starting to resemble Q1 2022. First, the analytics firm has shared the data of its Supply Quantiles Cost Basis Model, highlighting price levels that correspond to a certain degree of investor profitability.

In the chart, three supply quantiles are listed: 0.75, 0.85, and 0.95. If Bitcoin trades at the first of these levels, 75% of the supply will be in profit. Similarly, the latter two correspond to 85% and 95% profitability, respectively.

It’s visible in the graph that Bitcoin has recently fallen below all three of these levels, indicating more than 25% of the cryptocurrency’s supply is now underwater. “This creates a fragile balance between the risk of top-buyer capitulation and the potential for seller exhaustion to form a bottom,” explained Glassnode.

BTC similarly broke below the 0.75 quantile back during the sideways market of early 2022. Another indicator that reinforces the resemblance is the Total Supply in Loss, which measures, as its name suggests, the amount of the Bitcoin circulating supply that’s being held at some net unrealized loss.

Below is a chart showing the 7-day moving average (MA) trend in the metric.

As displayed in the graph, the 7-day MA Bitcoin Total Supply in Loss hit a high of 7.1 million BTC last week, which is the highest that it has been since September 2023, more than two years ago.

The analytics firm noted:

The current scale of supply in loss, ranging between 5M–7M BTC, is strikingly similar to the early-2022 sideways market, further reinforcing the resemblance noted above.

Finally, the Bitcoin long-term holder Spent Output Profit Ratio (SOPR) also implies that the current market structure is mirroring Q1 2022. This metric tells us, in short, whether the Bitcoin investors holding since more than 155 days ago are selling their coins at a profit or loss.

The Bitcoin long-term holder SOPR has witnessed a sharp decline recently, but its value is still above 1, indicating the long-term holders are selling at some net profit. With its current value of 1.43, however, there has been a notable shrinkage in the profit margins of the cohort.

It now remains to be seen whether the trends in these indicators mean that the cryptocurrency is on the cusp of a bear market transition like in early 2022, or if a rebound will come before long.

BTC Price

Bitcoin has seen a slight pullback during the past day as its price has dropped to $91,800.

A new report has revealed that a total of $732 billion in capital has flowed into Bitcoin this cycle, more than all other cycles combined.

Bitcoin Has Seen Historic Growth In Realized Cap This Cycle

On-chain analytics firm Glassnode has released its Q4 2025 Digital Assets Report in collaboration with crypto investment firm Fasanara Digital, shedding light on how the market landscape has developed in the fourth quarter of 2025.

One of the things the report has talked about is the trend in the Realized Cap of Bitcoin. This capitalization model calculates the total value of the cryptocurrency by assuming the the value of each individual token is equal to the price at which it was last transacted on the blockchain.

The last transaction of any token is likely to represent the last time it changed hands, so the price at its time could be considered as its current cost basis. As such, the Realized Cap is a sum of the acquisition values of all coins in circulation. In other words, the model represents the total amount of capital that the investors used to purchase the asset’s supply. Considering this, changes in the indicator naturally correspond to the netflow of capital.

Below is a chart that shows how the Bitcoin Realized Cap has fluctuated over the last few years.

As displayed in the graph, the monthly change in the Bitcoin Realized Cap has remained positive over the last couple of years, indicating that the network has been enjoying a sustained expansion in stored capital.

The rate of inflows has varied a lot over the cycle, however, accelerating to high levels during rallies and slowing down during flat or bearish periods. Most recently, the monthly increase in the metric hit a high of $39.8 billion in October, but the bearish momentum since then has meant a cooldown to $15 billion.

Following the continued rise in the Realized Cap, its value has reached a new all-time high (ATH) of $1.1 trillion. The report noted that this marks “a historic milestone that underscores Bitcoin’s continued evolution as a globally held, high-liquidity asset.”

The Realized Cap has clearly witnessed a significant amount of growth this cycle. But how does it stack up against the capital inflows of the past cycles? Here is another chart, this one comparing the cumulative Realized Cap change for each cycle:

In total, the current cycle has attracted over $732 billion in capital. The last cycle saw $388 billion in inflows, and the two cycles before that about $90 billion combined. Thus, the latest cycle has not only outpaced each of the past cycles, but it has in fact seen a higher Realized Cap increase than all of them combined.

BTC Price

Bitcoin’s latest recovery has so far been holding as its price is trading around $92,800.

Ethereum has witnessed a recovery surge recently as on-chain data shows the shark-sized investors have been participating in strong buying.

Ethereum Sharks Have Added 450,000 ETH Since Mid-November

According to data from on-chain analytics firm Santiment, the supply of the Ethereum sharks has gone up recently. The indicator of relevance here is the “Supply Distribution,” measuring the total amount of tokens that a given wallet group as a whole is holding right now.

In the context of the current topic, the cohort of focus is the one corresponding to a coin range of 1,000 to 10,000 ETH. At the current exchange rate, the lower bound of the range roughly converts to $3.2 million and the upper one to $32 million. Investors of this large size are popularly known as the sharks. While not as massive as the whales (addresses with more than 10,000 ETH), the sharks are still considered influential entities. This can make their behavior often worth keeping an eye on.

As the chart below, shared by Santiment, suggests, the latest Ethereum shark behavior has been one of accumulation.

During the November price decline, the Supply Distribution had been going down for the Ethereum sharks, but around the time of the market bottom, its trend began to reverse. Between November 18th and December 2nd, the sharks added a total of 450,000 ETH (worth about $1.4 billion) to their wallets, a massive amount. Alongside this sharp uptick in the metric, ETH went through its price recovery.

The cryptocurrency’s sharp retrace to start December didn’t dissuade these large hands, either, as their supply only continued to rise. This may be one of the factors behind the quick resumption of bullish momentum that the asset has seen. Another bullish factor has been the trend in the Network Growth, another on-chain indicator displayed in the chart. This metric measures the daily number of addresses that are coming online on the Ethereum network for the first time.

A wallet is considered “online” when it participates in transaction activity on the blockchain, so the Network Growth essentially tracks the addresses making their very first transfer.

From the graph, it’s visible that this Ethereum metric has also surged recently, hitting a peak value of 190,000 addresses. Generally, a surge in network activity is usually a positive sign for any rally’s sustainability, as it implies that the network is able to attract fresh attention.

That said, too much attention too fast can actually end up having a negative effect on the cryptocurrency. It now remains to be seen whether the sharks will continue to buy in the near future and if investor FOMO will remain at healthy levels.

ETH Price

At the time of writing, Ethereum is floating around $3,185, up more than 5% over the last seven days.

A consortium of major European banks has formed Qivalis, a new entity in Amsterdam to launch a euro-pegged stablecoin in 2026.

A Tenth Bank Has Now Joined The Euro Stablecoin Consortium

Back in September, nine big European banks announced a consortium aimed at developing and launching a euro-based stablecoin, a digital asset that will have its price pegged to the euro (EUR).

Currently, stablecoins are overwhelmingly dominated by the US dollar (USD), with USDT and USDC, the two largest such cryptocurrencies in the space, accounting for 85% of the market. The consortium’s euro stablecoin intends to provide a real alternative to the USD tokens.

The nine banks that initially kickstarted the plan included ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. As announced in a press release, a tenth European bank in France’s BNP Paribas has now joined the effort.

BNP Paribas is the second largest bank in the bloc and eighth largest globally with over $2.8 trillion in assets. The list of banks part of the consortium already included some heavy-hitters, but BNP Paribas now adding its backing further elevates the project.

BNP Paribas is classified as a global systemically important bank (G-SIB) by the Financial Stability Board, meaning that its stability is integral to the world financial order. Netherlands’ ING, another member of the consortium, is also included in a lower bucket of the same category.

In the initial announcement, the banks had noted that they had formed a new company in the Netherlands to handle the issuance of the euro stablecoin. As revealed by the consortium’s CaixaBank, the Amsterdam-based firm has now been incorporated and named Qivalis.

Qivalis is working on obtaining an electronic money institution license from the Dutch Central Bank, seeking to launch the euro-denominated stablecoin in the second half of 2026. This asset will be compliant with Markets in Crypto Assets Regulation (MiCAR), the EU’s framework for digital assets.

Jan-Oliver Sell has been lined up to serve as Qivalis’ CEO. Sell has previously had roles at Coinbase Germany and Binance. “A native Euro stablecoin isn’t just about convenience – it’s about monetary autonomy in the digital age,” noted the CEO.

Caixabank has said that the consortium is open to more banks joining. In October, Bloomberg reported that America’s Citigroup would be joining the group, but so far, the bank’s name hasn’t appeared in any subsequent press release related to the stablecoin project.

In some other news, PayPal’s PYUSD has witnessed some sharp growth since September, as DeFi analytics firm DefiLlama has highlighted in an X post.

As displayed in the above chart, PayPal’s stablecoin had a supply of $1.2 billion in September, but today that figure has sharply gone up to $3.8 billion.

Bitcoin Price

At the time of writing, Bitcoin is trading around $92,800, up more than 7% over the last week.

A cryptocurrency analyst has pointed out how the next XRP support may be $1.2 if the lower level of the asset’s Parallel Channel breaks down.

XRP Is Currently Above A Parallel Channel’s Support Level

In a new post on X, analyst Ali Martinez has shared a pattern that has been forming in the 3-day price of XRP. The pattern in question is a Parallel Channel, a type of consolidation channel in technical analysis (TA).

A Parallel Channel appears whenever an asset’s price consolidates between two parallel trendlines. The upper level of the pattern tends to be a source of resistance, while the lower one that of support. Together, the two lines keep the asset locked in the range between them.

Either of the levels not holding up can imply a continuation of the trend in that direction. This breakout is bullish when the price breaks the upper level, while bearish in the case of the lower one.

Based on how the channel is aligned relative to the graph axes, Parallel Channels can be divided into a few types. The Ascending Channel corresponds to the case when the channel has a positive slope. Similarly, the Descending Channel is the type where consolidation occurs to a net downside.

The channel that XRP has been following over the past year falls in neither category, however, as it belongs to the third and simplest case: a Parallel Channel that’s also parallel to the time-axis. This pattern naturally signifies a phase of true sideways movement in the price.

Now, here is the chart shared by Martinez that shows the Parallel Channel that the 3-day price of XRP is trading inside:

As displayed in the above graph, the 3-day XRP price recently retested the Parallel Channel’s lower level situated at $2. The coin has since rebounded, indicating that support is holding for now.

In the scenario that the coin returns to the level and a retest fails, the analyst has noted that the next level that stands out is the $1.2 level. This level and the support line are separated by the same distance as the height of the Parallel Channel. It now remains to be seen how XRP will develop in the near future and whether the rebound will continue to hold.

XRP isn’t the only cryptocurrency that has been following a Parallel Channel recently. As Martinez has pointed out in another X post, Ethereum‘s daily price has seemingly been trading inside such a pattern for a few years now.

XRP Price

XRP has shot up alongside the rest of the cryptocurrency sector as its price has recovered to $2.17.

Bank of America is the latest traditional institution to warm up to Bitcoin, with its investment strategists set to cover four ETFs starting in January.

Bank of America To Begin Endorsing Crypto Exposure

As reported by Yahoo Finance, Bank of America will start recommending its clients a 1% to 4% portfolio allocation to digital assets. Until now, the bank’s wealth advisors couldn’t endorse crypto exposure and clients had to request access to digital asset products if they wanted them in their portfolio.

With this move, Bank of America advisors can begin recommending digital asset exposure to clients across the bank’s Merrill, Bank of America Private Bank, and Merrill Edge Platforms. “Our guidance emphasizes regulated vehicles, thoughtful allocation, and a clear understanding of both the opportunities and risks,” said Chris Hyzy, chief investment officer at Bank of America Private Bank.

Investment strategists will initially cover four Bitcoin exchange-traded funds (ETFs) starting January 5. ETFs are investment vehicles that allow traders to invest into an underlying asset without having to directly own it. Since they trade on traditional platforms and are regulated, institutional entities prefer to invest through them.

The four spot Bitcoin ETFs Bank of America will be focusing on include Bitwise’s BITB, BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s BTC.

Bank of America is one of the largest financial institutions in the world, ranking only second behind JPMorgan Chase in market cap and placing sixth largest in terms of total assets. It’s designated as a global systemically important bank (G-SIB) by the Financial Stability Board (FSB), meaning it’s so entrenched in world economy that instability related to it could have widespread consequences.

Even an institution of its size no longer being able to ignore Bitcoin showcases just how far digital asset adoption in traditional finance has come. “This update reflects growing client demand for access to digital assets,” noted Nancy Fahmy, head of Bank of America’s investment solutions group.

The news arrives just a day after Vanguard Group, one of the largest asset managers in the world, opened its doors to crypto ETFs and mutual funds.

Morgan Stanley, another G-SIB, broadened access to crypto exposure for its clients back in October. The financial services institution’s global investment committee suggested 2% to 4% allocation in digital assets.

Bank of America’s recommendation of 1% to 4% is quite similar. “The lower end of this range may be more appropriate for those with a conservative risk profile, while the higher end may suit investors with greater tolerance for overall portfolio risk,” added Hyzy.

Bitcoin Price

Bitcoin has already recovered from its Monday blow as its price has returned to $92,100.

Bitcoin has turned itself around with a sharp surge to $92,000, unleashing a fresh wave of short liquidations on the derivatives exchanges.

Bitcoin Has Seen A Flash Recovery Back To $92,000

Bitcoin suffered a blow on Monday as its price slipped under $84,000, but just as quickly as it had crashed, the cryptocurrency has made a swift recovery on Tuesday.

With the asset’s price now floating above $92,000, its price has surged by more than 8% over the last 24 hours.

Like is usually the case, Bitcoin hasn’t been alone in this rally; the rest of the cryptocurrency market has also shot up alongside the number one digital asset. Some of the top altcoins have even managed to outperform BTC, with Ethereum (ETH) sitting in a profit of nearly 10% for the past day.

The fresh wave of volatility in the sector has triggered a liquidation squeeze in the derivatives market.

Crypto Liquidations Have Crossed $400 Million In Last 24 Hours

According to data from CoinGlass, the cryptocurrency market as a whole has suffered over $410 million in liquidations during the past day. “Liquidation” here naturally refers to the forceful closure that any contract undergoes after it has amassed a certain percentage of loss (as defined by the platform).

Considering that the price action in this window was majorly to the upside, it’s not surprising to see that short contracts made up for most of the derivatives flush.

As is visible in the above table, $348 million in short positions found liquidation in the last 24 hours, equivalent to about 85% of the total flush.

In terms of the individual symbols, Bitcoin, Ethereum, and Solana were the top three contributors to the liquidation event with $196 million, $95 million, and $18 million in positions, respectively.

Just $13 million of the Bitcoin liquidations involved long investors; the rest $182 million in liquidations struck the traders betting on a bearish outcome for the cryptocurrency.

A mass liquidation event like this latest one is popularly known as a squeeze. Today’s squeeze involved shorts in an extreme majority, so the event will be termed a short squeeze.

During a squeeze, a sharp swing in the price triggers a large derivatives flush, which only ends up feeding back into the price move. The amplified price swing then unleashes a further cascade of liquidations.

Such events aren’t a particularly rare sight in the cryptocurrency market, as assets tend to be volatile and many traders opt for significant amounts of leverage.

Grayscale Research has gone against the grain, rejecting Bitcoin’s popular 4-year cycle thesis and saying new highs could be possible next year.

Grayscale Research Doesn’t Believe A Prolonged Bitcoin Decline Is Coming Yet

In a new report, Grayscale Research has discussed what the latest pullback in the market could mean for Bitcoin. This drawdown, which began in early October and lasted until two-thirds of the way into November, resulted in a price decrease of about 32% from peak to trough.

While the scale of the drop hasn’t been small, Grayscale has noted that it has still been close to the historical average for bull market drawdowns. “Since Bitcoin’s price bottomed in November 2022, it has declined at least 10% nine times,” said the crypto asset manager’s research arm. “It has been a bumpy ride, but not atypical for a Bitcoin bull market.”

2026 will mark four years since the 2022 bear market. Among BTC traders, there is a popular idea that the cryptocurrency’s price cycles run over a length of roughly four years. According to this thesis, the next year could see the asset go down, as it has now enjoyed three years of appreciation.

The 4-year cycle thesis originates from the fact that Bitcoin Halving events are spaced apart by approximately four years. During such an event, BTC’s block subsidy, a fixed reward that miners receive for adding the next block to the chain, is slashed in half.

As the block subsidy is the only way to mint more of the cryptocurrency, Halvings have a direct effect on its supply growth. This scarcity effect of the Halving is what has made many in the community believe that the event sits in the center of bullish phases.

Historically, Bitcoin has seen large drawdowns about every four years, which has strengthened the belief in the idea of a cycle being four years in length. Grayscale doesn’t think that the current cycle will go the same way, however. “Although the outlook is uncertain, we believe the four-year cycle thesis will prove to be incorrect, and that Bitcoin’s price will potentially make new highs next year,” explained the report. Grayscale Research has given three reasons for this expectation.

The first is the fact that the latest BTC cycle hasn’t seen any phase of parabolic price increase, as the below chart highlights.

The second is that Bitcoin has seen a shift this cycle, with instruments like exchange-traded funds (ETFs) and digital asset treasuries (DATs) bringing in fresh capital. Before, BTC relied on inflows through retail exchanges.

Lastly, Grayscale has pointed out that the macro market backdrop is still looking favorable for cryptocurrencies; the potential for lower interest rates and continued progress on bipartisan digital asset legislation could drive institutional investment.

BTC Price

At the time of writing, Bitcoin is floating around $87,000, unchanged from one week ago.

On-chain data shows that the Bitcoin investors with a holding time greater than six months have seen an upward reversal in their supply for the first time in months.

Bitcoin Long-Term Holder Supply Has Just Turned Around

As pointed out by Capriole Investments founder Charles Edwards in a new post on X, the 6-month inactive supply has recently witnessed its first uptick since April. This part of the supply, covering tokens that have been dormant (that is, not involved in any transaction on the blockchain) since at least six months ago, belongs to investors popularly known as long-term holders (LTHs).

Statistically, the longer investors keep their coins dormant, the less likely they are to sell them in the future. As such, the LTH cohort with its relatively long holding time includes the resolute hands of the market. Despite their resilience, however, these investors have participated in selling during the past few months. Below is the chart shared by Edwards that shows the trend in the amount of supply dormant for longer than six months.

As is visible in the graph, the drawdown in the Bitcoin LTH supply changed for the worse during the cryptocurrency’s crash last month, indicating that the diamond hands took part in a significant amount of distribution. Since this selloff, however, the decline in the metric appears to have paused, at least for now. There has even been a small increase in the indicator recently, a potential sign of a shift in investor behavior.

Something to note is that while drops in the LTH supply can correspond to selling that’s occurring in the present, the same isn’t true in the case of an increase. An uptick in the metric isn’t a sign that members of the cohort are buying right now. Rather, it suggests some accumulation occurred six months ago, and now those coins have been held long enough to mature into the group.

That said, the trend is naturally still a positive sign for Bitcoin, as it implies HODLing behavior could be becoming more dominant on the network. The last time such a shift occurred was around the time of the cryptocurrency’s lows back in April.

What followed that LTH supply rise was BTC’s rally to new all-time highs (ATHs). Considering this, it only remains to be seen whether the latest shift toward long-term holding will lead to anything similar, or if the cryptocurrency’s decline is here to stay this time around.

BTC Price

Bitcoin briefly slipped under $84,000 on Monday, but its price has since seen some recovery as it’s now back at $87,500.

Strategy has announced a new $1.44 billion US Dollar (USD) reserve, signaling a major shift for the Bitcoin-focused treasury company.

Strategy Establishes New USD Reserve

In a new post on X, Strategy co-founder and chairman Michael Saylor has revealed the formation of a USD reserve for the firm. Worth $1.44 billion, the reserve has been established using sales of class A common stock under the company’s at-the-market (ATM) offering program.

Since pivoting to being a Bitcoin treasury company back in 2020, Strategy has focused on expanding its BTC holdings, so this USD reserve reflects a shift for the company.

The current goal for Strategy is to maintain a USD reserve that can fund at least twelve months of dividends and interest payments (collectively referred to as just “Dividends”). Eventually, the firm intends to cover 24 or more months with the dollar reserve.

According to Phong Le, the treasury company’s president and CEO, the newly established USD reserve can currently cover 21 months of Dividends. “We intend to use this reserve to pay our Dividends and grow it over time,” noted Le.

Strategy has established this reserve as Bitcoin has witnessed a bearish transition recently, with its price dropping into the low $80,000 levels from a high of $126,000 in October.

Saylor noted:

Establishing a USD Reserve to complement our BTC Reserve marks the next step in our evolution, and we believe it will better position us to navigate short-term market volatility while delivering on our vision of being the world’s leading issuer of Digital Credit.

Strategy has also updated its year-end target for Bitcoin, slashing down its $150,000 assumption to a range between $85,000 and $110,000. The update in assumption is to reflect a range more consistent with recent BTC prices, the company said in the press release.

While the USD reserve is a fresh change for the firm, it hasn’t stopped buying Bitcoin. Alongside the same announcement, Strategy has also unveiled a new BTC acquisition.

With this new purchase, the company has added 130 BTC to its treasury, spending $89,960 per token, or $11.7 million in aggregate. A relatively modest buy; in fact, the smallest acquisition by the firm since March 2025.

Strategy now holds 650,000 BTC, equivalent to 3.1% of the total Bitcoin supply cap. The company used a total of $48.38 billion to assemble these holdings, putting its cost basis per token at $74,436. At the current BTC price, the treasury is still in a profit of about 13.65%.

Saylor’s firm is by far the largest Bitcoin corporate treasury in the world, outweighing the second-placed MARA Holdings by nearly 600,000 BTC.

Bitcoin Has Plunged To $84,500

The past day has been quite bearish for Bitcoin as its price has gone through a decline of almost 8% and has erased much of its recent recovery. Initially, BTC fell toward $86,000, but it has seen another leg down to $84,500 after the Strategy USD reserve announcement, a sign that investors have taken the news negatively.

A cryptocurrency analyst has pointed out how the Tom Demark (TD) Sequential has just given a buy signal on the weekly XRP price chart.

TD Sequential Is Printing A Weekly Buy Signal For XRP

In a new post on X, analyst Ali Martinez has talked about a TD Sequential signal that has appeared on the weekly XRP chart. The “TD Sequential” refers to an indicator from technical analysis (TA) that’s generally used for locating points of probable reversal in a given asset’s price.

It involves two phases: the setup and countdown. In the first phase, the “setup,” the indicator counts up candles of the same polarity (that is, whether red or green) up to nine. Once these nine candles, which don’t have to be consecutive, are in, it gives a reversal signal.

Naturally, this signal is a bullish one if the candles leading up to the setup’s completion were red. Similarly, the asset may see a bearish turnaround if the candles were green.

As soon as the setup is over, the second phase, the “countdown,” picks off. This phase is quite similar to the setup, with the only difference being that the TD Sequential counts up thirteen candles here instead.

After the thirteen candles of the countdown are also in, the asset could be considered to have reached another point of trend exhaustion. In other words, it may be likely to see another reversal.

Now, here is the chart shared by Martinez that shows the TD Sequential setup that has formed in the 1-week price of XRP:

As displayed in the above graph, XRP has completed this TD Sequential setup with nine red candles, a sign that the bearish trend may have reached an end. The signal has appeared as the cryptocurrency’s price has started to breach below the $2.0 level following a significant decline of 9.5% during the past day.

It now remains to be seen whether XRP will now turn itself around like the TD Sequential suggests, or if more bearish price action is in store. Another digital asset that has witnessed a TD Sequential setup is Ethereum. In its case, the signal may be holding up so far.

As Martinez has highlighted in another X post, Ethereum’s 12-hour price completed a setup with nine green candles on Saturday.

Since this bearish signal has emerged, Ethereum’s price has plummeted back to the $2,750 level and has erased its recent recovery gains.

XRP Price

At the time of writing, XRP is floating around $2, down more than 9% in the last seven days.

Sony Bank is planning a US stablecoin launch as early as fiscal year 2026, aiming to power low-fee payments for Sony games and anime.

Sony Bank To Issue Stablecoin As New Payment Method For Games & Anime

As reported by Nikkei Asia, Sony Bank could issue a stablecoin pegged to the US Dollar as early as fiscal year 2026. Sony Bank, a subsidiary of Sony Financial Holdings, is one of the largest online banks in Japan. It applied for a banking license in the US back in October.

The bank’s parent company went public in September and spun off into its own entity separate from Sony Group. The firm, however, is continuing to support the group’s business developments. The stablecoin project is one such avenue, as Sony Group envisions that the USD-pegged token will be used by customers to pay for content like games and anime in its ecosystem.

Sony Group is a well-known name around the world, controlling multiple large media-related businesses like Sony Interactive Entertainment, the company behind the PlayStation, and Sony Pictures Entertainment, a filmmaker.

In the fiscal year that ended in March 2025, US customers made up 30% of the group’s overall sales to external customers. With Sony Bank’s stablecoin, the multinational conglomerate is now hoping these users can start paying in the ecosystem with digital assets, cutting back on the transaction fees paid to credit card companies.

The bank has formed a partnership with Bastion, an American stablecoin infrastructure solutions provider, to help with the project. “The bank plans to establish a subsidiary to handle its stablecoin business,” noted Nikkei.

The move from Sony comes a few months after President Donald Trump signed the GENIUS Act, establishing a regulatory framework for stablecoins in the US. These cryptocurrencies have also been gaining momentum in other parts of the world recently. Hong Kong launched its stablecoin legislation in August and plans on handing out issuer licenses next year. Japan saw the launch of its first yen-backed coin in October.

Major European banks have come together to form a consortium to launch a euro-pegged stablecoin, aiming a rollout in the second half of 2026 in a bid to challenge the currently USD-dominated market. Over the past year, the fiat-tied cryptocurrencies have enjoyed some sharp growth, but in the last month, they have suffered a slowdown as part of the downturn in the digital assets sector as a whole.

Below is a chart from DeFiLlama that shows how the market cap of the stablecoins has changed over the last several years.

The stablecoin market cap set a new record of $309 billion in late-October. Since then, the metric has seen a small decline to $306 billion. USDT and USDC, the two largest tokens in the space, alone account for about $261 billion of this figure.

Bitcoin Price

At the time of writing, Bitcoin is trading around $86,700, down nearly 6% over the last 24 hours.

Data shows the Ethereum Open Interest has shot up by more than 4% following the sharp move down in the cryptocurrency’s price.

Ethereum Has Seen A Pullback Over The Past Day

The cryptocurrency sector as a whole has witnessed a plunge to kick off the new month, with Bitcoin and Ethereum both being down by more than 5% over the last 24 hours. ETH is back in the low $2,800 levels, having essentially retraced the recovery that it had made during the last week of November.

The sudden price decline has unleashed a wave of liquidations on the derivatives exchanges, leading to $158 million in Ethereum-related contracts being flushed. Of these, $140 million of the liquidations involved long positions alone.

Below is a heatmap from CoinGlass that breaks down the liquidation numbers related to the various digital asset symbols.

Interestingly, while notable liquidations have occurred, derivatives investors still haven’t become discouraged.

ETH Open Interest Has Gone Up Since The Dip

As pointed out by CryptoQuant community analyst Maartunn in an X post, the Ethereum Open Interest has witnessed a sharp jump following the price decline. The “Open Interest” here refers to an indicator that measures the total amount of positions related to ETH that are currently open on all centralized derivatives platforms.

Here is the chart shared by Maartunn that shows the trend in this metric over the past couple of days:

As displayed in the above graph, the Ethereum Open Interest initially collapsed alongside the price drop as long positions suffered forceful closures. As ETH’s bearish momentum tapered off and the price settled into a sideways rhythm, however, the metric saw a gradual reversal in direction, indicating that speculators have started opening up fresh positions.

Since the dip, the ETH Open Interest has gone up by almost $654 million, equivalent to an increase of 4.3%. “Looks like the gamblers are back for another round,” noted the analyst.

Historically, a high value on the metric has generally been something that has led to volatility for the cryptocurrency. This is because an extreme amount of positions implies the presence of a high amount of leverage in the sector. In these conditions, any sharp swing in the asset can induce a large number of liquidations in the market. These liquidations only feed back into the price move that caused them, making it more intense.

An example of this pattern was already seen during the past day. With the Ethereum Open Interest now rising again, it remains to be seen whether more volatility will follow.

European asset manager Amundi has announced its first tokenized fund in partnership with CACEIS, running on the Ethereum blockchain.

Amundi Launches Tokenized Fund On Ethereum

As per an announcement on the official website, Amundi has launched the first tokenized share of one of its money market funds. Headquartered in France, Amundi is an asset manager that serves more than 100 million users worldwide and manages over $2.3 trillion in assets. It’s the largest traditional asset manager in Europe and among the top 10 globally.

The latest news suggests that the asset manager is now moving into blockchain-based tokenization. A “tokenized” asset refers to the digital representation of a real-world asset, like a stock or metal. “The tokenization of assets is a transformation set to accelerate in the coming years around the world,” said Amundi’s Jean-Jacques Barbéris.

The fund that Amundi has tokenized is its AMUNDI FUNDS CASH EUR money market fund. According to the website description, this fund seeks to deliver a return in line with the European Central Bank rate.

The first transaction of the tokenized fund occurred on November 4th. The product is now distributed in a hybrid manner, meaning that users can access it via both the traditional and tokenized share routes.

Amundi is leveraging the Ethereum blockchain for transactions of its tokenized fund. Ethereum, whose native token ETH is the second largest digital asset by market cap, hosts a vibrant ecosystem of DeFi and tokenized projects, thanks to its smart contracts system.

Amundi’s tokenization move comes in collaboration with CACEIS, a major asset servicing firm in Europe. “CACEIS provides the technology and infrastructure for tokenizing fund units, digital portfolios for investors, and the digital order platform for subscriptions and redemptions,” said the announcement.

Unlike traditional transaction systems, blockchains like Ethereum offer 24/7 availability year round, with transfers that tend to be fast and cheap. Amundi noted that the tokenization move will bring these benefits to investors and fund unit operators.

Jean-Pierre Michalowski, CACEIS CEO, said:

This is a decisive step towards achieving our goal of offering 24/7 subscription and redemption services for investment fund units payable in stable coins (EMT) or central bank digital currency when it becomes available.

This new move isn’t the only digital-asset-related initiative by Amundi. As reported by The Big Whale co-founder Grégory Raymond in an X post in October, the European asset manager is preparing to launch its first Bitcoin exchange-traded notes (ETNs) in early 2026.

ETNs are investment vehicles that track the price of an underlying asset and allow investors to gain indirect exposure to its movements. “For Europe, Amundi’s entry is a game-changer,” noted Raymond. “It could propel the crypto ETP market to another level, and above all, bring the institutional legitimacy that Bitcoin still lacked in the Old Continent.”

ETH Price

At the time of writing, Ethereum is trading around $3,000, up more than 11% over the last week.

On-chain data shows New Whales on the Bitcoin network have been realizing losses recently, while Old Whales have remained at the sidelines.

Bitcoin Has Faced Loss Selling From The Newbie Whales

In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the profit/loss realization behavior of the Bitcoin whales. “Whales” broadly refer to the BTC investors that hold at least 1,000 tokens in their balance.

At the current exchange rate, the cutoff for the cohort is equivalent to $91.6 million, which is quite significant. As such, this group represents the big-money hands of the market, who can carry some degree of influence.

Whales can be divided into two subgroups based on holding time. Investors of this size who purchased their coins within the past 155 days are known as the short-term holder (STH) or New Whales. Similarly, whales with a longer holding time are called the long-term holder (LTH) or Old Whales.

Now, here is the chart shared by Maartunn that shows the trend in the net amount of profit/loss that these Bitcoin whale groups have been realizing through their selling over the last few months:

As displayed in the above graph, the Bitcoin New Whales have shown some loss realization spikes recently. This underwater selling from the cohort has come as the cryptocurrency’s price has gone through a decline.

The New Whales include the inexperienced hands of the market who tend to easily panic in the face of volatility. It would appear that this quality of the group has held through the latest crash as well.

The Old Whales, on the other hand, are considered to represent the resolute side of the network. From the chart, it’s visible that there has been some loss selling from these large dormant entities recently, but its scale has been small compared to the New Whale capitulation.

The fact that the presence of the Old Whales has been relatively muted through the bearish shift, as well as the rebound that has followed, could be a signal worth keeping an eye on.

Speaking of the recovery, the Bitcoin rally has meant that its price has climbed back above a major on-chain cost basis level. As analyst Ali Martinez has shared in an X post, the Bitcoin UTXO Realized Price Distribution (URPD) suggests a strong amount of buying last occurred at $84,500.

In on-chain analysis, strong demand zones below the spot price are considered points of potential support for Bitcoin. Similarly, levels above are assumed to be sources of resistance instead. One such major level is present at $112,300.

BTC Price

Bitcoin’s recovery has furthered during the past day as its price has returned to $92,300.

The Bitcoin Fear & Greed Index has been in the extreme fear territory for two weeks now, showcasing the effect of the crash on investor sentiment.

Bitcoin Fear & Greed Index Is Still Inside Extreme Fear Zone

The “Fear & Greed Index” refers to an indicator created by Alternative that tells us about the average sentiment present among traders in the Bitcoin and wider cryptocurrency markets.

The index uses the data of these five factors to determine the investor mentality: trading volume, market cap dominance, volatility, social media sentiment, and Google Trends. It then represents it using a numeric scale that runs from zero to hundred.

All values above 53 on this scale correspond to a net sentiment of greed. Similarly, those below 47 imply that the investors are fearful. The levels lying between the cutoffs correspond to a neutral mentality.

Besides these three main zones, there are also two “extreme” regions called the extreme fear (below 25) and extreme greed (above 75). The market has been in the former of the two territories lately.

The extremely fearful sentiment is a result of the market crash that Bitcoin and other digital assets have gone through in November. The hit on the investor mentality has been so hard that the index has remained inside this zone for 16 days now, as the below chart shows.

The last time that the Bitcoin Fear & Greed Index saw such a long streak of extreme fear was way back during the 2022 bear market. It’s hard to say how long the streak will extend, however, as BTC has enjoyed a rebound during the past couple of days, with its price returning back above $91,000.

The index has already been on the way up as its latest value is 22, nearing the boundary of the extreme fear zone.

Considering this trend, the Bitcoin Fear & Greed Index may be able to escape the extreme fear zone if the cryptocurrency’s recovery continues in the coming days.

As for what the latest streak of extreme fear sentiment could mean for the asset, history may hold the answer. Often, BTC and other digital assets have tended to move in the direction that goes contrary to crowd expectations. This means that investors being overly bullish can result in tops, while an excess of pessimism can lead to a bottom.

The recent rebound in the Bitcoin price could be this contrarian signal once again playing out for the sector. Naturally, the longer investor excitement toward the rally stays subdued, the better may be its chances of being sustainable.

BTC Price

At the time of writing, Bitcoin is floating around $91,600, up more than 6% over the last week.

On-chain data shows the Bitcoin Puell Multiple has gone through a decline recently, a sign that miner revenue has gone down relative to its baseline.

Bitcoin Puell Multiple Has Dropped To 0.67

In a new post on X, analyst Ali Martinez has talked about the latest trend in the Bitcoin Puell Multiple. The “Puell Multiple” refers to a popular on-chain indicator that keeps track of the ratio between the daily BTC mining revenue (in USD) and 365-day moving average (MA) of the same.

Miners earn their income through two sources: block subsidy and transaction fees. In the context of the metric, however, only the former part of their revenue is relevant.

Block subsidy is a fixed BTC-denominated reward that miners receive when they add the next block to the chain. Usually, it makes up for the dominant and stable part of miner income.

When the value of the Puell Multiple is greater than 1, it means that the network validators are earning a higher revenue from block subsidy than the average for the past year. On the other hand, the metric being under the mark implies miners are making less than usual.

Now, here is the chart shared by Martinez that shows the trend in the Bitcoin Puell Multiple over the past decade:

As displayed in the above graph, the Bitcoin Puell Multiple has witnessed a rapid decline recently that has taken its value below the 1 level. This drop in the metric is a result of the bearish price action that the cryptocurrency has faced.

The block subsidy is fixed in BTC value and is more-or-less also fixed in rate of time, so the daily BTC income from it is about constant for miners. The USD value of the reward, however, is dependent on the asset’s spot price, which is indeed variable.

The earlier bull run resulted in the Puell Multiple rising above the 1 mark as miner revenue from block subsidy surged. Similarly, the market downturn has led to a decline in the USD miner income.

Today, the metric’s value is 0.67, meaning that the chain validators are making just 67% of the average revenue from the last 365 days. Historically, miners being under a high amount of pressure has made bottoms more probable for Bitcoin.

As the analyst has highlighted in the chart, the major bottoms since 2015 have generally formed when the Puell Multiple has dipped below 0.50. If the current cycle is also going to follow a similar pattern, then miner pain may not be enough for a bottom yet.

BTC Price

The latest rebound in the Bitcoin price has sustained for now as its price is still trading around $91,600.