Bitcoin Summer: $80,500 Was the Key Low of This Market Cycle, But It Doesn't Mean the Bear Market Is Over

On November 23rd, the official Monad team made an announcement on social media that the MON token sale on Coinbase has come to an end. A total of 85,820 participants have committed, with a combined investment of $269 million. Subsequently, the mainnet is set to launch on Monday.

On November 23rd, as per the monitoring of LookOnChain, trader 0x152e closed his long position in ZEC yesterday, resulting in a loss of $846,000. Just when ZEC was on the rise, within the past 40 minutes, the trader reversed his position: shorting 4,574.87 ZEC with a 5x leverage (valued at $2.66 million). Simultaneously, he established a 20x leveraged long position in BTC, with a position size of 367.36 BTC (worth $31.63 million).

On November 23rd, according to the on-chain analyst Ai Auntie (@ai_9684xtpa), the address 0x29F...335EF deposited 8920 ETH into Binance within the past hour (approximately $24.85 million). These ETH were withdrawn from the exchange at an average price ranging from March 2024 to February 2025 at $3024. If sold at the current price, it would lead to a loss of $2.12 million.

On November 23rd, Bitcoin has been continuously declining from its peak of $96,000 this week. It dropped to a low of around $80,600 on Friday, November 21st, at around 20:25 Beijing time. That evening, several Federal Reserve officials gave speeches, releasing bullish signals and reversing the market's previous belief that there would be "almost no rate cut in December." The earliest speaker appeared almost simultaneously with the $80,600 low point. These officials include: New York Fed President Williams stated that considering the current policy, which seems to be tightening, the Fed could still cut rates in the short term. The inflation process has stalled, but it is expected to reach the 2% target by 2027. Fed Governor Milan said that the impact of the non-farm data released on Thursday was "clearly dovish," and that insufficient data does not mean the Fed lacks forecasts. Fed Vice Chair Jefferson also said that he believes that the current AI-related U.S. stock rally is unlikely t

On November 23rd, based on official data, the token sale of Monad on Coinbase has come to an end. A total of $269 million was raised, with an oversubscription rate of 144%.

On November 23rd, based on LookOnChain's monitoring, a newly emerged wallet likely associated with BitMine received 21,537 ETH (amounting to $59.17 million) from FalconX 8 hours previously.