Over the past 7 hours, two wallets bought 4.08M $EDEL($133K) in total.

Dec 2 – Crypto analyst @Sykodelic_ noted that claims Bitcoin could drop to $35k are total nonsense. For one, Bitcoin would need to have fully extended to retrace 75%—and it hasn’t in this cycle. The current market landscape mirrors 2019, not 2018 or 2021. Back in late 2019 (QT period), Bitcoin pulled back to the Bollinger Bands’ midline and found support there. That said, in a worst-case scenario (if this is a deep bear wave), Bitcoin’s maximum expected bottom could hit $55k if its monthly close dips below the midline.

Per LookOnChain monitoring, whale wallet **pension-usdt.eth** has made two notable ETH trades recently: - **Yesterday**: The whale took a 2x leveraged short position on ETH worth $18 million, then closed it for a $910,000 profit shortly after a sharp ETH price drop. - **Dec. 2**: The same whale switched to a long position, opening a 2x leveraged long on 20,000 ETH (valued at $56 million) with an entry average price of $2,825.9. ### Notes on American English adaptation: - Uses **bullet points** for readability (common in crypto/finance quick updates). - Replaces awkward phrasing like "doubled shorted" with standard "2x leveraged short position" (industry-standard terminology). - Adds commas for thousand separators (e.g., $2,825.9) and clear time framing (separate "Yesterday" / "Dec. 2" sections). - Keeps wallet address consistent (no unnecessary changes to on-chain identifiers). - Prioritizes brevity while retaining all key data (position size, leverage, value, profit,

Per LookOnChain monitoring, a suspected Ethena Labs wallet withdrew an additional 25 million ENA (valued at $6 million) from cryptocurrency exchange Bybit three hours ago on December 2. Since November 7, the same wallet has pulled a total of 405.15 million ENA (worth $96.8 million) from Bybit and Coinbase Prime.

**December 2nd Update** Derek Lim, Research Director at crypto market maker Caladan, noted Bitcoin may continue trading in a range and consolidating between $83,000 and $95,000. Experts, however, maintain Bitcoin is currently in a bull market correction—not a full bear market—because, unlike previous cycle peaks, “we haven’t seen widespread frenzy or speculative excess.” Analyst Tim Sun added Bitcoin is unlikely to see a strong uptrend before the end of 2025; the more realistic scenario is it “focuses on building a bottom.” “As long as expectations for the Fed’s 2026 loose policy aren’t fully dashed, this phase is more likely a bottoming consolidation than a new long-term bear market,” Sun said. “But if Bitcoin drops below $75,000, this prediction is invalid and could lead to a steeper drop.” *Source: Decrypt*

December 2nd — **Macro & Policy Updates** The U.S. ISM Manufacturing PMI for November hit 48.2, marking its ninth straight month in contraction territory. Market hopes for a rebound failed to materialize, reinforcing expectations of Fed rate cuts. Meanwhile, recession fears flared again as economic outlook uncertainty deepened. Trump is accelerating internal transitions, and the “shadow effect” of his incoming Fed chair pick is already emerging early. Markets fear monetary policy guidance could face dual-signal confusion over the next six months, potentially triggering sharp swings in the dollar and rate expectations. **Crypto Market Volatility** Amid macro and policy noise, the crypto market hit another bout of volatility overnight. Bitcoin (BTC) rebounded from lows to near $87,000, though its overall structure remains in a weak repair phase. Short-term focus centers on whether BTC can break above the $88k liquidation level. A failure to clear this smoothly could send

On Monday, December 2, Tom Lee told CNBC’s *Squawk Box* the S&P 500 is primed for a year-end “melt-up.” He stressed 7,200–7,300 points isn’t a fantasy—it’s a target “very likely to be achieved in December.” To cut through ambiguity, he flatly stated: “I am very bullish.” Lee argues traders are overlooking three critical factors: liquidity, capitulation selling, and the current time window. The market’s biggest tailwind has arrived, he noted: “Quantitative tightening (QT) is now ending.” With the Fed poised to cut rates this month and its balance sheet contraction halting after nearly three years, Lee believes a liquidity surge could be explosive. He added that institutional sentiment has cracked in closed-door meetings: many fund managers are “throwing in the towel” and planning to coast until January. If December delivers strong momentum, Lee expects a wave of FOMO (fear of missing out) buying—driven by fear of career-threatening underperformance—to kick off. This classic “perfo