Bitcoin Surges Beyond $88,000

Per an official announcement, OKX will list PIPP/USDT and RLS/USDT perpetual contracts on its website, app and API on December 2, 2025, between 23:00 and 23:15 UTC+8. ### Key adjustments for American English & news brevity: 1. **Reduced redundancy**: Removed duplicate date references (original repeated "December 2nd, 2025" twice). 2. **Concise phrasing**: Used "list" (implied "officially" via the "official announcement" lead) and "between...and..." for clearer time framing. 3. **Natural flow**: Placed the source ("Per an official announcement") upfront to align with American news reading habits, then led with the core event (OKX listing contracts). 4. **Standard abbreviation**: Retained "UTC+8" (common in global crypto news) and kept date format consistent with U.S. conventions (Month Day, Year).

**December 2nd** In a Tuesday podcast hosted by *The Big Short* author Michael Lewis, Michael Burry—renowned investor and the real-life inspiration for the film *The Big Short*—called Bitcoin “the tulip bulb of our time,” drawing a parallel to the 17th-century Dutch tulip bulb bubble, per a Business Insider report. Burry dismissed the idea of Bitcoin hitting $100,000 as “the most absurd claim I’ve ever heard,” labeling the cryptocurrency “worthless.” He also told Lewis: “Bitcoin is worse than tulip bulbs because it has facilitated widespread criminal activity.”

December 2 — Per market sources, Sonnet Biotherapeutics has secured shareholder approval for a merger with Hyperliquid Strategies.

Earlier reports indicated Hyperliquid Strategies plans to raise up to $1 billion, with proceeds earmarked for purchasing HYPE and other uses.

On December 2, CoinDesk reported that Bank of America (BofA)—a top U.S. financial institution—has become the latest Wall Street giant to take a positive stance on Bitcoin. Beginning in January next year, the bank’s wealth management advisors will be permitted to advise clients to allocate 1% to 4% of their assets to cryptocurrencies. Initially, the BofA/Merrill Lynch team will focus on four physical Bitcoin ETFs: BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITW, and Grayscale’s BTC.

On December 2, data from Coinglass reveals two critical liquidation thresholds for Bitcoin: If Bitcoin breaks above $90,000, cumulative short liquidation intensity across mainstream centralized exchanges (CEXs) will hit $7.13 billion. Conversely, should Bitcoin fall below $86,000, cumulative long liquidation intensity for these same CEXs will reach $5.75 billion. **BlockBeats Note**: Liquidation charts do not display the exact number of contracts pending liquidation or the precise value of contracts being liquidated. Instead, the bars on these charts represent the relative significance of each liquidation cluster compared to neighboring clusters—this is called "intensity." In short, the chart shows how strongly Bitcoin’s price will be affected when it hits a specific level. Taller liquidation bars signal that the price reaching that level will trigger a more intense reaction due to a liquidity cascade.

On December 2, Bloomberg reported that cryptocurrency exchange Kraken is acquiring a tokenization platform, signaling its confidence in blockchain-based stock trading. In a statement issued Tuesday, Kraken announced it will acquire Backed Finance—a platform that issues digital tokens representing real-world assets, including stocks and exchange-traded fund (ETF) shares. Kraken Co-CEO Arjun Sethi noted in an interview that the exchange already offers stocks and ETFs issued by Backed. Following the acquisition’s completion, the company plans to integrate these products more closely into its platform.