「The Big Short」 Michael Burry: Bitcoin is the 'Tulip Bulb' of This Era, Absolutely Worthless

December 2nd: Per LookOnChain monitoring, 9 straight profitable traders just closed out their positions, incurring losses of over $1.78 million when exiting a 40x-leveraged 500 BTC short position. Across their 9 consecutive winning trades, they’d banked $2.12 million in profits. But this single short trade alone racked up losses exceeding $1.78 million—nearly erasing most of their prior gains.

**December 2nd** Deutsche Bank analyst Antje Praefcke noted the U.S. dollar could face downward pressure if the next Federal Reserve chair heeds U.S. President Trump’s calls for rate cuts amid high inflation. Expected nominee Kevin Hassett—current White House National Economic Council director— is viewed as a Trump loyalist, boosting the odds of a Fed rate cut, per Praefcke. She added that failure to effectively contain inflation risks would hurt the currency. While this scenario hasn’t materialized yet, Praefcke said “merely market expectations the Fed may take a more dovish stance on inflation are enough to pressure the U.S. dollar.” (Source: FXStreet)

On December 2, The Information reported that OpenAI is working on a large language model named "GARLIC".

Bitcoin has rebounded above $90,000 as of Dec. 2, per HTX market data. It’s currently trading at $90,045, with a 24-hour gain of 4.86%.

Golden Finance: On December 2, the Chicago Mercantile Exchange (CME) announced that CME Clearing is slated to launch in Q2 2026.

**Bitfinex Report (Dec 2): Bitcoin Rebound Aligns With Local Bottom Outlook** Bitcoin staged a sharp rebound last week, matching Bitfinex’s prior view that the market is timing-wise approaching a local bottom—though confirmation of a price floor is still pending. Still, extreme deleveraging, capitulation among short-term holders, and signs of seller exhaustion have laid groundwork for a stabilization phase. **On-chain metrics back this call:** - The adjusted spent output profit ratio (ASOPR) fell below 1 for only the third time since early 2024, mirroring realized profit dynamics at 2024’s August and 2025’s April cyclical lows. - Entity-adjusted realized losses surged to $4.034 billion daily, topping prior major lows for this metric. This level typically signals capitulation is near completion, not the start of a deeper downturn. **Derivatives data shows orderly leverage unwind:** - BTC futures total open interest (OI) dropped to $59.17 billion—well off its $94.12 bil