Suspected Bitmine Address Acquires 9176 ETH, Valued at Approximately $29.14 Million

On November 14th, the CryptoQuant analyst @AxelAdlerJr tweeted that, based on his established Bitcoin conservative valuation model (which is said to be based on the epoch cycle method and has a backtesting score as high as 95/100), during the bear market phase, the first support level for Bitcoin is $87,000 and the second support level is $74,000.

On November 14th, based on official data and Ember Data, the current cost distribution of top cryptocurrency treasury companies is as follows: Strategy: Possesses 641,692 BTC with an average holding price of $74,085. The unrealized profit percentage is 31.67% compared to the current BTC price. Bitmine: Holds 3,505,000 ETH with an average holding price of $4,020. The unrealized loss percentage is 20.14% compared to the current ETH price. Forward Industries: Holds 6,871,599.06 SOL with an average holding price of $232.08. The unrealized loss percentage is 38.53% compared to the current SOL price.

On November 14th, Matrixport released today's market view indicating that Bitcoin has entered a bear market phase. The recent trend exhibits similarities to historical "mini bear market" phases in multiple aspects. In this market environment, it is particularly crucial to remain sensitive to key signals and implement strict risk management. Regarding funds and the macro environment, ETF inflows have decelerated, early and senior funds have reduced their positions, and there is a shortage of short-term macro catalysts. The subsequent trend still depends to a large extent on the future policy direction of the Federal Reserve. Currently, the market is at a critical juncture where multiple important structural price levels and macro trigger factors will determine whether the next move is a further downward exploration or the entry into a bottoming phase.

On November 14th, as per an official announcement, Binance will remove the COIN-M RUNEUSD perpetual contract and carry out automatic deleveraging at 09:00 (UTC) on November 19, 2025.

On November 14th, Hunter Horsley, the CEO of Bitwise, posted and stated, "What we are referring to is the four-year cycle - but in reality, this pattern is based on a bygone era of cryptocurrencies." Since the launch of the Bitcoin ETF and the appointment of a new management team, we have entered a new market structure: new participants, new dynamics, and new reasons for people to buy and sell. I believe it is highly likely that we have already gone through a nearly six-month bear market and are about to emerge from it. Currently, the development environment for cryptocurrencies has never been more favorable.

On November 14th, according to Coinglass data, in the event that Bitcoin rebounds and goes above $98,000, the cumulative short liquidation intensity on mainstream CEXs will reach $155 million. Conversely, if Bitcoin drops below $96,000, the cumulative long liquidation intensity on mainstream CEXs will reach $227 million. BlockBeats Note: The liquidation chart does not disclose the exact number of contracts to be liquidated or the precise value of the contracts being liquidated. The bars on the liquidation chart actually represent the significance of each liquidation cluster in relation to neighboring liquidation clusters, that is, the intensity. Therefore, the liquidation chart shows to what degree the price of the underlying asset will be influenced when it reaches a certain level. A higher "liquidation bar" indicates that the price will experience a more intense reaction due to a liquidity cascade once it reaches that level.