Michael Saylor: Bitcoin Falling Below $10,000, Strategy Holdings Will Not Be Sold

On November 17th, the S&P 500 is currently in the process of testing the crucial support level at 6725 points. Goldman Sachs has issued a warning that once this level is broken through, it may lead to CTA systematic selling. The Russell 2000 has already fallen below, indicating that the downward pressure on the market is accelerating. Funds are continuously flowing from technology stocks to defensive sectors such as healthcare and essential consumer goods, causing significant short-term volatility in core weights like Nvidia. The rapidly deteriorating sentiment has quickly spread to the crypto market, with Bitcoin dropping by nearly $9,300 and the crypto fear index plunging to a yearly low. On-chain data shows that whales are continuously reducing their holdings. However, with weakening market support, the short-term volatility of BTC is further increasing. BiyaPay analysts stated: The current stage is characterized by "digesting high valuations + cooling of rate cut expectations + fu

November 17th. The on-chain data indicates that numerous "whales" holding more than a thousand coins have recently carried out concentrated selling, resulting in the Bitcoin price dropping from below $100,000 to around $97,000. Both exchanges and derivative windows exhibited selling pressure: the overall whale short exposure exceeded the long exposure (the on-chain data shows approximately $21.7 billion in shorts and $11.8 billion in longs), and Bitcoin ETFs have witnessed continuous outflows for several weeks, with a total of billions of dollars over the past five weeks, suggesting a significant decline in demand. Protective put options in the derivative market are active around $90,000 - $95,000, indicating that the market is seeking hedging at lower levels. Although a large amount of selling comes from the profit-taking of long-term holders - reports from Glassnode and MarketVector suggest a tendency towards "planned selling" rather than panic selling - the current situation is not

On November 17th, based on market data, following the rise in the prices of Bitcoin and Ethereum, the US stocks of cryptocurrency-related companies witnessed a significant surge in pre-market trading. Riot Platforms (RIOT.O) increased by 0.6%, Hut 8 Mining rose by 2.5%, and Mara Holdings went up by 1.4%. Coinbase (COIN.O) rose by 1%, Bitfarms rose by 2.3%, and Strategy rose by 1.4%. PROSHARES Bitcoin Strategy ETF rose by 1.6%, and iShares Bitcoin Trust rose by 1.5%. (Jinse)

On November 17th, QCP Capital put up a post on social media, saying that Bitcoin has almost wiped out all its gains for the year. It has dropped by 27% from its high and closed below $100,000 for the first time since May. With the 50-week moving average being broken through, the market sentiment has rapidly turned bearish. All eyes are focused on the $92,000 support level and the $88,000 CME gap, waiting to see signs of a short-term rebound. The macroeconomic headwinds still remain strong. The U.S. government reopened this week, and the long-delayed data is about to be released. It is expected that the volatility will remain high. Bitcoin's implied volatility is above 50, indicating a clear tendency towards put options.

November 17th: According to CoinShares' latest weekly report, last week, digital asset exchange-traded products (ETPs) witnessed a record outflow of $2 billion. This was mainly driven by currency policy uncertainty and whale sell-offs in the crypto space. Among this total, the US accounted for 97% of the outflows ($1.97 billion), while Germany went against the global negative sentiment and had an inflow of $13.2 million. Bitcoin and Ethereum led the decline, with outflows of $1.38 billion and $689 million respectively. During this period, investors shifted towards multi-asset ETPs (with an inflow of $69 million) and increased their short positions on Bitcoin.

November 17th. According to the report of South China Morning Post, Ant Group International based in Singapore (a spin-off of Ant Group) is speeding up its global asset management business through a strategic partnership with the Swiss banking giant UBS Group AG. The aim is to explore blockchain-based tokenized deposit innovations. On Monday, the two companies announced that under a memorandum of understanding signed at UBS's Singapore office, Ant Group International will use UBS Digital Cash, a blockchain-based payment platform launched last year, for its global asset management operations to enhance efficiency, transparency, and security. The collaboration will also explore joint innovations in tokenized deposits, including an "interconnected solution" that will involve Ant's in-house blockchain-based Whale platform, which is its internal treasury management system.