Tom Lee still insists that Bitcoin will reach $150,000 to $200,000 by the end of January next year

November 21, Bybit has officially introduced the BEATUSDT perpetual contract on its Innovation Zone, and the maximum leverage available is 25x.

On November 21st, according to HTX market data, Bitcoin rebounded and succeeded in breaking through $83,000. The 24-hour decrease was narrowed to 9.3%.

On November 21st, Glassnode announced that the Unrealized Loss of Bitcoin has reached its highest level since the FTX crash. Short-term holders have been the main driving force behind this capitulation sell-off. The scale and speed of the liquidations during the downturn indicate a substantial decrease in marginal demand. Recent new buyers have been exiting by liquidating their positions.

On November 21st, as per the monitoring of Onchain Lens, a wallet withdrew 307 BTC, which is valued at $25.31 million, from Binance. During the past month, this large whale has been continuously withdrawing BTC from Binance. Currently, it holds 4,576 BTC in its wallet, with a value of $377.3 million.

On November 21st, Ki Young Ju, the founder and CEO of CryptoQuant, published an analysis on the X platform, stating that the market weakness exceeded expectations. If this situation continues, Bitcoin may not experience a strong rebound within the next 3 to 6 months. It is expected that the real bull market rally will commence next year after liquidity recovers. In addition, Ki Young Ju quoted the view of macroeconomic expert @LukeGromen that there is weak demand for US Treasury bonds from abroad. If there is no new injection of liquidity, the US Treasury bond market will become unstable. Once liquidity recovers next year, the prices of scarce assets such as gold and Bitcoin are expected to rise. It is worth noting that this morning, Ki Young Ju also stated in a post that there is no need to be afraid of holding spot positions, and selling or shorting at this time is extremely unwise.

On November 21st, Bitcoin continued to decline, which triggered market concerns about the systemic risk of MicroStrategy (MSTR), the world's largest "Bitcoin treasury" company. The latest data from JPMorgan Chase indicates that retail investors have sold approximately $4 billion worth of Bitcoin and Ethereum spot ETFs in November, reaching a new high for the year. Meanwhile, global stock ETFs have witnessed a net inflow of $96 billion this month, showing a clear trend of "selling crypto and buying stocks." As MSTR's stock price performed significantly worse than Bitcoin, its valuation premium shrank rapidly, shifting market focus to a key risk: major indices such as MSCI are considering excluding it. If it is excluded during the review on January 15th next year, MSCI alone could trigger $2.8 billion in passive selling. If the Nasdaq and Russell follow suit, the outflows could potentially reach $8.8 billion. BiyaPay analysts pointed out that MSTR has gradually transitioned from being