BlackRock Transfers 2156 Bitcoins to Coinbase, Worth Approximately $186 Million

On December 1, a Bernstein analyst noted the industry is still “waiting for a clear signal that Bitcoin has bottomed out” — but stressed this downturn is fundamentally different from past pullbacks: core crypto operating firms are actively shifting to new revenue models, and business fundamentals remain “strong.” In a client report Monday, analyst Gautam Chhugani’s team acknowledged bearish sentiment has hit crypto-related stocks: Coinbase is down 21% in the past 30 days, Circle has fallen 37%, and Robinhood is off 12%. However, they noted most speculative bubbles are confined to the tail of trend-chasing projects, reiterating “no real-world scenario threatens the long-term viability of these projects.” Bernstein highlighted the stark gap between the industry’s operational performance and market valuations, noting business model innovation and regulatory tailwinds are showing strong resilience. The team believes the industry is entering a new phase, where firms are finally implem

On December 1st, Onchain Lens monitoring data shows a newly created wallet has been accumulating ETH withdrawals from Binance over the past 2 hours, totaling 77,385 ETH (valued at $218 million). The average withdrawal price is $2,843, and this address may belong to the "1011 Whale"—the entity that shorted ETH following the flash crash. Additionally, in the past 3 hours, the "1011 Whale" has deposited 180,438 ETH into Aave V3, borrowed $220 million in USDT, and subsequently transferred those funds to Binance.

On December 1st, per on-chain data analyst Yu Jin, a new address has withdrawn 56,291 ETH (valued at roughly $160 million) from Binance to the blockchain over the past two hours.

On December 1st, per LookOnChain monitoring, an Ethereum ICO wallet (0x2dCA)—holding 40,000 ETH valued at $120 million—activated after over 10 years of dormancy. The address has since begun depositing ETH for staking.

Bitcoin briefly fell below $86,000 on December 1, per HTX market data. It was last trading at $86,010, down 5.6% over the past 24 hours.

On December 1, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone said in a social media post that Bitcoin could retrace to $50,000, while the Bitcoin-to-gold ratio may eventually drop to 13x. He noted extreme market euphoria suggests risk assets may decline further—with Bitcoin likely leading the way. McGlone added the Bloomberg Economic Model shows the Bitcoin-to-gold ratio was around 20x as of December 1, though its fair value is closer to 13x. The key driver pushing the ratio lower: S&P 500 120-day volatility is approaching its lowest year-end level since 2017.