Hash Ribbon Flashes Signal That Often Marks Cyclical Bottoms for Bitcoin Price

SpaceX has transferred 1,163 Bitcoin, valued at approximately $105 million, to a new wallet linked to Coinbase Prime, reducing its on-chain holdings to 6,095 BTC. This move comes as Bitcoin has recently surpassed the $90,000 mark after a period of volatility and selling pressure in the market.

Bhutan has allocated $970,000 in Ethereum for staking through Figment, marking a significant step in the country's strategic embrace of blockchain technology. This investment is part of Bhutan's broader initiative to enhance its digital infrastructure and expand its blockchain activities, particularly as it remains one of the few governments holding Bitcoin.

Nasdaq made a significant move in the cryptocurrency market by proposing to increase the options trading limits for BlackRock's Bitcoin ETF from 250,000 to 1 million contracts, coinciding with the Thanksgiving holiday. This initiative reflects Nasdaq's growing confidence in Bitcoin's market potential and aims to enhance institutional participation in cryptocurrency trading.

XRP reserves on Binance have collapsed to record lows, reflecting intense selling pressure as the cryptocurrency market faces significant volatility and declining investor confidence. This situation is exacerbated by Bitcoin's struggles and the broader market's fear and uncertainty.

Bitcoin has rebounded above a key resistance level, recovering from recent selling pressure, although institutional selling persists amid significant ETF outflows. This recovery comes as Bitcoin's price has recently stabilized around the $86,000 mark after a modest bounce, reflecting mixed technical signals.

Balancer DAO is initiating discussions on an $8 million recovery plan following a significant exploit that resulted in a $110 million loss, which reduced the total value locked (TVL) by two-thirds. The recovery plan will involve the distribution of recovered tokens across multiple networks and assets, with a mechanism for claims being developed.

A significant sell-off has led to a sharp correction in Bitcoin's price, with Fidelity's Global Macro Director, Jurrien Timmer, suggesting that this downturn is a necessary cleansing for overheated risk assets. Timmer views the crash as an opportunity to eliminate excessive leverage and speculation, thereby restoring market discipline.

Toncoin has shown a lag in the broader cryptocurrency market rebound, despite positive funding rates indicating some renewed confidence among traders. Overall market participation remains muted, reflecting cautious sentiment among investors.