Bitcoin Coinbase Premium Still Negative: US Institutions Keep Selling Despite Easing Pressure

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.

The U.S. Securities and Exchange Commission (SEC) is set to examine tokenization rules, with major players such as Coinbase, Blackrock, Galaxy, and Robinhood participating in the discussions. This initiative reflects the SEC's ongoing efforts to adapt regulatory frameworks to the evolving cryptocurrency landscape.

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.

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.

Ethereum's mainnet has raised its block gas limit to 60 million, marking the highest level in four years, as reported by network data. This increase is seen as a significant step in enhancing the network's capacity and efficiency ahead of the anticipated Fusaka upgrade.