Priced at Zero: How Brazil’s Méliuz Turned to Bitcoin to Escape a Treasury Trap

Bitcoin's price has fallen below $89,000, resulting in over $200 million in long liquidations within the past hour, highlighting the extreme volatility of the cryptocurrency market. This decline follows a broader trend where Bitcoin has lost nearly 25% of its value in November, contributing to significant market instability.

BlackRock has reported that its spot Bitcoin exchange-traded funds (ETFs) have emerged as its most profitable product line, significantly contributing to the company's global revenue. This development comes amid a surge in Bitcoin's price, which recently surpassed $90,000, reflecting renewed investor interest in cryptocurrency products backed by major financial institutions.

BlackRock's business development director, Cristiano Castro, announced at the Blockchain Conference 2025 in São Paulo that Bitcoin exchange-traded funds (ETFs) have unexpectedly become the largest revenue source for the firm, highlighting the significant role these investment products play in the cryptocurrency market. This development underscores the growing institutional adoption of Bitcoin since the launch of these ETFs.

Prediction markets Polymarket and Kalshi have assigned mixed odds regarding Bitcoin's potential to surpass $100,000 by 2025, reflecting varying investor sentiment and market conditions. As of November 30, 2025, these platforms indicate a cautious outlook on Bitcoin's price trajectory amid ongoing fluctuations in the cryptocurrency market.

Binance founder Changpeng Zhao emphasized the importance of market sentiment in cryptocurrency trading, advising traders to sell during periods of maximum greed and buy during maximum fear. His comments came as the Crypto Fear & Greed Index indicated a shift from extreme fear, which had persisted for 18 days, to a slightly more optimistic sentiment level of 20.

The flow of capital into spot Bitcoin and Ethereum ETFs has shown signs of recovery, marking the first week of net-positive inflows since October, following a prolonged period of outflows. This shift indicates a potential stabilization in institutional demand for these cryptocurrencies after a challenging month.

Bitcoin's price has stabilized around $91,453, showing resilience after recent fluctuations and a significant sell-off. Analysts are observing key resistance levels as bulls attempt to build momentum while bears guard these critical thresholds. The market sentiment remains cautiously optimistic as Bitcoin approaches recent highs.

A recent sharp pullback in the cryptocurrency market has raised questions about the viability of the Bitcoin digital asset treasury model, with Architect Partners asserting that it remains intact despite the volatility. This situation has highlighted the performance of BTC-focused public companies, revealing which can navigate market fluctuations and which are struggling.