Bitcoin bounces back, but institutional selling lingers amid ETF outflows

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.

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.

XRP, the digital token linked to Ripple, has experienced an 18% decline this month, nearing significant support levels as market data indicates a drop to a six-week low of $2.12. This downturn reflects reduced trading activity and profit-taking pressures within the cryptocurrency market.

Solana (SOL) has demonstrated resilience by maintaining its position above the critical $140 support level, despite a recent $37 million hack on South Korea's Upbit exchange, which has raised concerns in the cryptocurrency market. The exchange has suspended deposits and withdrawals following the breach, which affected its Solana wallet.