Overview of Important Cryptocurrency Information on November 26
1. Bitcoin experienced a significant pullback early this morning, dropping to around $92,600, but has since rebounded to $94,800.
2. The online video platform Rumble is adopting a Bitcoin financial strategy and plans to purchase up to $20 million in Bitcoin.
3. The combined trading volume of BlackRock and Fidelity's spot Bitcoin ETF reached $4.37 billion on November 25.
4. Wintermute analysts indicate that funds are shifting from BTC to ETH, with a surge in activity in the derivatives market. Over the weekend, the open contracts for Ether skyrocketed, while implied volatility also increased, and the demand for call options has significantly risen, indicating growing confidence among derivatives traders.
Analysts note that the shift from Bitcoin to Ether is characterized by a sharp increase in Ether's implied volatility, with the put-call skew reaching its highest level in 12 months, indicating a strong preference for upside risk among investors.
5. Data tracked by Glassnode shows that long-term holders (LTH) of Bitcoin have begun to mass sell, with monthly sell-off volumes reaching the highest level since April 2024, totaling 366,000 BTC.
From the above information, two important messages can be derived:
1. Bitcoin currently presents a good cash-out opportunity; holding onto Bitcoin may result in being stuck at a high point.
2. Funds within Bitcoin are flowing towards Ethereum, signaling the rise of Ethereum and altcoins is about to begin.
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