$BTC btc made several attempts to break through the hundred thousand dollar mark at a high position but saw a significant drop on Thanksgiving after failing. The prolonged high-level consolidation led some profit-taking users to liquidate their holdings, and the selling pressure caused by this led to panic selling among short-term users. During this round of decline, 54,600 btc were sold at a loss, and the panic selling by short-term users further exacerbated the decline. Some referred to yesterday's drop as the Thanksgiving massacre because, four years ago, on the eve of the last bull market's launch, btc also experienced a significant drop on Thanksgiving, with a decline of over 10% that day. However, this did not affect the subsequent arrival of the bull market, and the healthy turnover before the bull market helped push the price of the coin to greater heights.
In the short term, affected by the Thanksgiving holiday, the purchasing behavior of American investors has weakened, and the spot ETF has also shown outflow of funds, with Coinbase's premium turning negative. btc is indeed facing some selling pressure. However, compared to the heated U.S. market, the Korean kimchi premium has remained at a relatively low level, and the Korean market is far from entering a booming bull market. Given the enthusiasm of Korean investors for trading coins in previous bull markets, I believe that when the Korean market begins to heat up, btc will have greater upward potential. Right now, it's just the prelude; be patient and let the bullets fly a little longer. 😌
In stark contrast to the individual investor sentiment, MicroStrategy has increased its holdings of btc by $5.4 billion. They purchased $9.6 billion worth of btc in November, bringing their total btc holdings to 386,700, which is close to the total holdings of the U.S. and China combined.
Unlike previous bull markets, which were primarily driven by retail investors, this round has welcomed more institutional capital and Wall Street financial giants. At this juncture of the transition between old and new forces, the selling pressure comes entirely from the traditional short-term retail investors in the crypto space. Online data shows that more than 10 btc traditional large wallet addresses and newly entered large institutions are all increasing their holdings.
As I have repeatedly pointed out in recent days, the short-term risks in the crypto space have intensified, but this will not affect my optimism for a long-term bull market. I hope that the magnitude of this pullback can be a bit greater, but not in a rush to take profits; rather, I hope to prepare for a higher jump next year by squatting deeper by the end of this year. 🤗