Let's first talk about today's major events.

1. Meta requests to prevent OpenAI from becoming a for-profit company.

2. Bitcoin has set the record for the longest seven-week consecutive rise since 2021.

3. Vitalik admits that the optimal governance mechanism is difficult to achieve, signaling a major shift in mindset.

4. The FASB's fair value accounting standards for Bitcoin officially take effect today.

5. The President of El Salvador released a screenshot of BTC profits, currently showing an unrealized gain of about $362 million.

6. The Central Bank of Singapore has issued digital token service licenses to about 30 payment companies.

7. The Central Bank of Malaysia is actively researching the potential of wholesale central bank digital currencies.

8. Opensea's registration of the foundation has sparked speculation about an airdrop, with a new version expected to launch this month.

9. The Trump family's crypto project WLFI purchased $250,000 worth of ONDO tokens through Cow Protocol.

10. The 147th Ethereum ACDC meeting: Developers are still finalizing the specifications for the launch of PectraDevnet 5.

BTC

Observing the liquidation chart, it is clear that it continues to liquidate upwards. The price dropped to $100,500 two days ago, which appeared to be a crash, but was actually a tactic to lure in shorts. In a bull market, short positions are a significant factor in price increases, and it is expected that liquidity for short positions will be exhausted near the price of $108,000.

The long positions below are accumulating substantial liquidity at price levels between $104,000 and $96,000, cultivating sentiment, waiting for a big drop to take them out. Currently, in a non-unilateral market with an up-and-down pinning pattern, everyone is lowering leverage and strictly controlling positions to mitigate risks.

From the technical analysis of the BTC market, the price is approaching the top of the oscillation range, indicating a pullback is imminent. New short positions are entering, and in the short term, the price may spike, triggering stop-losses on short positions before reversing downward. The estimated bottom of the oscillation range is between $96,000 and $97,000. Due to the complexity of the crypto market, the depth of price spikes increases the possibility of breaking through this range, which requires vigilance.


Regarding Bitcoin ETF, the net flow for week 49 was $2.177 billion, with BlackRock inflow of $1.524 billion (approximately 15,185 Bitcoins, average price $100,362). In the first half of December, inflows totaled $4.9 billion, and since the fourth quarter, inflows have reached $17 billion (around 200,000 Bitcoins). Bitcoin is controlled by large ETF institutions, and since November 6, there have been frequent short-term drop liquidations of long positions. Bitcoin continues to be bought, circulation is decreasing, and the strategic reserve process is advancing, which will have a long-term impact on the Bitcoin market structure and price trends.