Good afternoon brothers, Bitcoin has now reached a new all-time high of 97,000 US dollars. Has your account reached a new high?

Bitcoin strongly broke through $97,000 at noon today, reaching a high of $96,968 before writing, setting a new historical high and a surge of 5.58% in the past 24 hours.

Bitcoin's current share of the overall market value has reached 60%. According to the data of the previous bull market, the copycats collectively exploded after the share reached around 67%. According to this data, it will be soon, and if nothing unexpected happens, it should be in early to mid-December.

After Bitcoin hit a new high, it fell slightly, and the altcoins collectively cried. The current market situation is very painful. Wall Street funds only buy big cakes, and American retail investors only buy on-chain memes. The altcoins in the middle are temporarily abandoned by the market.

In this context, data shows that Bitcoin's market share (BTC) has soared to 61.61%, a new high since March 2021. There is still momentum to continue to rise before the deadline, indicating that the cryptocurrency market is currently centered on the rise of Bitcoin.

Why is this a round of "Bitcoin and US stock bull market":

Bitcoin is heading for $100,000, but it is very quiet inside. After Trump’s election, everyone is looking forward to the influx of liquidity, but except for the meme hype activated by Binance, all altcoins are far behind BTC.

MicroStrategy buying Bitcoin is not new in the cryptocurrency circle. It has become the BTC index in the US stock market since the last cycle. However, in September this year, MSTR attracted the attention of the market again. This time, it was because MSTR was launched in advance before the rise of Bitcoin price, and maintained a continuous premium to Bitcoin in the subsequent market.

BlockBeats notes that the NAV premium coefficient (Net Asset Value Premium) is highly correlated with MicroStrategy's stock issuance activities. Once MSTR issues additional shares, the premium coefficient will go up soon. According to MSTR Tracker, the current NAV premium has reached about 3.3.

In fact, MicroStrategy quietly started a new coin buying strategy called "premium issuance" in mid-to-late last year.

Simply put, MicroStrategy has been raising funds to purchase BTC by issuing bonds, which means that each share of MSTR represents a certain amount of BTC (which is also the reason why it is regarded as the BTC index of US stocks). However, the "premium issuance" model is simpler, more crude and more immediate: when the price of Bitcoin rises and the company's market value rises, the exchange rate of MSTR to Bitcoin will generate a premium.

This means that every time MSTR shares are issued, more Bitcoin is purchased at a premium than the corresponding amount of shares. In this way, the BTC corresponding to each MSTR share will rise further, which means that the company's market value and the value of MSTR will also rise, and then the cycle will continue.

What does this have to do with the Bitcoin bull run?

It matters a lot. In addition to the fact that MicroStrategy accounts for 5% of the total circulation, the current US stock market seems to be experiencing a paradigm shift. That is, there will be more and more MSTRs in the US stock market. The CEO of MicroStrategy also called his model "infinite money glitch". This means that more and more US stock companies will adopt the "premium issuance" of Bitcoin finance, and the price of Bitcoin will be further tied to the US stock market. And these huge liquidity will be completely undertaken by BTC alone, and have nothing to do with other copycats (this is also one of the reasons why the inflow of Bitcoin ETF has surged recently, while the Ethereum ETF has not made any waves).

It is foreseeable that if the crypto industry stops in narrative innovation and practical ability, Bitcoin will gradually drift away from Crypto. In this context, there are only two betas left in the bull market: one is Bitcoin, and the other is Solana, which undertakes the liquidity in the circle.

Today's key events

1: The Ethereum exchange rate has fallen to a low point. Continue to buy on dips. Although it has not risen, it has not lost money. ETH, 3060, 3030 continue to place orders to buy, defense 3000

2: The balance of BTC exchange continues to hit a new low, the single machine rises, and those who short sell continue to add margin. The result of fighting against the Americans is a liquidation.

3: Yesterday, $773 million flowed into the US BTC ETF market, and the inflow was proportional to the trend

4: The founder of Three Arrows Capital tweeted that ETH/BTC is in a good position and suitable for buying. The current exchange rate is 0.032

5: BTC 99000 has more than 300 million short positions liquidated, 92000 has more than 1.3 billion long positions liquidated, the short positions are getting cleared out

6: The entire Desci sector fell sharply, shrinking by 30% as soon as it entered the market. I admire this old man

7: Vitalik exchanged 0.082 ether for 30,303 ANONs, and the person in charge of the BASE protocol exchanged 0.33 ether for 31,529 ANONs. The current price is 0.0422 per ANON

When will altcoins see a turnaround?

Although the current market situation is unfavorable for altcoins, all hope is not lost.

If two of the following three conditions are met, we may see a return of the altcoin bull market:

Bitcoin breaks through $100,000: and stays above $100,000 for at least two weeks.

Ethereum collateralized ETF approved: This will attract off-market funds to pay attention to the Ethereum ecosystem and other native assets.

Crypto regulation is relaxed and innovation is returning: If the on-chain ecosystem once again ushers in a wave of innovation similar to the “DeFi Summer”, or even a few “killer applications” emerge, investors’ risk appetite may shift to the higher-yield altcoin sector.

Pay attention to the unemployment data at 9:30 tonight

21:30: The number of initial jobless claims in the United States for the week ending November 16 and the Philadelphia Fed Manufacturing Index for November will be released simultaneously. Initial jobless claims are a real-time indicator of job market tightness, while the Philadelphia Fed Manufacturing Index reflects the health of regional manufacturing.

The article ends here. If you are interested in me, you can click on my homepage and we will seize this bull market together!