Bitcoin continued to break historical highs multiple times this week, just one step away from the $100,000 mark. Below is a summary of important events this week, on-chain data updates, and events to watch for next week. (Background: Bitcoin rushes towards $100,000, what should I do with a portfolio full of altcoins?) (Background information: Dongqu Weekly Report: Bitcoin falls back after reaching new highs, Powell not rushing to cut interest rates, market sentiment changes, meme coins are hot) This week (11/17-11/23) important events overview Bitcoin dynamics: Bitcoin price approaches $100,000, market cap 'surpassing New Taiwan Dollar', becoming the 12th largest currency globally. Federal Reserve rate cut progress: Nomura Securities predicts the Fed will pause rate cuts in December, and the interest rate will drop to 3.75% by 2025; Morgan Stanley predicts that by mid-2025, the US 10-year Treasury yield will fall to 3.75%, with a 75 basis point cut in the first half of 2025. BTC strategic reserves: US think tanks and Chinese state media criticize the inability to solve US debt issues; Polish presidential candidates promise to establish Bitcoin strategic reserves if elected; US lawmakers propose selling the Federal Reserve's gold in exchange for 1 million Bitcoin reserves. MicroStrategy: Holds BTC worth $26 billion, with asset scale surpassing IBM and Nike. Major short seller Citron claims valuation deviates from fundamentals, shorting MicroStrategy. Regulation and taxes: SEC chairman will resign in January next year; US financial regulatory agencies add a cryptocurrency asset section; Japan will lower cryptocurrency capital gains tax to 20%, and Taiwan plans to implement tax audit measures. Trump: Nominates Bitcoin enthusiast Howard Lutnick as Secretary of Commerce; nominates public Bitcoin supporter Robert F. Kennedy Jr. as Secretary of Health; plans to establish a cryptocurrency advisory committee to help BTC become a strategic reserve. Market heat: Solana's usage surpasses Ethereum for the first time; SOL promoter Chris Burniske 'starts to turn bullish' on ETH. This week's trading market data changes Sentiment and sectors 1. Fear and Greed Index This week's market sentiment indicator rose from 90 (extreme greed) to 94 (extreme greed), remaining in the (extreme greed) range for the entire week. 2. Funding Rate Heatmap This week, Bitcoin's funding rate reached a high of 47.97% and a low of 7.21%, indicating sustained bullish sentiment. The funding rate heatmap shows the trend of funding rate changes for different cryptocurrencies, with colors ranging from green for zero rates to yellow for 50% positive rates, while black represents negative rates; the white candlestick chart shows Bitcoin price fluctuations, contrasting with the funding rate. 3. Sector Performance According to Artemis data, the average increase in the blockchain sector this week was (10.2%), with Store of Value, RWA, and Gen 1 smart contracts occupying the top three positions at (44.8%, 28.1%, 27.0%). This week, Bitcoin and Ethereum increased by (9.4%, 9.3%). The three worst-performing sectors were: DePIN (-2.2%), AI (-0.8%), and MemeCoin (0.3%). Market liquidity 1. Total cryptocurrency market capitalization and stablecoin supply This week's total cryptocurrency market capitalization data shows an increase from $3.08 trillion to $3.34 trillion, an increase of $260 billion, with a total market cap growth rate of approximately 8.44%. BTC market share is 56.78%, and ETH market share is 11.11%. The total supply of stablecoins, an important indicator of market health and liquidity, increased from $172.66 billion to $176.10 billion this week, an increase of $3.44 billion, with a growth rate of approximately 1.99%. 2. Potential buying power in exchanges Data shows a net inflow trend of assets in exchanges this week, particularly a significant inflow of USDT after the US elections. This phenomenon may indicate that investors are preparing for upcoming market volatility, and the influx of funds into exchanges may signify increased short-term buying demand. Additionally, on November 20, the highest net inflow of funds reached $11.8 billion, surpassing the previous bull market's highest single-day net inflow of $6.7 billion, indicating abundant market liquidity. 3. Crypto dynamics This week, the overall sentiment in the crypto market was bullish, with CLV, OM, and CTXC leading with increases of 190%, 147%, and 118%, respectively, while mainstream coins like XRP and ADA also showed impressive gains. According to Blockchaincenter data, the current altcoin season index is 33 (+6), indicating that the market is still dominated by Bitcoin, and although the heat of altcoins is relatively low, there are signs of recovery. Bitcoin technical indicators 1. Bitcoin Spot ETF Capital This week, Bitcoin ETF capital inflow reached $2.6036 billion. 2. Bitcoin Rainbow Chart The Bitcoin rainbow chart shows that the current price of Bitcoin ($99,000) is in the 'consider dollar-cost averaging' range. 3. Bitcoin Net Profit and Loss Performance The realized net profit and loss indicator for Bitcoin shows that the market is recovering, with the structure resembling the situation in March this year when Bitcoin price peaked in mid-March. Caution is needed regarding potential pullback risks, especially after rapid price increases, which may lead to profit-taking behavior in the market. 4. Long-term Bitcoin Holders According to on-chain data, the net holdings of long-term Bitcoin holders have shown a significant decline, with the red bar graph indicating increasing selling pressure. Since mid-October, the net position of long-term holders has shifted from positive to negative, indicating that some long-term investors are beginning to take profits gradually. This phenomenon is particularly evident when Bitcoin's price approaches new highs, suggesting that some capital in the market chooses to take profits at high levels, but the selling pressure has not yet reached March's peak this year. Although market sentiment is optimistic, the reduction of LTH holdings may increase short-term selling pressure, and attention should be paid to whether short-term holders' (STH) behavior and market demand can absorb the new supply. 5. Bitcoin On-chain Buying Power According to on-chain data, this week's data on Bitcoin's long-term and short-term holders shows that as prices rise, short-term holders (red line) have significantly increased their holdings while long-term holders (blue line) have decreased their holdings. This reflects a flow of funds from long-term investors to short-term speculators. As the proportion of short-term holders increases, market risk appetite heats up, but volatility risk also increases simultaneously. The reduction of long-term holders indicates an increase in profit-taking behavior at high levels, and monitoring is needed to see if short-term capital can stabilize market prices. 6. Bitcoin Contract Holdings According to data, this week, Bitcoin's contract holdings on exchanges rapidly increased, rising from $54.45 billion to $64.17 billion, not only setting a new historical high for contract holdings but also coinciding with Bitcoin's price reaching a new high. 7. Coinbase Bitcoin Premium Index This week, the Coinbase Bitcoin premium index turned positive from negative at the beginning of the month, indicating increased demand for Bitcoin in the US market, driving the premium up. Positive premium differences may suggest that US investors have greater purchasing power than global investors. 8. Short-term On-chain Cost Benchmark Band This week, Bitcoin's short-term on-chain cost benchmark band shows that the price is close to the upper band (red line) at $103,200, reflecting heightened market sentiment and increased willingness of short-term investors to take profits. The realized price for long-term holders (blue line) is $72,700. In the short term, prices at the upper band may face resistance, and the risk of a pullback increases. It is necessary to observe whether it can stabilize at high levels to support further upward movement...

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