Several major factors affecting the current rising market:

Expectations of Fed rate cuts:

Federal Reserve Board member Waller said that if inflation work continues to progress, the Fed may cut interest rates in a few months. This is the first time that the Fed board has publicly expressed expectations of rate cuts, which may be one of the main reasons for the recent rise in the market.

Increase in holdings by listed companies:

MicroStrategy, the largest listed company with the largest Bitcoin holdings, purchased another 16,130 BTC on November 30, spending $5.933 billion at an average price of 36,785 USDT. This money may be one of the key factors driving Bitcoin's rise.

Increase in OTC funds:

The net inflow of stablecoins in November expanded to $3.5 billion, 3.5 times the net inflow in October. If stablecoins continue to flow in in December, it will confirm that stablecoins have entered a bull market. In the most optimistic scenario, the crypto market may enter the early stages of the fifth round of crypto asset bull market as early as January 2024.

Bitcoin long-term holders have less selling pressure: Glassnode pointed out in its on-chain weekly report on November 20 that more than 16.366 million BTC (83.6% of the circulating supply) are in profit. Although the unrealized profits held by investors are not enough to prompt long-term holders to sell, this maintains the relatively tight state of total supply.