Today, the big pancake sounds the 90,000 defense battle. 90,850 and 90,255 are both symbolic supports, and within 1,200 points below 90,000 is a key area for the bulls' counterattack, usually resulting in a strong rebound. Strong support below 90,000: 88,200, current pressure: 93,600, 94,900, 95,200

Aunt's pressure is at 3,465; support below is at 3,260 and 3,225.

The Bitcoin-listed mining company MARA published an article on platform X, urging the U.S. government to take decisive action to address the challenges posed by Bitcoin and seize opportunities. Their suggestions include: establishing a strategic reserve of Bitcoin to enhance economic sovereignty; expanding domestic Bitcoin mining operations to control global computing power; developing mining technologies such as ASIC chips to achieve self-sufficiency; supporting renewable energy mining through tax incentives; leading global Bitcoin standards to prevent hostile forces from controlling computing power and ensuring the stability of financial transactions. These measures aim to protect national security through computing power advantages and strengthen the United States' leadership position in the global digital economy.

According to Greeks.live macro researcher Adam, the Bitcoin options market has seen a massive influx of large transactions. Since 21:00 last night, over 6000 BTC in value has been traded in large Bitcoin transactions, with the total large call options traded throughout the day exceeding 120 million dollars. Among them, nearly 5000 BTC were actively bought at prices between 92,000 and 100,000 dollars for call options expiring on December 27, and this buying behavior is still ongoing. In addition to the high number of purchase orders, the premium for this wave of purchases is significantly higher than usual, with costs at over twice the premium for the purchases. Analysts believe that a giant whale is in action.

CryptoQuant founder and CEO Ki Young Ju posted on platform X that if Michael Saylor (founder of MicroStrategy) were born in South Korea, he would likely end up in prison. South Korea is not a Bitcoin-friendly country, and without politicians who truly understand Bitcoin, it is difficult to encourage companies or governments to adopt Bitcoin financial strategies; no one knows what is happening right now.
Ki Young Ju added that the South Korean president knows nothing about Bitcoin, the South Korean Securities and Exchange Commission hates Bitcoin, while the South Korean National Tax Service wants to tax using Bitcoin; they are completely out of sync, it's entirely a farce.

With the Republican Party set to achieve significant victories in the coming months, President-elect Trump is preparing to halt President Biden's years-long efforts to cancel student debt for millions. According to two insiders, Trump's transition advisors and external allies have been discussing how to swiftly undo various initiatives from the Biden era that provided borrowers with new or easier pathways to loan forgiveness.

CryptoQuant announced on platform X that long-term holders sold 728,000 BTC in the past 30 days, the largest sell-off in 4 months.

According to Nate Geraci, president of The ETF Store, the New York Stock Exchange has submitted 19b-4 and S-1 filings to the SEC to propose the listing of the Bitwise Bitcoin & Ether ETF. This product will hold both spot BTC and ETH, weighted by market capitalization.
Bitwise co-founder Matt Hougan stated, "Bitcoin and Ethereum are not competitors, just like gold and tech stocks." He believes this ETF will be widely welcomed by investors.

According to FOX Business, the incoming Trump administration hopes to expand the powers of the Commodity Futures Trading Commission (CFTC), granting it significant regulatory authority over a large portion of the digital asset market.
According to sources with direct knowledge of the Trump team's thinking, as Trump takes office and the influence of the crypto industry in Republican politics grows, the responsibilities of the CFTC may soon expand to include regulating the crypto spot market (such as Bitcoin and Ethereum) that are considered commodities, as well as the exchanges that facilitate their trading. Key figures within Trump’s team believe that regulatory relief is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technology that can eliminate costly intermediaries in commercial transactions.
Former CFTC Chairman Chris Giancarlo told FOX Business: "With sufficient funding and the right leadership, I believe the CFTC can begin regulating digital commodities on the first day of Trump's presidency."

A Brazilian congressman has officially proposed the establishment of a national strategic Bitcoin reserve - the Bitcoin Sovereign Strategic Reserve. This plan, known as the 'Bitcoin Sovereign Strategic Reserve' (Reserva Estratégica Soberana de Bitcoins, abbreviated as RESBit), aims to diversify the national treasury. According to the Brazilian media platform Portal do Bitcoin, Congressman Eros Biondini submitted this proposal on Monday.

President-elect Trump of the United States reached a necessary agreement with current President Biden's administration to allow Trump's transition team to coordinate with existing federal staff before his inauguration on January 20. Under the congressionally authorized agreement, the transition team's staff can work with federal agencies and access non-public information, while government staff are also allowed to communicate with the transition team. However, Trump refused to sign another agreement with the General Services Administration (GSA). This agreement would have allowed his team to use government secure office space and email accounts, but it required the president-elect to limit donations to $5,000 and publicly disclose the list of individuals who donated to his transition efforts.

Nasdaq ISE LLC submitted a rule change proposal to exclude Bitcoin-related trust products such as the Fidelity Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and Grayscale Bitcoin Trust from FLEX options trading. The proposal has been approved by the U.S. Securities and Exchange Commission (SEC) and is effective immediately, aimed at ensuring that options positions and exercise limits are consistent with existing rules. The SEC is also soliciting public comments on this proposal, which can be submitted through various means.

Overview of Important Overnight Developments on November 27

21:00-7:00 Keywords: Pantera, Trump, Brazilian Congressman, New York Stock Exchange
1. Pantera Bitcoin Fund has risen over 1000 times to date;
2. The Trump administration is considering letting the CFTC lead digital asset regulation;
3. A Brazilian congressman has officially proposed establishing a national strategic Bitcoin reserve;
4. The Federal Reserve is considering lowering the reverse repurchase rate by 5 basis points as a technical adjustment;
5. The New York Stock Exchange has submitted 19b-4 and S-1 documents to the SEC regarding the Bitwise BTCÐ ETF;
6. Grayscale has opened private placements for 17 token trust funds, including SOL, SUI, and XRP, to accredited investors;
7. CryptoQuant: Long-term holders sold 728,000 BTC in the past 30 days, the highest since April.

Data shows that in the past 12 hours, the entire network has liquidated $192 million, including $121 million in long positions and $71.5569 million in short positions, mainly long positions. Among them, $64.3996 million in ETH was liquidated and $64.3996 million in BTC was liquidated.

Today's panic and greed index has dropped to 75, changing the level from extreme greed to greed.

According to monitoring data from Farside Investors, the capital data for the US spot Bitcoin ETF and spot Ethereum ETF yesterday (November 26) is as follows:
Spot Bitcoin ETF: GBTC net outflow of $36.1 million, BITB net inflow of $6.5 million, BTC net inflow of $4.8 million.
Spot Ethereum ETF: ETHE net outflow of $20.1 million, ETH net inflow of $16.3 million.

According to on-chain data tracking service Whale Alert, around 9:01 AM Beijing time, 42,917 ETH were transferred from an unknown wallet to Bitfinex, worth $142,072,218.

November 27 news, the American publicly listed company Banzai International, Inc. (NASDAQ: BNZI) announced that its board of directors has approved the purchase of Bitcoin as a financial reserve asset. The board has authorized Banzai to use company funds to purchase and hold Bitcoin, up to 10% of the company's corporate financial accounts, to achieve financial asset diversification and hedge against inflation.
It is reported that Banzai is a marketing technology company that provides basic marketing and sales solutions.

On November 27, news reported that Shea Ketsdever, a researcher at Flashbots, an Ethereum infrastructure service, announced on social media the launch of BuilderNet, a decentralized Ethereum block building network that operates on a Trusted Execution Environment (TEE) and shares MEV (Maximum Extractable Value) with the community. BuilderNet aims to neutralize exclusive orderflow deals, enhance Ethereum's censorship resistance, and accelerate the decentralization of Rollups and application layers.

11.27 Wanbing Morning Silk Road
In the early morning, the pancake/concubine respectively pulled back from high positions to 90500/3250 and then began to rebound.

Currently, all time levels are still in a downward trend, the Bollinger Bands are opening downward, and the hourly KDJ moving averages show signs of a golden cross, which may be accompanied by a slight rebound. The daily level is beginning to pull back. Based on the above, Silk Road suggests to still trade high at the top and low at the bottom.

BTC: 92800—92500 for trading
Target: 90500—89700—89000

ETH: 3350—3330 for trading
Target: 3280—3250—3200

【11.26 Wan Bing Shi Pan Summary】
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​​Big Pie Total 🔥1350 points
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​Aunt Total 🔥 26 points
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