BlockBeats News, December 4, according to The Block, BRN Research analysts stated that despite limited spot momentum, Bitcoin's fundamental structure is steadily improving. BRN Head of Research Timothy Misir pointed out that, according to data from CryptoQuant and Glassnode, exchange balances have dropped to about 1.8 million BTC, the lowest level since 2017. Bitcoin’s realized market capitalization (monthly growth) remains positive, indicating that even as the overall market trades within a consolidation range, new capital continues to flow into BTC. Misir stated: "The market opened steadily and strongly, accumulation buying continues, exchange supply is decreasing, and the price is stabilizing above the real market average. What is currently lacking is a breakthrough of 96,000

On December 1st, during the Asian early session, the price of Bitcoin fell nearly 5%, dropping below $87,000, erasing recent gains. This decline is mainly attributed to the surge in Japanese government bond yields, which triggered a risk aversion sentiment, coupled with low trading volume leading to severe market liquidity shortages. Data shows that Bitcoin has moved down from the $91,000 consolidation range, with the total market capitalization of Crypto Assets evaporating by about $150 billion. 10x Research pointed out that the crypto market experienced its lowest trading volume week since July, with a thin order book unable to withstand institutional selling pressure, causing the price decline to evolve from a technical correction into a liquidity crisis. BRN research director Timothy Misir stated that this is not a controlled correction, but rather a liquidity shock caused by position adjustments and macro re-pricing. In November, Bitcoin's market capitalization fell by nearly 18%, and market momentum quickly reversed, forcing leveraged long positions to be liquidated.

Timothy Misir, the research director of BRN, stated that the big dump in the crypto market on Friday pushed the fear and greed index to 11, indicating "extreme fear" in the market. Misir pointed out that as the market capitalization of the entire crypto assets dropped to its lowest point since the second quarter of 2025, liquidity "has almost completely disappeared." After Bitcoin fell below the average of active investors, the market focus shifted to the real market average of $81,900—this is a long-term cost basis accumulation point that he describes as "the next important threshold before a full confirmation of the bear market."

Odaily News Bitcoin is currently hovering in a fragile area just above $90,000, with retail investors dumping, large outflows from ETFs, and continually rising downward hedging pressure continuing to dictate the market structure before the end of the year. Analysts indicate that the current trading records reflect an imbalanced flow of funds—short-term holders and Wall Street investors are dumping heavily, while long-term holders, often referred to as "whales," are steadily accumulating. The head of BRN research pointed out that Bitcoin is at a "crossroads," with large holders continuously increasing their holdings while retail investors and short-term buyers are suffering significant losses. Recently, approximately 31,800 Bitcoins were transferred to exchanges at a loss, while the number of wallets holding more than 1,000 Bitcoins increased by 2.2%, marking the highest growth rate in four months. (The Block)

Odaily News BRN Research Director Timothy Misir stated: "The Bitcoin market is currently in a high-level fluctuation, calm, with strong liquidity, and quietly bullish. Institutional capital flows remain the backbone of this phase, with ETFs acting as a liquidity bridge between TradFi and digital finance. Although fluctuations may occur in the short term, the macro liquidity wave, corporate adoption, and structural capital inflows all indicate that the market will continue to develop." (CoinDesk)

PANews September 3 news, according to The Block, Derive founder Nick Forster stated that last week, listed companies increased their holdings by about 330,000 ETH, surpassing the 250,000 ETH held by the US spot Ethereum ETF. Currently, strategic reserve-type companies hold about 4% of the total ETH supply, while ETFs hold 5.5%. Derive expects that by the end of the year, institutions may accumulate 6-10% of the supply. The short-term implied volatility of ETH options has dropped to 63%. BRN analysts pointed out that some companies increasing their holdings can hedge against the outflow of ETF funds, with ETH currently trading at about $4,320, down about 6% for the week.

Gate News bot message, recently the United States Bitcoin and Ethereum Spot ETF have shown a continued net inflow trend. BRN Chief Research Analyst Valentin Fournier stated: "Data indicates that institutional investors remain optimistic about the mid-term rise potential of Crypto Assets, but the catch-up phase for Ethereum seems to have ended. Although institutional capital inflow has increased, its development momentum remains weak due to geopolitical concerns and a lack of catalysts."

The outlook for hawkish interest rates and renewed tensions in the Middle East are putting pressure on Bitcoin and other cryptocurrencies, although some analysts still believe there is room for Bitcoin to rebound later this year. The Federal Reserve is expected to keep its benchmark interest rate unchanged on Wednesday, but futures markets are now pricing in only one or two rate cuts in 2025, down from three to four at the start of the year. Traders are also wary of tariff-driven inflation, which could make policy tightening last longer. Valentin Fournier, chief research analyst at BRN, said that the volatility caused by the unchanged funding rate and the Israeli-Iranian standoff could further depress the price of bitcoin. Fournier added that this uncertainty has dampened recent inflows into crypto ETFs.

Valentin Fournier, chief research analyst at BRN, believes that defensive measures are necessary given the accumulation of bearish signals in the crypto market, including declining ETF inflows, weakening market momentum, and a surge in the number of crypto IPOs, indicating that profit-taking will occur in the near future. "Despite strong macro data and easing inflation, the crypto market has failed to react, with the surge in IPO activity suggesting a valuation bubble and insiders' willingness to exit at a time of high prices," Fournier said. Coupled with reduced ETF inflows and falling prices, we see this as a sign of market weakness and running out of fuel. We are de-risking and moving to a more defensive stance as we expect the market to gradually decline and long-term investors to re-enter. ”

Strategy purchased 7,390 Bitcoins between May 12 and May 18, at an average value of $103,498. The chief research analyst of BRN stated that this move aims to stabilize Bitcoin's price above $100,000. The recent price rise of Ethereum was driven by organic demand, with increased retail investor activity, showing a depeg from Bitcoin. ETF inflows also reflect Bitcoin's strength.