Bitcoin starts the largest scale turnover in history. Old BTC money: I'm rich enough, no matter if it's the highest point or not, it's still the best year in history. Selling is safer, 300 kids can't spend it all.

November CPI is significantly lower than expected, with core CPI for the two months ending in November only +0.2%, core year-on-year about +2.6%, and overall year-on-year about +2.7%. In terms of interest rates, Citigroup expects the Federal Reserve may start its first rate cut of 25 basis points in September 2026, with additional cuts in January and March 2027. I feel that easing will come, but not urgently.

While macro expectations are turning dovish, on-chain funds are also entering the market: Bitcoin whales have accumulated approximately $23.3 billion in BTC over the past 30 days, setting the largest single-month buying intensity in 13 years. It looks more like a repositioning during times of macro uncertainty. A major turnover month for new and old forces.