CryptoQuant Quicktake

Strategy (formerly MicroStrategy) purchased 10,624 BTC for $962.7 million between December 1–7, 2025, at an average price of $90,615 per coin. With this acquisition, its total holdings reached 660,624 BTC, valued at around $60 billion. The purchase was funded through At-The-Market sales of MSTR and STRD shares, reinforcing Michael Saylor’s strategy of raising capital via equity to accumulate Bitcoin.

METRICS

The company began its Bitcoin (BTC) accumulation strategy in August 2020. Since then, it has consolidated its position as the largest corporate holder of Bitcoin worldwide. Below are the key figures:

◾ Total investment: $49.35 billion

◾ Average cost per BTC: $74,696

◾ Unrealized profit: $10–11 billion

◾ Bitcoin Yield 2025: 24.7% YTD

◾ Supply share: ~3% of all BTC in existence

Note: The average price of the latest acquisition was $90,615, while the overall historical average cost since 2020 is $74,696.

CONCLUSION

Despite its aggressive accumulation, MSTR shares have fallen more than 50% in the past six months. However, following the announcement, they rose 2.1% in pre-market trading. The strategy reinforces Saylor’s view that Bitcoin is evolving from a speculative asset into a macro asset, supported by institutions and with long-term potential.

Written by GugaOnChain

If we dig deeper into the massive Ethereum correction of November 2025, the breakdown by fund reveals a shocking culprit. The total outflow of ~$1.4 billion wasn’t a broad market exit; it was driven almost entirely by the industry leader.

According to the data, BlackRock’s iShares Ethereum Trust (ETHA) was responsible for the lion’s share of the selling. The tooltip highlights that ETHA alone saw a staggering outflow of $1.08 billion (represented as -1.087K on the chart). This is a critical shift in sentiment, as BlackRock has historically been the primary driver of inflows. When the “Smart Money” leader starts dumping over a billion dollars in a single month, panic spreads.

The selling pressure was compounded by the usual suspect: Grayscale (ETHE), which contributed another $224 million in outflows. We also saw minor bleeding from the Grayscale Mini Trust (ETH) and Fidelity (FETH).

On the flip side, the positive inflows were negligible. Bitwise (ETHW) managed a tiny $17 million inflow, but against the billion-dollar wave of selling from BlackRock, it was irrelevant.

Written by CryptoOnchain

November 2025 will likely be recorded in crypto history books as a defining moment of institutional capitulation. The attached chart from CryptoQuant reveals a stark reality: after a summer of euphoria in July and August, market sentiment shifted violently.

Specifically, November witnessed the largest monthly net outflow from Ethereum ETFs to date, totaling a staggering $1.4 billion.

This massive purple bar on the negative side is not just a statistic; it represents a mass exodus of institutional capital.

The correlation between this flow data and price action is brutal and direct. As these funds aggressively liquidated their positions, the selling pressure forced Ethereum into a freefall, crashing from a high of $4,800 down to $2,800.

What does this tell us?

The market was likely significantly over-leveraged. The massive inflows seen in mid-2025 created a bubble that burst the moment momentum stalled. This $1.4 billion outflow represents a classic “capitulation” event.

While a $2,800 level can hold as a solid floor after this historic institutional shakeout, the market now faces the challenge of rebuilding trust and liquidity in the post-capitulation phase.

Written by CryptoOnchain

The Bitcoin market shows signs of structural robustness, supported by the balanced cost basis of whales, but with moderate network activity and volatile organic demand. This scenario indicates long-term stability, although the short term reveals fluctuations in liquidity and engagement.

MAIN METRICS

◾Structural Health (Realized Cap – Whales): balanced cost basis between new whales ($126.6362B) and old whales ($126.3751B), providing solid price support.

◾Demand and Engagement Health (Active Addresses): Bitcoin network with 385,280 active addresses, consistent usage but below previous peaks, signaling moderate engagement.

◾Liquidity and Capital Flow Health (Transaction Volume): 543,191 daily transactions, liquidity present but consolidated compared to periods of higher turbulence.

IN SUM

The analysis reflects Bitcoin’s transition from a purely speculative asset to a more mature macro asset, with strong institutional and long-term support, yet still subject to corrections and short-term volatility.

Written by GugaOnChain

Data on the Binance platform indicates an exceptional situation in the Bitcoin market at present, with the Futures Power Ratio showing a sharp increase in the strength of futures contracts compared to the normal movement of the spot market. The indicator has reached an exceptionally high value while the spot return remains in negative territory This reveals strong and unbalanced derivatives pressure driving the market in directions that do not reflect the true buying power on the spot trading platform.

The relationship between the spot market and derivatives is usually harmonious; when the price moves upward, support from perpetual contracts typically appears through increased trading volume and open interest, and when the price falls, this support diminishes. However, the current situation shows a clear disconnect: perpetual contract volume is exhibiting a significant downward shift, while the price is moving only slightly downward. Yet, the Futures Power Ratio is rising sharply, indicating that derivative liquidity has become the primary driver of market volatility rather than the strength of actual demand.

This pattern typically indicates intense speculative activity in the futures market, potentially driven by highly leveraged positions or attempts by large traders to influence short-term price movements. Historically, when derivatives trading volumes rise significantly while actual spot market volumes remain weak, the market enters a state of “instability,” becoming more sensitive to any adverse movement that could prompt well-funded traders to liquidate their positions quickly.

Written by Arab Chain

Deep within the Ethereum ledger, a massive footprint of high-conviction institutional demand has fundamentally altered the market structure. On November 23, a staggering 877,300 ETH flooded into accumulation addresses at approximately $2,804. This massive inflow represents the aggregate buying of multiple institutional entities and ETH whales, whose action is typified by publicly aggressive corporate treasury strategies. This specific, single-day capital injection precisely defines the $2,800 zone as a critical institutional value area.

From an on-chain analysis perspective, this event confirms a severe supply shock. Accumulation addresses are the network's liquidity "black holes," and when nearly 900,000 ETH vanishes into these long-term vaults, it significantly shrinks the liquid supply available on exchanges. The logic dictates that smart money protects its colossal entry point. This makes $2,800 the fortified support zone that these buyers, who collectively deployed billions, must defend against bearish volatility.

This conviction is strongly validated by the Realized Price for these addresses, which has climbed to $2,791. This metric represents the average cost basis for all long-term holders. The precise alignment between this realized cost basis and the massive $2,804 accumulation event confirms the structural integrity of this new price floor. This consensus among the largest market participants signals a sustained bullish bias, transforming $2,800 from a price level into a permanent economic fortress.

Written by Crazzyblockk

Data from Binance shows that the Ethereum market is going through a delicate phase characterized by a clear decrease in price momentum, while open interest remains relatively high despite the price decline. This reflects a significant shift in the dynamics of the futures market, as the Z-Score for 30-day open interest registered a value of only 0.50 This level indicates that current open interest is slightly above the 30-day moving average, yet still within a normal range and not indicative of the exceptional pressure observed previously.

The $6.61 billion in open interest demonstrates that traders are still holding a significant portion of their positions, despite the price dropping from levels near $3,900 to below $3,200. This discrepancy between price decline and the stability of open interest is a common pattern during market repositioning phases, where traders reduce their trading activity without fully exiting the market The OI avg30 (6.44 billion) and OI std30 (329 million) indicators confirm that the current movement in open positions remains within the typical bounds of market volatility, without any unusual surge in position buildup.

The Z-Score remaining at 0.50 suggests that the increase in open interest is not sharp enough to reflect strong downward pressure in the derivatives market. However, it does indicate continued trader interest in building new positions, particularly in response to the recent price decline.

The drop in Ethereum’s price reflects a clear loss of upward momentum after the market failed to sustain its previous highs. With open interest remaining stable, this may signal the potential for continued downward pressure if large positions are predominantly short. Conversely, if long positions dominate, this stability could support a possible rebound scenario.

Written by Arab Chain

1. Open interest has dropped to its lowest level of the year. This decline typically reflects two things: 1) investor capitulation, or 2) investor apathy. Historically, periods of apathy and low participation have often marked attractive buy-the-dip opportunities.

2. Excessive leverage usually acts as a drag on market direction. However, as prices have recently rebounded, leverage levels have normalized, reducing systemic risk.

Conclusion

The decline in open interest signals both capitulation and disinterest among investors, while the reduction in leverage indicates fading speculative behavior. Together, these factors suggest that the market is now in a much healthier and more sustainable state—all it needs is a positive catalyst to ignite the next move upward.

Written by COINDREAM

Bitcoin’s Taker Buy Volume has surged repeatedly over the past two weeks, showing clear signs of aggressive market buying during both rallies and sharp pullbacks. This metric tracks the volume of trades where buyers “take” liquidity, meaning they are actively willing to pay the market price. High readings often reflect momentum traders, large buyers, or forced short covering stepping in.

What the recent spikes show

Throughout the chart, each major intraday correction is met with immediate bursts of high Taker Buy Volume. This behavior suggests:

Strong dip buying appetite from traders expecting continuation

Whales absorbing sell-side liquidity during volatile moments

Shorts closing positions aggressively, adding upward pressure

Notably, the largest spikes appear during periods of rapid price recovery, indicating that buyers are attempting to regain control after liquidity sweeps.

How to interpret this behavior

Sustained high Taker Buy Volume can support short-term rallies because active buyers create upward momentum. However, if these spikes occur without follow-through in price or if they appear near local highs, they may signal exhaustion rather than strength.

The current pattern shows that while dips are being bought aggressively, price reactions are gradually weakening, which may suggest:

decreasing liquidity depth

buyers distributing rather than accumulating

a maturing trend where volatility becomes more two-sided

Risk considerations

Taker Buy Volume is a valuable tool for gauging real-time market aggression, but it should not be used alone. High green bars do not guarantee continuation—sometimes they reflect short squeezes, stop runs, or temporary instability.

Combining this metric with liquidity maps, funding data, and broader on-chain trends offers a clearer view of whether buyers are genuinely strong or merely reacting to volatility.

Written by The Alchemist 9

The FOMC meeting will take place this week, and the market’s main focus is whether the Fed will cut rates. Looking back at the last two rate-cut announcements (Sept 17 and Oct 29), Bitcoin showed a clear pattern: prices rose a few days beforehand, briefly bounced right after the announcement, and then fell sharply. Although rate cuts are normally positive, they often trigger a “buy the rumor, sell the news” reaction in the short term.

So what happens this time? The key is not predicting the outcome, but preparing for multiple scenarios. On-chain data is especially important because it reveals market structure earlier than price.

Two metrics matter most:

1. Stablecoin Exchange Reserves

This shows whether fresh capital is entering the market. Rising reserves indicate strong buying power waiting on the sidelines, which can cushion any downside. Falling reserves suggest limited demand and weaker rebounds.

2. Funding Rate

Event weeks are dangerous when leverage is imbalanced. High positive funding means crowded longs that can easily be liquidated, replicating the sharp drops seen after previous announcements. If funding stays neutral, FOMC volatility tends to be milder.

In conclusion, the December FOMC could follow the familiar pattern of “up first, down later,” but the decisive factors will be stablecoin inflows and the market’s leverage structure. Instead of betting on the outcome, reducing exposure and preparing risk-controlled scenarios remains the most practical strategy.

Written by XWIN Research Japan

On November 29th, the Ethereum network witnessed a significant milestone. The number of Active Addresses for USDC (ERC-20) shattered previous ceilings, reaching an All-Time High (ATH) of 393,000.

Data Analysis:

As illustrated in the chart, the metric has been on a steady uptrend since early 2024, culminating in this massive parabolic spike. In on-chain analysis, a surge in stablecoin activity is a critical leading indicator:

Fresh Capital Inflow: This spike suggests a massive mobilization of funds onto the blockchain. High stablecoin velocity is often interpreted as “Dry Powder”—capital ready to be deployed into Bitcoin or Altcoins.

DeFi Utility: Since this is ERC-20 specific data, it points to heightened activity within the Ethereum ecosystem, likely driven by decentralized exchanges and lending protocols.

Conclusion:

This record-breaking activity signals a robust return of demand and liquidity. The sharp rise in participating addresses indicates that investors are actively positioning themselves on-chain. Historically, such spikes in stablecoin utility often precede increased market volatility and buying pressure across the broader crypto market.

Written by CryptoOnchain

As Bitcoin has been going through a corrective phase for almost two months, with a pullback of roughly 36%, inflows of cryptocurrencies onto Binance remain surprisingly low. Normally, during previous mid-cycle corrections, investors sent large amounts of coins to the exchange, indicating a willingness to sell.

Today’s data, however, seems to show a noticeably different behavior.

This chart highlights that shift through inflows. Instead of looking at a single asset, it aggregates the total inflows of all cryptocurrencies sent to Binance. The logic behind this metric is simple : when inflows rise, selling pressure is increasing, suggesting that investors are preparing to exit the market, when inflows shrink, it indicates a preference to hold coins and wait rather than sell.

What makes the current situation interesting is the comparison with previous corrections.

For example, in April 2024, right after a new all time high at $73 800, inflows surged and exceeded 200 million coins sent to Binance. The same pattern appeared in December 2024 as BTC broke above $100 000.

Yet today, even with a much deeper correction than after those peaks, inflows are nearly five times lower. Not only are they low, but they’re also remarkably stable.

This suggests something very different.

Investors are not in a rush to sell. They seem willing to sit through the decline, choosing to hold rather than add to selling pressure.

Such behavior indicates a more confident and patient attitude, potentially supportive of a bullish recovery once the market’s selling pressure fully exhausts.

This unusual calm could become one of the most constructive signs of the current corrective phase.

Written by Darkfost

Data from Binance, the leading trading platform, shows that Ripple is going through a sensitive period characterized by weak price momentum and a shift in liquidity flows. XRP is trading around $2, while the CVD indicator has registered a sharply negative value of -5.9 million, reflecting the clear dominance of selling pressure over the past few weeks and a weakening balance of power between buyers and sellers in favor of the downward trend.

The CVD curve indicates that accumulated selling volumes over the recent period have significantly exceeded buying volumes, leading to a gradual price decline. This drop in the CVD is not merely a momentary movement but reflects a continuous shift in trader behavior. Large portfolios and professional traders have begun reducing their positions instead of accumulating them a clear indication of declining short-term confidence.

Conversely, the 30-day price CVD correlation indicator shows a positive value of 0.59, which is a crucial point This level indicates a strong correlation over the last 30 days between price movements and CVD changes. In other words, when the CVD falls, the price follows closely, demonstrating that the market is heavily reliant on actual liquidity flows within the Binance platform, not just speculation or sentiment.

This strong correlation reinforces the idea that the current decline is not merely a technical correction but rather the result of genuine selling pressure driven by active traders in the spot market. As long as this correlation remains positive, any improvement in the CVD could quickly translate into a price rebound, while continued negative pressure increases the likelihood of further declines.

Written by Arab Chain

Analyzing the 7-day Netflow chart for Altcoins on Binance reveals a distinct contrast in market sentiment based on capital flow direction.

Key Insights:

Potential Pressure on DeFi:

UNI dominates the chart with the highest positive netflow (+10.3M). This significant inflow into the exchange, coupled with inflows for LINK (+4.7M) and CRV, signals potential increasing selling pressure or liquidity provision in the DeFi sector. Notably, SNX shows a high netflow-to-volume ratio (17.7%), suggesting aggressive depositing relative to its trading volume.

Accumulation in AI & Metaverse:

Conversely, tokens like FET (−1.2M) and SAND (−1.2M) are experiencing net outflows. Negative netflow indicates assets are being withdrawn from Binance to private wallets — traditionally a bullish signal representing accumulation and a “HODL” mentality.

Conclusion:

The 7-day data suggests a rotation or profit-taking scenario in established DeFi assets (Uniswap, Chainlink), while investors appear confident in accumulating AI and Gaming tokens at current price levels, removing them from exchange liquidity.

Written by CryptoOnchain

Data from Binance, the leading exchange by trading volume, indicates that the Bitcoin market is undergoing a critical phase characterized by significant structural changes in its price action. This reflects a major shift in the overall trend after a prolonged upward movement The MSBI indicator shows a value of 111, while Bitcoin is trading near $89,000, with the structure shift indicator registering –1, a clear signal of a structural break in the market trending downward.

This demonstrates that the market has gradually lost the upward momentum it had maintained since the third quarter of the year. Although the price previously reached levels above $120,000, the current decline reflects the market’s transition from a period of strong upward momentum to a sharp, structural correction. This type of structural break typically indicates that buyers have lost control and that the market has entered a phase of widespread repositioning among traders, as large portfolios and funds rebalance their positions.

The structure shift indicator, registering –1, clearly reveals that the market has begun moving within a downward structure. This is not only related to the price decline but also to the change in the pattern of the movement itself: new lower highs, deeper lows, and reduced upward momentum. The rise of the MSBI to 111 reflects the fragility of the current market structure, indicating that the number of structural breaks has begun to exceed normal levels typically seen during short-term corrections.

This situation suggests that Bitcoin has entered an extended correction phase that may continue until the market finds a strong support level to restore balance

Written by Arab Chain

Bitcoin’s pullback from 89.6K toward the low 89Ks is happening while Binance futures are clearly cooling down — and that’s the healthiest part of the current market structure. OI data shows that traders are stepping out of leverage, not piling in: 12H OI prints turning negative (–0.18%, –0.24%, –0.53%) signal a clean reduction in speculative exposure. Funding tells the same story. The sharp drops (–69%, –62%, –49%, –40%) show that long-side aggression has faded and derivatives heat is resetting instead of flipping into panic.

Binance Leverage Pulse (ST_ELR) confirms this backdrop. The latest ST_ELR at 0.198 sits slightly below its 20-day mean (MA20 ≈ 0.205), with a negative z-score. In simple terms: Binance’s leverage relative to stablecoin reserves is normal and cooling, not stretched or stressed. That reduces the risk of forced liquidations and gives the market space to stabilize.

This matters because Binance drives global BTC sentiment. When OI, funding, and leverage pulse all cool together during a dip, it usually means traders aren’t preparing for a breakdown — they’re waiting. If BTC holds the 88–86K support range, this reset increases the probability of a slower, healthier rebuild rather than a volatility spike. A stable derivatives base often becomes the fuel for the next upside attempt once spot demand shifts back in.

In short: Binance traders have stepped off the gas, not slammed the brakes — and that’s exactly what BTC needs right now.

Written by Crazzyblockk

In the Bitcoin market, the Coinbase Premium Index—an indicator reflecting the buying and selling bias of U.S. investors—has become a crucial signal as December begins. Recent data shows the premium falling sharply into negative territory from late November into early December, aligning with a notable decline in Bitcoin’s price. This suggests a clear shift toward selling among U.S. investors, exerting meaningful downward pressure.

This pattern is not new. Analyzing the past eight years reveals that December often brings weaker premiums, typically hovering near or below zero. This is largely due to year-end rebalancing and tax-loss harvesting by U.S. institutions and individuals. In years like 2018 and 2022, the premium dropped deeply negative, matching broader market stress. Conversely, in 2020 and 2023, the premium turned positive, supporting bull-market momentum. December consistently exposes the real risk appetite of U.S. market participants.

December 2025, however, presents a unique twist. After starting the month in a steep negative zone, the premium rebounded quickly, turning positive within days. This fast reversal signals that selling pressure may have temporarily exhausted itself, prompting U.S. buyers to step back in. Such moves often precede periods of stabilization or short-term recoveries.

Ultimately, Bitcoin’s short-term direction is heavily shaped by U.S. investor behavior. The Coinbase Premium Index offers a direct view into this sentiment and liquidity flow—insights that price charts alone cannot provide. Whether the December market stabilizes or weakens further will depend largely on upcoming U.S. capital flows, derivatives positioning, and premium trends.

Monitoring U.S. activity remains essential for understanding Bitcoin’s next move.

Written by XWIN Research Japan

According to CryptoQuant's Bitcoin: Open Interest – All Exchanges, All Symbols (USD) metric, during market corrections most investors focus only on price. Yet one of the most revealing metrics is Open Interest (OI) in USD, especially when read alongside price action.

Recent data shows a simultaneous drop in Bitcoin's price and in Open Interest. This does not signal massive spot selling. Instead, it reveals something far more simple and relevant:

The Market Is Closing Futures, Not Selling Spot

When OI drops sharply, long and short positions close, liquidations trigger, and excess leverage is flushed out. This resets market conditions and separates real spot-driven moves from the noise created by futures.

Price Drops + OI Drops = A Move Driven by Derivatives

The key point is not whether price goes down, but how it goes down.

A correction accompanied by a sharp decline in OI shows the move was driven by futures unwinding, not real selling — even if volatility temporarily increases.

Price Rises + OI Spikes = A Fragile Move

The opposite scenario is equally important.

When price rises while OI spikes, this rarely reflects real demand — it signals aggressive leverage entering the market. These moves are fragile and prone to quick reversals.**

Conclusion

Open Interest alone does not predict the market, but it does reveal the true origin of price movements.

Price Down + OI Down → leverage unwinding, not real selling.

Price Up + OI Up → leverage inflows, not genuine demand.

Understanding this relationship allows analysts to distinguish real moves from artificial ones.

Many analysts attribute every move to global macro narratives —such as the Japanese carry trade— when much of the volatility is explained simply by leverage entering or exiting futures markets. Open Interest makes this clear.

Signed by Carmelo Alemán, Certified On-Chain Analyst at CryptoQuant

📲 Connect with me:

♦️ X: @oro_crypto

♦️ YouTube: OroCryptoCanal

♦️ Email: carmeloaleman@orocrypto.es

Written by Carmelo_Alemán

The Bitcoin market is experiencing a moment of capitulation. Realized losses exceed realized gains by nearly three times, reflecting transactions driven by fear or liquidity needs — typical of extreme stress phases and possible selling exhaustion.

KEY METRICS HIGHLIGHT THE IMBALANCE

Realized losses reached US$ 1.705 billion, compared to only US$ 605 million in gains. The Loss/Gain ratio stands at 2.82, meaning that for every dollar of profit, almost three dollars are losses. Of the total realized volume, 74% corresponds to loss-making sales and only 26% to profitable ones.

POSSIBLE INFLECTION POINTS

If the scenario remains unfavorable for the bulls, critical levels lie at US$ 71,45 (realized price of investors holding Bitcoin between 12–18 months) and, in a more extreme case, US$ 58,94 (holders between 18 months and 2 years). In the weekly price action, areas near US$ 80,000 and US$ 74,000 are on the radar.

CONCLUSION

The market is undergoing a painful cleansing process, with weak holders giving up their positions. The predominance of loss-driven sales reinforces the capitulation and places the highlighted on-chain and technical levels as key references for potential turning points. Historically, when such a disparity between gains and losses intensifies, forced selling tends to approach exhaustion, opening room for stabilization or recovery.

Written by GugaOnChain

After the sharp exodus between November 17 and 21, 2025, when about US$ 1.216 billion exited Bitcoin ETFs tracked by Farside Investors, there was a recovery between November 24 and 28, with the week closing in positive territory at approximately US$ 372.2 million, bringing relief to the market. However, in the following week the sector once again posted a negative balance of US$ 87.7 million, highlighting the structural fragility of the crypto market.

In the period between November 17 and December 5, BlackRock, through the IBIT ETF, led these outflows, with withdrawals of around US$ 1.620 billion and inflows of US$ 348.7 million, resulting in a net negative balance of approximately US$ 1.270 billion — the largest withdrawal among the ETFs tracked by Farside during the analyzed interval.

BITCOIN ETF: DAILY CHANGE IN TOTAL BITCOIN HOLDINGS

Data from this indicator confirms the observed trend: despite occasional inflows, the daily net balance remained predominantly negative, underscoring the structural fragility of the crypto market.

SECTOR SENTIMENT

After Vanguard’s Entry Vanguard’s announcement that it would allow cryptocurrency ETFs on its platform starting December 2, 2025 marked a significant psychological shift, granting regulated access to millions of clients.

IMMEDIATE IMPACT

Bitcoin rose 6% after its debut, reaching US$ 94,000, while ETFs of BTC, SOL, and XRP recorded inflows of US$ 172.5 million.

CONCLUSION

Vanguard’s decision to open its platform to cryptocurrency ETFs injected strong optimism into the sector and suggests that conservative investors may begin allocating capital in a more stable manner. This move consolidates the definitive entry of cryptocurrencies into the institutional market.

Written by GugaOnChain