As interest in on-chain RWA rekindles, investors are seeking new investment avenues. Perpetual Futures, as the most mature trading product in the crypto assets space, offer a faster and more flexible investment route than tokenization. Thanks to recent improvements in the decentralized exchange (DEX) infrastructure for perpetual futures, RWA perpetual futures contracts create synthetic investment opportunities for off-chain assets. We believe this field is developing along two directions. First, bringing exotic asset investment opportunities on-chain: since perpetual futures do not require col

Michael Saylor: Will destroy over 17,000 Bitcoin Secret Keys worth $1.5 billion.
MicroStrategy co-founder Michael Saylor stated that he will destroy over 17,000 Bitcoins (worth approximately $1.5 billion) Secret Keys, calling it his legacy. $BTC

Several big dumps of Bitcoin.
December 2013 1000 –750
2018 20000 –3000
November 2021 60000 –15000
November 2025 126000 – "80600" ?

The correlation between Bitcoin and US tech stocks has risen to a high level.
The Kobeissi Letter stated on platform X that the correlation between Bitcoin and US tech stocks has rarely surged to a high level.
The 30-day correlation between Bitcoin and the Nasdaq 100 Index has reached approximately 0.80, marking the highest level since 2022 and the second highest in the past 10 years.
In the past 5 years, except for a brief period in 2023, the correlation between the two has remained positive. As a result, the 5-year correlation between Bitcoin and the Nasdaq index has reached 0.54.
In contras

Since November, the ETF has recorded a cumulative net outflow of over 2 billion USD, with a single-day maximum outflow close to 870 million USD, setting the worst record since its launch. The impact on the narrative level is far greater than the funds themselves: the previous logic of "institutional long-term allocation" was the core support point of the market, but now this support has shifted to reduce position, making retail investors feel the insecurity of "having no adults to back them up." Whale behavior has also shown a clear differentiation. Medium-sized whales holding 10-1000 BTC have

After the release of the US Non-farm Payrolls (NFP), the probability of a 25 basis point rate cut in December has become even more remote $BTC .

BTC has been selling with bearish market all the way down to 88600, breaking below the previous low of 89200, which is in line with our expectations for the market.
After NVIDIA released its revenue that surpassed expectations early this morning, it has greatly boosted the market's rise.
Bitcoin has been heading west at 92500 this morning, which is an important threshold in the short term.
BTC can only establish a 30-minute level rebound if it breaks through and stands above 92400 in the short term, which will support the subsequent level of rise. $BTC

The current panic index is 11, indicating that market sentiment is extremely fearful, and panic selling is still ongoing.
During the live broadcast, I mentioned that from the depth of the decline, it has already echoed the previous drop, but the atmosphere is still filled with panic and a sense of slaughter.
In terms of operation, everyone should continue to follow the idea of short selling on rallies. $BTC

While retail investors continue to sell, the world's top donation fund, Harvard University, is frantically buying Bitcoin ETFs. The Harvard University Endowment Fund has significantly increased its holdings in the BlackRock Bitcoin ETF (IBIT) amid market turbulence. As of September 30, the number of shares held has risen by 257% compared to June, reaching 6,813,612 shares valued at $442.9 million, a substantial leap from the beginning of the year when the holdings were $116 million. IBIT has become its largest holding.
Harvard is not an isolated case; institutional funds are continuously f

Taiwan plans to create a Bitcoin reserve.
The central bank of Taiwan and the Executive Yuan reached an agreement on November 12, 2025. They will initiate a formal study on Bitcoin in national reserves. The pilot project will use Bitcoin seized from criminal cases. The study will examine integration methods and test storage and valuation protocols. Officials confirmed the agreement in a joint statement. This move was made after months of internal discussions. The seized assets will serve as the initial funding pool, with no new purchases required.
Origin of Legislation
Legislator Ke Rujun propo