受日本政府债券市场剧烈波动及美欧关税威胁升级的影响，风险资产遭遇大规模清算。OEXN表示，事 实数据表明，比特币已回撤至 88403 美元附近，距离年初 87586 美元的起涨点仅一步之遥。加密货币市 场的"恐惧与贪婪指数"已从前几日的 61 贪婪区间骤降至 31 的恐慌水平，这反映出地缘政治的高度不确 定性已动摇了短期多头的信心。 在具体个股与衍生品市场方面，压力同样显著。OEXN表示，作为持有比特币最多的上市公司， Strategy （MSTR） 股价重挫 7.8%，而加密交易所 Coinbase 的跌幅也达到 5.5%。与此同时，比特币衍 生品未平仓合约从 285 亿美元上升至 293 亿美元，暗示交易员更多是在通过反向头寸对冲风险，而非简 单的现货减持。这种市场结构的转变意味着短期内价格仍面临较大的探底压力。 与加密市场的低迷截然不同，传统贵金属则在混乱中尽显锋芒。OEXN认为，黄金近期攀升至 4750 美 元上方，白银日内涨幅更是惊人，这清晰地表明了资金在极端风险下的流向偏好。在全球财政不确定性 和去美元化趋势的推动下，中央银行的持续买盘支撑了黄金的防御性溢价。而比特币近期因流动性收紧 和风险偏好回 ...

Bitcoin's (BTC) derivatives market is flashing signals of stability in a broad range rather than a massive moonshot or violent crash. Activity in Deribit-listed options shows strong support around $85,000 from heavy put selling (writing) or traders offering insurance against price drops below that level. At the same time, some traders are offering protection against bullish price moves beyond $95,000-$100,000 levels by writing call options at these levels, thereby creating resistance, according to data ...

Core Insights - Strategy, the world's largest corporate holder of Bitcoin, has established a $1.44 billion liquidity reserve to prepare for a potential bear market, indicating a shift in its financial strategy [1][4] - The reserve aims to cover dividend payments and interest obligations for at least 12 months, with a goal of extending this coverage to 24 months or more [2] - The company is transitioning to a dual-reserve treasury model, combining long-term Bitcoin exposure with short-term dollar liquidity to mitigate risks during market stress [3] Financial Performance - Strategy's Bitcoin accumulation has significantly slowed, with monthly purchases dropping from 134,000 BTC at the peak in 2024 to just 9,100 BTC in November 2025, and only 135 BTC added so far this month [4] - Despite the slowdown, the company made a substantial purchase of 8,178 BTC for approximately $835.5 million on November 17, increasing total holdings to about 650,000 BTC [5] - The company's stock, trading under the ticker MSTR, has a basic market capitalization of around $54 billion and an enterprise value near $69 billion, with market net asset value metrics indicating the stock trades close to the value of its Bitcoin holdings [5] Strategic Adjustments - The CEO has stated that Bitcoin sales would only be considered if the company's shares fall below net asset value and access to new financing is restricted, emphasizing that such sales would be a last resort [6]

Core Insights - The company expects to become the best-performing stock in global markets within the next four to eight years [1][8] - The founder outlined conditions under which the firm might consider selling its Bitcoin holdings, indicating that this possibility may be closer than previously thought [2][5] Financial Stability - The company's dividend capacity is highlighted as a key indicator of financial stability, with an annual dividend payment of approximately $800 million [3] - The firm currently holds 650,000 BTC, valued at around $55.2 billion [4] Potential Selling Conditions - The CEO suggested that the company could be compelled to sell Bitcoin if its shares traded below the value of its underlying holdings [5] - The founder stated that the only condition for selling Bitcoin would be if the net asset value (NAV) fell below 1 [6] Market Valuation Metrics - The company's mNAV, or "multiple to net asset value," currently stands at 1.15, indicating a market valuation approximately 15% above the worth of its Bitcoin reserves [9] - A sub-1 mNAV would suggest that the market believes the company is worth less than its Bitcoin holdings, a situation that occurred briefly on November 13 [9]

Core Viewpoint - Jim Cramer expressed concerns about a "cabal" attempting to maintain Bitcoin's price above $90,000, indicating expectations of potential declines for the cryptocurrency [1][2]. Group 1: Market Sentiment - Cramer indicated a preference for Bitcoin itself but criticized the derivatives associated with it, suggesting a lack of confidence in derivative products [2]. - Richard Farr, Chief Market Strategist for Pivotus Partners, supported Cramer's view, suggesting that a significant marketing effort is needed to keep Bitcoin's price elevated to prevent leveraged players from selling [3]. Group 2: Market Analysis - Dave Weisberger, a market analyst, countered Cramer's concerns by describing the current selling of Bitcoin as "normal volatility," attributing it to early Bitcoin holders distributing their assets to more informed investors [4]. - Cramer's comments led to sarcastic responses from the market, with some investors employing the "Inverse Cramer" strategy, betting against his recommendations, although there is no conclusive evidence of its profitability [5].