Year-end market shakeout intensifies, BTC approaches the 90,000 mark | Bitwise files for multiple cryptocurrency ETFs, institutional capital enters intensively

Market Overview: Liquidations Surge and Capital Chase

In the past 24 hours, the total crypto market experienced $147 million in liquidations across the network, with long positions accounting for $69 million. Bitcoin (BTC) liquidations amounted to approximately $50 million, and Ethereum (ETH) liquidations were about $41 million.

Currently, BTC hovers between $88,600 and $90,410, with a circulating market cap surpassing $1.8 trillion. According to Bitget’s liquidation map, $88,600 is a critical support/resistance level, with a large accumulation of long stop-loss orders below it. A break below could trigger chain reactions of liquidations. Above, the short liquidation zones are even denser, and breaking through could lead to short squeezes and rapid upward movements.

In spot trading, BTC saw inflows of about $123 million and outflows of approximately $98 million in the past 24 hours, with a net inflow of $25 million—indicating signals of institutional retreat and strategic positioning.

Institutional Movements: Consensus on Increasing Bitcoin Holdings

Strategy Executive Attitude Shift Strategy leadership announced that continuing to increase BTC holdings is more beneficial for shareholders and is seeking untapped capital sources. On the US stock market, MSTR rose 0.14%, contrasting sharply with the Dow’s decline of 0.2% and the Nasdaq’s drop of 0.24%—a market re-pricing Bitcoin allocations.

Bitwise Files Multiple ETF Applications Asset management giant Bitwise submitted applications for 11 crypto ETFs to the US SEC, covering tokens like AAVE and UNI. This is seen as a sign of further institutional capital entering the space, indicating that crypto asset allocation is becoming more mainstream.

Beckham Series Adjustment Supported by Beckham, Prenetics Global has reversed course and announced abandoning its Bitcoin purchasing strategy, reflecting institutional divergence in short-term market outlooks.

On-Chain Activity Signs: Whales and Miners in Action

Whale Reduces Holdings A whale account that accumulated 8,550 ETH a week ago reduced its holdings by 3,000 ETH just 10 hours ago. With ETH priced at around $3.10K, this transaction is worth about $9.3 million—top holders are choosing to sell on rallies.

Bitmine Reinforces Holdings Bitmine staked an additional 118,944 ETH and increased holdings by 32,938 ETH, demonstrating miners’ continued confidence in ETH’s long-term prospects.

SharpLink Steady Accumulation SharpLink holds 863,000 ETH, about 0.7% of Ethereum’s total supply. Last week, staking rewards amounted to 518 ETH, worth over $1.5 million—continuing to benefit from the Ethereum ecosystem.

Protocol Upgrades and Ecosystem Expansion

Zama Protocol Mainnet Launch Zama protocol has gone live on the mainnet, completing its first cUSDT transfer on Ethereum, further maturing the privacy computation sector.

Circle Cross-Chain Expansion Circle has added a minting of 1 billion USDC on Solana, strengthening its position as a cross-chain stablecoin leader. Grayscale has also submitted preliminary S-1 registration documents to the US SEC for Bittensor ETF, intensifying multi-asset ETF competition.

Buidlpad Annual Performance Buidlpad’s 2025 review shows impressive results—raising over $100 million in total, with Vaults’ first phase locking in $20 million, indicating a move toward regulated IDO markets.

Risk Alerts and Special Events

Lighter Protocol Temporarily Paused Yesterday, Lighter’s validator lagged behind the sequencer, causing users to be temporarily unable to withdraw—highlighting risks associated with new protocols’ technical issues.

Trust Wallet Attack Trust Wallet browser plugin v2.68 was compromised via supply chain attack, resulting in losses of about $8.5 million, once again raising security alarms for wallets.

Macro Background and Policy Signals

The Federal Reserve’s latest rate decision minutes were released, with most officials expecting continued easing, though timing and magnitude remain uncertain. Analyst Joshua Gibson notes that the Fed’s stance is leaning dovish, with policy adjustments ultimately dependent on softening inflation data. The crypto market generally perceives this as a liquidity contraction period toward year-end, with many institutional investors likely to exit during the holiday season.

Major Transactions Overview: Trump Media received 260 BTC from Coinbase, worth $21 million; Arthur Hayes-related wallets deposited 6.27 million ENA (worth $1.28 million) into Bybit, indicating cross-exchange position optimization by high-net-worth investors; SoftBank has fully committed $40 billion to OpenAI, with tech capital continuing to focus on AI.

Cultural Shift: Netflix is producing a romantic comedy titled “One Attempt Remaining” centered around cryptocurrency—crypto narratives are entering mainstream culture.