[Early Whale Liquidates 11,000 BTC, Institutions Increase Spot Bitcoin ETF Holdings to 40%] On November 21, early on-chain whale Owen Gunden transferred his remaining 2,499 BTC (approximately $228 million) to Kraken, completing a total liquidation of about 11,000 BTC (approximately $1.3 billion) since October 21. Gunden, an early arbitrage trader active on Tradehill and Mt.Gox, has reduced his Bitcoin holdings to zero following this sell-off. Amid weak retail sentiment, the CryptoQuant Bull Market Index has dropped to 20/100, and Bitcoin ETFs saw a net outflow of $2.8 billion in November. However, institutional investors have been increasing their holdings against the trend, with the institutional ownership of U.S. spot Bitcoin ETFs rising from 27% in Q2 2024 to 40%. Analyst Root noted that this figure might be underestimated, as only institutions managing assets exceeding $100 million are required to disclose their holdings. Currently, Bitcoin is priced at approximately $85,823, with the market displaying a divergence between retail panic selling and institutional accumulation.

[CryptoQuant CEO: Those Holding Only Bitcoin Spot May Find This a Good Time to Accumulate] On November 21, CryptoQuant founder and CEO Ki Young Ju posted on the X platform, stating that for those holding only Bitcoin spot without engaging in futures trading, the current Bitcoin price appears to be in a suitable accumulation zone. He pointed out that from an on-chain cycle perspective, the bull market cycle may have ended earlier this year when Bitcoin reached around $100,000. According to classic cycle theory, the market price should retrace to approximately $56,000. However, the macroeconomic situation indicates that global liquidity injections have begun, and market sentiment could rebound at any time, making it unwise to sell or short at this moment. He added that he might be mistaken in his judgment, is no longer using leverage, but remains confident in the long-term trend.

[Basel Committee Chair Suggests Possible Adjustment to Crypto Asset Capital Rules] Erik Thedéen, Governor of Sweden's Central Bank and Chair of the Basel Committee on Banking Supervision (BCBS), stated that the current policy of a 1250% risk weight for crypto assets may need to be adjusted. According to an analysis by global law firm White & Case, if the 1250% risk weight is maintained, banks would need to hold self-owned capital equivalent to their crypto asset exposure. Currently, crypto assets issued on permissionless chains (such as stablecoins like USDt and USDC) are classified under the same risk level as high-risk investments. Thedéen noted that the rapid growth of regulated stablecoins has altered the policy environment and emphasized the need for a swift analysis to determine whether a different approach should be taken for stablecoins.

Historically, yen weakness has been linked to risk-on sentiment. However, this narrative now appears challenged against the backdrop of Japan’s mounting fiscal strains.

A well-known anti CZ whale, known for short selling after CZ acquired ASTER, had a total profit of nearly $100 million on the Hyperliquid platform 10 days ago. However, with the market downturn, its large holdings of ETH and XRP long positions have been hit hard, and its total profit has now dropped to $38.4 million. The relevant addresses are 0x9eec98D048D06D9CD75318FFfA3f3960e081daAb and 0xbadbb1de95b5f33623ebece7026932fa5039ee6. （Lookonchain）