Eric Trump's "America Bitcoin" purchased 363 bitcoins for $34 million. （Watcher.Guru）

**[Wolfe Research: Bitcoin's Key Resistance Level May Be at $100,000]** Wolfe Research stated that the current cryptocurrency market is showing a clear divide between bulls and bears, creating potential buying opportunities. The firm predicts that Bitcoin's interim bottom may be around $75,000, even if it rebounds to $90,000. Technically, the crypto market has returned to a critical long-term support zone, with momentum indicators improving, and Bitcoin's rebound is seen as constructive. Wolfe pointed out that Bitcoin's next key resistance level is near the 50-day moving average at $101,000, with $100,000 being a major psychological threshold.

[Glassnode: Over 25% of Bitcoin Supply is in a Loss State, Market Structure Similar to Early 2022] On-chain analytics firm Glassnode reports that over 25% of Bitcoin's supply is currently in a loss state, with the market structure resembling the first quarter of 2022, which marked the early stages of the crypto winter. Glassnode noted that demand in the ETF, spot, and futures markets has weakened, and Bitcoin has fallen to near the 'realized market mean' over the past two weeks, finding support at this level. This level represents the cost basis of non-dormant tokens and typically serves as the dividing line between a mild bearish phase and a deep bear market. Glassnode believes that Bitcoin maintaining the $96,000 to $106,000 range is crucial for stabilizing the market structure and reducing downside risks toward the end of the year.

[Trader Opens 3x Leveraged BTC Short Position, Approximately $92.75 Million] Monitoring data shows that 12 hours ago, trader 0x0dd opened a 3x leveraged Bitcoin (BTC) short position, with a scale of approximately $92.75 million.

[CZ on the Crypto Treasury Model: Feasibility is Clear, Management Team and Execution Capability are Key] On December 4, during the 'KOL and Media Interaction' session, CZ stated that the basic logic of the Crypto Treasury (DAT) model is feasible, and its purpose is to help traditional companies gain exposure to crypto assets. CZ pointed out that the sustainability of the DAT model depends on the management team, organizational structure, and management philosophy, with lower management fees being preferable. Although an overheated market may lead to the failure of some treasury companies, stable companies still have room for growth. He emphasized that holding high-quality crypto assets has been one of the near-optimal investment strategies over the past 10-15 years.