Jiang Zhuoer: The bull market is still ongoing; the $57,800 level in July may be the lowest point of this bear market.

[Derive: Probability of Bitcoin Falling Below $70,000 on Christmas Day Rises to 31%] Derive options pricing data shows that the probability of Bitcoin closing below $70,000 on Christmas Day has risen from 15% last week to 31%, while the probability of closing above $80,000 has decreased from 53% to 26%. Derive founder and CEO Nick Forster stated that traders are turning defensive, with Bitcoin options trading volume on the platform reaching $418 million last week, a 37% increase; put options accounted for 55% of the trading premium, compared to 36% last week. K33 Research Director Vetle Lunde stated that Bitcoin perpetual futures open interest was approximately 353,000 BTC on Tuesday, a 12% increase over the past 30 days, while the price of Bitcoin has fallen by 10% during the same period. (Source: The Block)

Jiang Zhuoer, founder of BTC.com, stated that the current bull market is still ongoing, and numerous on-chain and long-term indicators suggest that the bear market has ended. The bottom of this bear market was formed when Bitcoin fell to $57,758 in July. Currently, the market needs to focus on whether this correction will find support at the 50% Fibonacci retracement level of $72,500, or whether it will drop to the 61.8% retracement level of $69,000 to $70,000. Jiang Zhuoer revealed that after the Binance hack, he bought DeFi altcoins for $76,600 while holding a 100% long position in BTC. After BTC fell to $72,700 and hit the 5% stop-loss line, he established a short position at $73,000 to hedge. Jiang Zhuoer stated that he will temporarily step away from the market to observe, and if BTC falls to $70,500, he will close his short position at $73,000.

On November 11, AI infrastructure concept stocks collectively rose. AXT Inc. rose over 13%, NEBIUS and CoreWeave rose over 12%, Lumentum rose over 9%, SanDisk rose nearly 9%, SK Hynix, Coherent, and Applied Optoelectronics rose over 7%, Micron Technology and Marvell Technology rose over 6%, Oracle, Broadcom, Corning, and Western Digital rose over 5%, and Nvidia and AMD rose over 3%. CoreWeave's third-quarter revenue increased by approximately 168% year-over-year to $3.661 billion, exceeding analysts' expectations of $3.56 billion. CoreWeave secured approximately $9 billion in customer prepayments and margin deposits and raised its full-year revenue guidance to $13 billion to $13.3 billion, while its adjusted operating profit guidance was raised to $1.275 billion to $1.375 billion. Anthropic's IPO roadshow received strong subscription intentions, and the underwriting team is considering raising the offering price to over $78 per share, with a target valuation of $1.5 trillion and total funds raised expected to exceed $100 billion.

Boosted by CoreWeave's performance, the U.S. cloud computing service provider sector rose across the board. Roundhill Neocloud ETF (NCLD.US) rose 12%, NEBIUS (NBIS.US) rose more than 12%, and IREN Ltd (IREN.US) and Oracle (ORCL.US) rose more than 5%.

Russia will allow retail Bitcoin trading on November 22, with an annual transaction limit of $3,600 per intermediary. (Bitcoin Archive)