The Protocol: Bitcoin Bridged Trustlessly to L2; Ethereum’s Blob Mob Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Marc Hochstein, CoinDesk’s deputy editor-in-chief for features, opinion and standards. IN THIS ISSUE: Ethereum’s blob mob Staking on Starknet Avalanche’s big upgrade L2 teams beam over Beam Chain Sui suffers a brief outage Bit…

Short-Term Bitcoin Holders Have Moved Nearly $8B Worth of BTC to Exchanges, Signaling Price Bottom: Van Straten Short-term holders have sent almost $8 billion worth of bitcoin to exchanges at a loss over the past two days. The volatility in recent bitcoin price action has seen wild record swings in profit-taking to panic selling.

Bitcoin slides toward $90,000 as price moves back after postelection rally Bitcoin retreated further from the psychological $100,000 milestone as investors booked profits from the token’s gains following the presidential election.

This Hedge Fund Now Has a 1,000x Profit on Bitcoin Pantera Capital Management, which launched its Bitcoin Fund in July 2013, has seen a 1,000-fold increase with returns of over 132,118%. The hedge fund started buying bitcoin back when one token cost $74. Pantera CEO Dan Morehead believes that the cryptocurrency could be worth $740,000 by April 2028.

Three Reasons Why Bitcoin Risks Falling Below $90K: Godbole BTC traders purchase protective put options in response to Monday’s 5% decline. The Coinbase premium indicator highlights a decline in demand for Bitcoin in the U.S. market. The daily chart reveals a bearish RSI divergence, signaling potential weakness in price momentum.

Bitcoin Long-Term Holders Have 163K More BTC to Sell, History Indicates: Van Straten Long-term investors have sold almost 550,000 BTC, almost 4% of their holdings. Last week, one-day profit-taking touched a record high in dollar terms, more than $10.5 billion. The percentage drop from long-term holders continues to fall each cycle.

Bitcoin Slides Near $94K, But Short-Term Bullish Target of $100K BTC Unchanged A bitcoin-led crypto market correction continued into its third day as the asset lost a further 3.5% in the past 24 hours. However, bitcoin tends to bounce back when short-term holders sell at a loss. And some say this creates a buying opportunity for traders at current levels. It’s a ride that some expect to be packed with market volatility.

Video platform Rumble plans to buy up to $20 million in bitcoin in new treasury strategy Conservative video platform Rumble said it will begin allocating some of its excess cash reserves to bitcoin and could buy up to $20 million in the crypto.

Ether Favored in Crypto Rotation as Bitcoin Recoils Off $100K Sell Wall ETH advanced 4% during the day, outperforming BTC’s 1.5% loss and slight gains of the broader market benchmark CoinDesk 20 Index. The ETH/BTC ratio hit its weakest level in three years last week, but has rebounded since and is poised for more gains, observers noted. Bitcoin is likely to move sideways until year-end, said Paul Howard, senior dire…

Wall Street launches new ways to bet on bitcoin Wall Street launches new trading tools to bet on the price of bitcoin

Bitcoin Buying Plans Are Supercharging Stocks. Is This a Michael Saylor Redux — or Another ‘Long Island Iced Tea’ Fad? Following MicroStrategy’s successful bitcoin buying strategy, many companies, some microcaps and unrelated to crypto, started announcing similar steps. The strategy has led to significant short-term share price rallies for some of these companies, but according to market observers, the long-term success remains uncertain. While optimists see thi…

Bitcoin Options Worth $9B Expire Friday, Traders May be Thankful for the Post-Thanksgiving Volatility November’s expiry is due Friday at 08:00 UTC, with $9.4 billion in options expiry for bitcoin. Bitcoin’s max pain price is $78,000, significantly lower than the current spot price. The majority of the put open interest represent hedging activity and not outright downside bets: European Head of Research at Bitwise – Dragosch.

First Mover Americas: Bitcoin Regains $98K After Weekend Slump Bitcoin returns to $98,000. Crypto futures saw $500 million in liquidations amid volatility. Brokers raise price targets for MicroStrategy.

MicroStrategy Is a Bitcoin Magnet Pulling in the Earth’s Capital Reserves: Bernstein Bernstein raised its MicroStrategy price target to $600 from $290. Broker Canaccord also increased its price target for the software company, to $510 from $300. The shares rose over 6% in early trading Monday.

Bitcoin May Be More Vulnerable to Negative News Near $100K, Data Suggests BTC’s order book shows executed bullish flow isn’t being replenished, leaving sellers in a more dominant position, according to data tracked by FalconX. The overall market depth has weakened amid the price rally.

XRP, DOGE Lead Crypto Losses as Weekend Pullback in Bitcoin Causes $500M Liquidations Bitcoin experienced a significant drop from $98,500 to $95,500 on Sunday, triggering a broader market decline. The volatility led to over $500 million in futures liquidations, predominantly affecting smaller altcoins and midcap futures. Despite the pullback, market sentiment remains optimistic, with analysts still holding a view of bitcoin reach…

Tether in Talks to Support Cantor Fitzgerald’s Planned Bitcoin Lending Program: WSJ Tether may take part in Cantor’s multi-billion dollar bitcoin financing program. The latter already owns a 5% stake in Tether and custodies its U.S. Treasuries.

Bitcoin Going to $140K Says Trio of AIs Managing $30M Investment Fund Intelligent Alpha’s investment committee is composed of three AIs, and the fund’s CEO tries to stay out of their way.

Bitcoin Nears $100K, With Crypto Market Cap at Record $3.4T Strength in BTC is leading to a rotation in other major tokens ahead of the weekend, buoyed by renewed bullish hopes about a crypto-friendly Trump administration that takes office in January.

MicroStrategy Falls 16% Despite New Bitcoin Record as Some Question Valuation