Daily market data review and trend analysis, produced by PANews.
1. Market Observation
Competition in the field of artificial intelligence is profoundly impacting the global technology market landscape, with the rivalry between Google and Nvidia becoming a focal point. Google, leveraging its Gemini 3 model trained on its self-developed TPU, has demonstrated strong capabilities in AI, directly challenging Nvidia's market dominance. This caused Nvidia's stock price to plummet by over 7% intraday, wiping out nearly $350 billion in market capitalization, before ultimately closing down 2.6%. However, Nvidia quickly responded, claiming its GPU platform is a generation ahead of the industry, possessing unparalleled versatility and performance advantages, and emphasizing that Google remains an important customer. Google, in turn, stated that demand for both its custom TPUs and Nvidia GPUs is accelerating. Against this backdrop, macroeconomic policies have also added uncertainty to the market. The Federal Reserve is expected to end quantitative tightening on December 1st, coupled with market expectations of a December rate cut, injecting potentially positive signals into the risk asset market. Investors are closely watching how these factors will collectively shape future market trends.
In the Bitcoin market, most analysts currently favor a period of market consolidation. BitMEX founder Arthur Hayes believes Bitcoin will remain below $90,000 and may retest the effective support level of $80,000. He plans to hold onto his main funds until early next year before making any moves. Analyst Murphy believes that Bitcoin returning to $90,000 is not difficult, but due to options data and concentrated short-term holder costs, there is strong resistance around $92,000. Delphi Digital analyst that1618guy proposed two possibilities: in an optimistic scenario, the market could break through $103,500 after completing its correction; in a pessimistic scenario, the rebound may be blocked in the $95,000 to $99,000 range, followed by a drop to around $75,000. Meanwhile, James Check warned that leveraged liquidation may not be over yet, and the price may further decline to the $70,000 to $80,000 range. Swissblock's analysis points out that although the price rebounded to $89,000, market momentum remains deeply negative, and the rebound may only be a tactical reaction. If Bitcoin can stabilize above the $85,000 to $86,500 range, market momentum may reverse. Analyst Mark Cullen predicts that if the US unemployment claims data released later is poor, it may cause BTC to briefly pull back to around $83,000. However, he believes a rebound is likely afterward, especially around the US Thanksgiving holiday. Lennaert Snyde points out that rBTC encountered resistance at $88,200 and is currently still in a downtrend. If the 4-hour candlestick chart breaks through $88,200, it could trigger a bullish target of $93,000 resistance; if it falls below the $86,200 support, it may further test the lows of the $82,300 range. He emphasizes that the technical outlook remains bearish until a break above $93,000 is achieved.
Regarding Ethereum , Fundstrat co-founder Tom Lee believes that even if Ethereum retraces to $2,500 in the short term, it's merely accumulating strength for the upcoming "supercycle," predicting its price could rise 3 to 4 times in January, reaching the $7,000 to $9,000 range. This bullish sentiment is corroborated by the behavior of some market whales. According to Arkham Intelligence data, an "OG whale" who successfully profited $200 million during the October market crash recently added another $10 million worth of long Ethereum positions, bringing its total holdings to $44.5 million. Although the current Ethereum price is hovering around $2,900, market analysts believe that changes in futures data may indicate a temporary market bottom, but the overall trend remains highly uncertain.
Most altcoins are trending upwards, with PLUME tokens surging over 80% after being listed on the South Korean cryptocurrency exchange Upbit in a Korean won trading pair. Furthermore, despite Hyperliquid's upcoming first unlocking of $308 million worth of HYPE tokens and the presence of significant short positions in HYPE held by some whales, HYPE has still risen nearly 10% in the past 24 hours.
2. Key Data (as of 13:00 HKT on November 26)
(Data source: CoinAnk, Upbit, Coingecko, SoSoValue, CoinMarketCap)
Bitcoin: $87,615 (down 6.37% year-to-date), daily spot trading volume $51.05 billion.
Ethereum: $2,939 (-11.96% year-to-date), daily spot trading volume $21.71 billion.
Fear of Greed Index: 15 (Extreme Fear)
Average GAS: BTC: 1.02 sat/vB, ETH: 0.067 Gwei
Market share: BTC 58.5%, ETH 11.5%
Upbit 24-hour trading volume rankings: PLUME, MON, XRP, BTC, ETH
24-hour BTC long/short ratio: 49.04% / 50.96%
Sector Performance: Most crypto stocks rose, with RWA and AI sectors gaining nearly 3%, while PayFi and Layer 2 sectors saw a pullback.
24-hour liquidation data: A total of 96,966 people worldwide were liquidated, with a total liquidation amount of $285 million. This included $87.04 million in BTC liquidations, $54.02 million in ETH liquidations, and $32.63 million in HYPE liquidations.
3. ETF Flows (as of November 25)
Bitcoin ETFs: +$129 million, with Fidelity FBTC leading the net inflows at $171 million.
Ethereum ETF: +$78.5849 million, marking the third consecutive day of net inflows.
Solana ETF: +$53.08 million
XRP ETF: +$35.41 million
HBAR ETF: +$986,000;
DOGE ETF: +$1.8 million
4. Today's Outlook
Kinetiq will hold a KNTQ TGE event on November 27th at 20:00.
Sahara AI (SAHARA) will unlock approximately 133 million tokens on November 27th at 8:00 AM, representing 1.33% of the total supply and worth approximately $10.4 million.
The top 100 cryptocurrencies by market capitalization with the largest gains today are: Story (up 18.5%), SPX6900 (up 14.4%), Ethena (up 9%), Quant (up 7.9%), and Dash (up 7.5%).
5. Hot News
Ark Invest increases its holdings in crypto companies including Block, Circle, and Coinbase.
WLFI officially spent 7.79 million USD to purchase 46.56 million WLFI tokens in the past 5 hours.
US-listed company Reliance Global has consolidated all of its digital asset reserves into Zcash.
Multicoin Capital purchased another 60,000 AAVE tokens, worth $10.68 million.
Texas launches Bitcoin reserve program, with an initial $5 million purchase of IBIT from BlackRock.
Arthur Hayes purchased $260,500 worth of PENDLE tokens from Flowdesk.
