Crypto News
November 29 Highlights:
1. Terminal Finance: Project halted due to difficulties with the Converge chain, will subsequently open source the protocol codebase.
2. BitMine increased its holdings by 20,532 ETH, worth approximately $63.32 million.
3. Binance's SPOT testnet will be updated on December 1, with parameters supporting UTF-8 encoding.
4. Arthur Hayes: By the end of 2026, the pricing of the largest U.S. stocks will shift to on-chain.
5. WLFI: The zero-fee promotion for the BNB ecosystem USD1 has been extended to December 31.
Trading Insights
Four Stages of Institutional Involvement in Digital Currency: A Practical Breakdown from Accumulation to Distribution
Accumulation Stage: The "quiet accumulation" period of institutional investors. The core action of institutional funds during this stage is to collect chips at low prices, with institutions as the main buyers and retail investors mostly as sellers. From the market characteristics, one can judge through the volume-price relationship: when the price of digital currency is in a low range, there will be a stepwise increase in volume (gradually increasing trading volume), accumulation (continuous large transactions), and simultaneous rise in volume and price (price rises in sync with trading volume). These characteristics correspond directly to the chip distribution chart, reflecting that institutions are steadily accumulating.
Markup Stage: The profit-taking period where institutions "push up the price." After completing accumulation, the price of digital currency will move away from its cost zone, and institutions will begin to realize paper profits. During this stage, institutions will use a small portion of funds to wash out (oscillate and consolidate, clearing retail investors' floating chips), while most chips remain unchanged; the chip distribution chart shows that a large number of chips still occupy the bottom area, which is the core holding of institutions, aiming to wait for subsequent high-level cashing out and further pushing up the price.
Peak Stage: The signal period where institutions "prepare to exit." When the price of digital currency is high, if a large number of chips suddenly disappear from the bottom area, it is a clear sign of institutional selling. The key characteristics of this stage are: low-position chips continuously move to high positions and form a dense accumulation at high levels, while the market turnover rate significantly increases (large chips are exchanged at high levels), indicating that institutions are accelerating the transfer of chips, and the price is about to peak.
Distribution Stage: The final period where institutions "cash out and exit." After realizing profits at high levels, market chips will be fully concentrated in the high range, with no institutional holding chips at the bottom. At this point, the institutional selling action is complete, and the digital currency lacks upward momentum; investors should not continue to hold and should immediately take stop-loss or take-profit actions to avoid being trapped.
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Below are the real trading signals from the Big White Community this week. Congratulations to those who followed along. If your trades are not going well, you can come and test the waters.
Data is real, and each trade has a screenshot from the time it was sent.
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BTC
Analysis
The position of Bitcoin has exceeded the 3.9% over-collateralization. Tether's collateralization rate for USDT as of September 30, 2025, is 103.9%, when the price of BTC was $112,700. The current price of BTC is $91,000, down 19.25%, leading to a decrease in BTC's proportion from 5.6% to 4.5%, and the overall over-collateralization of USDT has dropped to around 2.8%. This is the main reason for S&P's downgrade of Tether's rating, as there are concerns that a continued decline in BTC could lead to Tether's USDT being under-collateralized. Additionally, S&P also believes that Tether lacks transparency, which is another reason. However, S&P does not believe that Tether will go bankrupt or face difficulties, as Tether still holds over $130 billion in U.S. Treasury bonds, accounting for 75% of all collateral, so theoretically, Tether's stability is still intact. Currently, Bitcoin's price hovers around $90,000, with a potential rebound in the range of $89,570 to $89,110, targeting around $90,300 to $91,000. On the upside, short positions can be taken in the range of $90,950 to $91,600, targeting around $89,700 to $89,200.
ETH
Analysis
From 2025 to 2028, the electricity gap in the U.S. will force BTC and AI to compete for power resources, which may increase BTC mining costs. It is estimated that there will be a significant electricity shortage in the U.S. from 2025 to 2028, primarily due to the massive expansion of AI-driven computing centers. The power consumption of data centers is increasing, and it is predicted that AI-dominated computing centers will require 69 GW of electricity over these three years, equivalent to the total load of 69 large nuclear power plants, which is higher than the entire electricity load of the UK. Data forecasts suggest that the U.S. can only provide about 25 GW of new supply by 2028, resulting in a gap of 44 GW. What does this indicate? The Bitcoin hash rate accounts for 37.8% of the global network. If electricity becomes scarce, on one hand, electricity prices may continue to rise, and on the other hand, in the capital market, BTC will be competing with AI for electricity. Will capital lean more towards AI or BTC? This is undoubtedly a question. Traditional capital will certainly place more emphasis on AI, at least as long as the AI bubble has not burst. Ethereum remains primarily in short positions, and a rebound to the range of $3,058 to $3,068 can be used to enter short positions, targeting around $2,993.
Disclaimer: The above content is personal opinion and for reference only! It does not constitute specific operational advice and does not bear legal responsibility. Market conditions change rapidly, and the article has a certain lag. If you have any questions, feel free to consult.
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