Daily market key data review and trend analysis, produced by PANews.

1. Market Observation

The competition in the field of artificial intelligence is profoundly affecting the macro landscape of the global technology market, with the rivalry between Google and Nvidia becoming the focal point. Google has demonstrated strong capabilities in the AI sector with its self-developed TPU-trained Gemini 3 model, directly challenging Nvidia's market dominance, leading to a drop of over 7% in Nvidia's stock price during trading, resulting in a market value evaporation of nearly $350 billion, ultimately closing down 2.6%. However, Nvidia quickly responded, claiming that its GPU platform is a generation ahead of the industry, with unparalleled versatility and performance advantages, and emphasized that Google remains an important client. Google, on the other hand, stated that the demand for its custom TPUs and Nvidia GPUs is both accelerating. Against this backdrop, macroeconomic policies have also added variables to the market, with the Federal Reserve expected to halt quantitative tightening on December 1, coupled with market expectations for a rate cut in December, injecting potential positive signals into the risk asset market, as investors closely monitor how these factors will collectively shape the future market direction.

In the Bitcoin market, most analysts currently lean towards market volatility. BitMEX founder Arthur Hayes believes Bitcoin will oscillate below $90,000 and may test the effective support level of $80,000 again, planning to hold major funds until early next year before making any moves. Analyst Murphy believes that while it is not difficult for Bitcoin to return to $90,000, there is strong resistance around $92,000 due to options data and the concentration of short-term holders' costs. Delphi Digital analyst that1618guy proposed two possibilities: in an optimistic scenario, the market could break through $103,500 after completing its adjustment; in a pessimistic scenario, the rebound may be hindered in the $95,000 to $99,000 range, followed by a drop to around $75,000. Meanwhile, James Check warned that leveraged liquidations may not be over, and prices could further dip to the $70,000 to $80,000 range. Swissblock's analysis pointed out that although prices rebounded to $89,000, market momentum remains deeply negative, and the rebound may only be a tactical response. If Bitcoin can stabilize above the $85,000 to $86,500 range, market momentum may turn. Analyst Mark Cullen predicts that if the unemployment claims data to be released later in the U.S. is poor, it could lead to a brief pullback of BTC to around $83,000. However, he believes a rebound may follow, especially around the U.S. Thanksgiving holiday. Lennaert Snyde noted that rBTC encountered resistance at $88,200 and is currently still in a downward trend. If the 4-hour candlestick breaks above $88,200, it could trigger a bullish target towards the $93,000 resistance area; if it falls below the $86,200 support, it may further dip to the low point of the $82,300 range. He emphasized that until it breaks above $93,000, the technical outlook remains bearish.

Regarding Ethereum, Fundstrat co-founder Tom Lee suggested that even if Ethereum may pull back to $2,500 in the short term, it is merely building strength for the upcoming "super cycle," predicting its price could rise 3 to 4 times in January, reaching the range of $7,000 to $9,000. 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 market crash in October has recently increased its long position in Ethereum by $10 million, bringing its total holdings to $44.5 million. Although Ethereum's current price hovers around $2,900, market analysts believe changes in futures data may indicate a potential market bottom, but the overall trend remains filled with uncertainty.

Most altcoins are in an upward state, with the PLUME token surging over 80% after being listed on the Korean crypto exchange Upbit with a Korean won trading pair. Additionally, although Hyperliquid is about to unlock $308 million worth of HYPE tokens for the first time, and some whales hold large short positions in HYPE, the token still rose nearly 10% in the past 24 hours.

2. Key Data (as of November 26, 13:00 HKT)

(Data source: CoinAnk, Upbit, Coingecko, SoSoValue, CoinMarketCap)

• Bitcoin: $87,615 (Year-to-date -6.37%), daily spot trading volume $51.05 billion

• Ethereum: $2,939 (Year-to-date -11.96%), daily spot trading volume $21.71 billion

• Fear and 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 ranking: PLUME, MON, XRP, BTC, ETH

• 24-hour BTC long-short ratio: 49.04% / 50.96%

• Sector performance: Most of the crypto market is up, with RWA and AI sectors rising nearly 3%, while PayFi and Layer 2 sectors are correcting.

• 24-hour liquidation data: A total of 96,966 people were liquidated globally, with a total liquidation amount of $285 million, including $87.04 million in BTC, $54.02 million in ETH, and $32.63 million in HYPE.

3. ETF Flows (as of November 25)

• Bitcoin ETF: +$129 million, with Fidelity FBTC net inflow of $171 million leading the way

• Ethereum ETF: +$78.5849 million, net inflow for 3 consecutive days

• Solana ETF: +$53.08 million

• XRP ETF: +$35.41 million

• HBAR ETF: +$986,000

• DOGE ETF: +$1.8 million

4. Today's Outlook

• Binance Alpha will launch SUPERFORTUNE (GUA)

• BONK ETP under Bitcoin Capital will be listed on the Swiss Stock Exchange on November 27

• Kinetiq will hold KNTQ TGE on November 27 at 20:00

• Sahara AI (SAHARA) will unlock approximately 133 million tokens on November 27 at 8:00 AM, accounting for 1.33% of the total supply, valued at approximately $10.4 million;

Top gainers among the top 100 cryptocurrencies today: Story up 18.5%, SPX6900 up 14.4%, Ethena up 9%, Quant up 7.9%, Dash up 7.5%.

5. Hot News

• Strategy has transferred 58,390 BTC to Fidelity Custody in the past two months to reduce reliance on Coinbase

• Upbit will list the PLUME token in the Korean won market

• The once 25-game winning streak smart money address has fully lost on BTC/SOL/MON shorts, with a weekly floating loss exceeding $19.7 million

• Ark Invest increases its holdings in crypto companies like Block, Circle, and Coinbase

• The WLFI official has spent a total of 7.79 million USD1 to purchase 46.56 million WLFI tokens in the past 5 hours

• U.S. publicly listed company Reliance Global has integrated all its digital asset reserves into Zcash

• A wallet suspected to be associated with Fenbushi Capital deposited 10,400 ETH into Binance 10 hours ago

• Multicoin Capital has purchased another 60,000 AAVE, worth $10.68 million

• Texas in the U.S. has launched a Bitcoin reserve program, with the first purchase of $5 million in BlackRock's IBIT

• Arthur Hayes purchased $260,500 worth of PENDLE tokens from Flowdesk

• The MegaETH pre-sale event ended in failure due to technical issues, abandoning plans to expand the fundraising scale to $1 billion

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