Whale activity is split, 100k+ @Bitcoin wallets sold US5.98B in a month, while 10k–100k BTC holders bought US3.1B. Some call it Bitcoin’s “IPO moment” as older supply moves to newer hands. We still expect a Fed cut in December, labour indicators are weakening despite futures markets repricing the odds. With key data coming (PCE, ISM, NFP, CPI), we see the recent sell-off as dislocation, not a trend. Not a bear market signal, potentially a buying opportunity. More here: https://coinshares.com/insights/research-data/market-update-21-11-2025/?utm_source=twitter&utm_medium=social&utm_campaign=Research&Data_MarketUpdate_21112025&utm_content=market-update-21-11-2025(CoinShares)