A derivatives analytics report from Bybit and Block Scholes links a shift in market sentiment to bitcoin's move into the upper $90,000 band, with open interest across nine major coins surpassing $8 billion. Bybit's Risk-Appetite Index edged higher as traders opened more perpetual positions, while altcoin spot ETFs in ether, Solana, and XRP registered several consecutive days of inflows.

Bitcoin rose about 20% since November 21, 2025, after a 19% drop pushed it below the 365‑day moving average near $101,000. Demand has improved but remains weak, with spot demand contracting by 67,000 BTC over 30 days and U.S. ETFs showing no sustained accumulation. Exchange inflows have climbed to a seven‑day average of 39,000 BTC, which may increase selling pressure.

In 2025, Bitcoin saw the launch of a U.S. Strategic Bitcoin Reserve under President Donald Trump, rising institutional ETF flows and a new all-time high above $126,000 before a sharp October reversal. After a $19 billion liquidation event, BTC slipped below key psychological price levels and hovered near $90,000 as indicators pointed toward the start of a bear cycle and investors increasingly rotated into traditional assets such as gold.

The Kingdom of Bhutan plans to deploy 10,000 BTC, valued at roughly $1 billion, to support the long-term development of its new Gelephu Mindfulness City economic zone. Announced by King Jigme Khesar Namgyel Wangchuck in his National Day Address, the Bitcoin Development Pledge focuses on mindful, sustainable growth and potential collateral, yield strategies, and prudent governance for the kingdom's BTC reserves.

Binance has crossed 300 million registered accounts eight years after its July 2017 launch, supported by deep liquidity, fast listings and diversified stablecoin markets. A Binance report researched by Kaiko highlights how robust infrastructure, structural market improvements, and developments such as Bitcoin spot ETFs and Europe’s MiCA regulation have attracted both retail and institutional traders. Recent data also show Binance processing significantly higher daily volumes than major rivals, with tight spreads and resilient order books during volatile periods.

A weekly analysis outlines a bear cycle for Bitcoin with a historically small 55% drawdown from the all‑time high, implying a potential bottom near $56,000. The view reflects softer demand, fading derivatives risk appetite, and U.S. spot ETFs turning net sellers in Q4 2025, with intermediate support anticipated around $70,000.

Binance co-CEO Richard Teng set out his expectations for 2026, arguing the crypto market is shifting toward steadier cycles and deeper integration with traditional finance. He anticipates broader institutional participation, corporate treasury diversification beyond Bitcoin and Ethereum, and greater policy engagement, alongside progress at the intersection of blockchain and AI.

According to CryptoQuant, bitcoin's recent price rebound has coincided with a sharp decline in exchange deposits and softer selling pressure from large holders. After the Federal Reserve's latest FOMC meeting delivered a 25 basis points rate cut, BTC recovered from $80,000 to a monthly peak of $94,000 while whales and short-term traders realized multi-billion dollar losses.

Strategy announced plans to create a cash reserve exceeding $1.44 billion through at-the-market stock issuance. The reserve will operate independently from the company's Bitcoin holdings, transforming Strategy into a dual-reserve entity managing both BTC and USD funds. The cash buffer will fund preferred stock dividends and cover debt obligations without forcing Bitcoin sales during market downturns.