Bitcoin may be nearing its cycle bottom following significant deleveraging and capitulation, according to Bitfinex Alpha. Entity-Adjusted Realised Losses have surpassed $400 million, exceeding levels recorded at previous market troughs. Reduced selling pressure indicates exhaustion among short-term holders, the analysis shows.

Bitcoin is testing the $93,000 level for the second time in under a week. Derivatives data show significant short-liquidation clusters forming between $92,500 and $94,000. The concentration of overleveraged short positions could trigger forced buying if upward momentum continues.

Benchmark raised its price target for Strategy (MSTR) to $705, projecting a 183% upside from current levels. The firm would need Bitcoin to crash 86% to $12,700 to face debt coverage issues on its $8.2 billion obligations. Market odds of Strategy selling Bitcoin by mid-2026 stood at 28% as of press time.

Bitcoin investors holding coins for over six months have reversed their supply trend, marking the first increase since April. The 6-month inactive supply recently turned upward after months of decline, according to Capriole Investments founder Charles Edwards. This shift suggests a potential move toward stronger holding behavior across the network.

Bitcoin rose 6% to surpass $91,000 after Vanguard restored spot Bitcoin ETF access to its client base of over 50 million accounts. U.S. markets opened with more than $150 million in BTC bids, marking the strongest intraday surge since May 2025, data show. Bloomberg ETF analyst Eric Balchunas suggested the policy reversal could push Bitcoin toward $100,000 as 2026 approaches.

Bitcoin dropped below $84,000 on December 1, pulling total crypto market capitalization under $3 trillion, according to CoinGecko data. The decline occurred as traditional equities, gold, and other risk assets hit consecutive peaks. Analysts point to structural factors including exhausted crypto-native capital and limited institutional inflows, despite favorable macroeconomic conditions such as anticipated Federal Reserve rate cuts and strong corporate earnings.

Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office, said cryptocurrency mining has become a significant but undervalued export sector for Russia that directly impacts the national currency market. He emphasized that mining-related financial flows should be incorporated into the country's balance of payments to improve ruble exchange rate forecasts. Oreshkin made the remarks at the "Russia Calling!" international investment forum in Moscow this week.

Grayscale Research projects bitcoin will reach new record prices in 2026, rejecting the traditional four-year cycle theory. Vanguard reversed its stance on digital assets, enabling clients to trade ETFs holding BTC, ETH, XRP, and SOL starting Tuesday. Bank of America will permit portfolio allocations of 1% to 4% in crypto assets.