Between November 21 and November 22, 87,464 BTC moved out of institution-tagged wallets, data show. The movement primarily reflected custody reshuffling rather than selling pressure. Strategy accounted for 49,907 BTC in transfers to new custodians while adding 8,178 BTC to holdings during the period, according to Timechain Index founder Sani.

Texas purchased $5 million in BlackRock's iShares Bitcoin Trust ETF on November 20, 2025, making it the first U.S. state to directly invest in Bitcoin, according to state records. The acquisition occurred when Bitcoin traded near $87,000. The state allocated $10 million total for cryptocurrency holdings within its $60 billion permanent school fund, with $5 million remaining for future investments.

JPMorgan Chase filed a prospectus with the SEC on Monday for a structured note linked to BlackRock's iShares Bitcoin Trust ETF (IBIT). The instrument offers investors a 16% guaranteed return if IBIT maintains or exceeds a set price level in one year, or up to 1.5x uncapped returns by 2028 if the fund initially declines but then appreciates. The note includes downside protection up to 30% losses.

Strategy's shares have declined more than 67% from their 2025 high as Bitcoin dropped over 36% from above $126,000. The company paused its regular Bitcoin purchasing this week while trading near a 14-month low. The halt marks the first notable break in a months-long acquisition pattern amid concerns over potential removal from major indexes.

None of Bitcoin's 30 monitored bull-market peak indicators have triggered as of November 25, 2025, according to data from analytics platform Coinglass. BTC has declined 30.7% from its October all-time high, yet the composite dashboard shows zero signals activated. At least 15 indicators must trigger before the platform confirms a market top, with current average progress toward peak conditions at 43.84%.

Metaplanet disclosed a $130 million loan facility on November 21 that could support additional Bitcoin acquisitions. The financing is part of a $500 million credit arrangement, with $230 million borrowed to date, collateralized by the company's Bitcoin treasury. As of November 25, Metaplanet held 30,823 BTC with an average purchase price of $108,036.

Tokyo-listed Metaplanet withdrew $130 million from its $500 million Bitcoin-collateralized facility on November 25, 2025, to purchase additional BTC. The company now holds over 1,200 BTC valued above $105 million. Total borrowings reached $230 million following a prior $100 million draw in October.

Bitcoin order books display diminishing bid-side liquidity as the U.S. Producer Price Index release approaches on November 25 at 8:30 a.m. ET. Large holders reduced buying positions while significant sell orders accumulated between $80,000 and $90,000. The concentrated resistance zones create heightened volatility conditions ahead of the October inflation data, with analysts projecting both headline and core PPI at 2.7 percent year-over-year.