Republican leaders released a final staff report going over claims of debanking by federal regulators in what some have called "Operation Choke Point 2.0."

Mining revenue hits structural lows as hashprice sinks, costs rise and payback periods stretch past 1,000 days, squeezing even the largest operators.

First Digital plans a stablecoin SPAC merger to go public amid growing crypto listings, with a potential Nasdaq listing through CSLM.

The post First Digital moves toward US listing through merger talks with CSLM SPAC appeared first on Crypto Briefing.

Coinbase's Sui token listing in New York may enhance crypto adoption and innovation despite stringent regulatory challenges.

The post Coinbase now lists Sui token for New York residents on all platforms appeared first on Crypto Briefing.

Following a rebound in the broader cryptocurrency market on Sunday, Bitcoin‘s price moved back above the $91,000 mark. Despite this bullish price action, which was brief as BTC has lost the level, major BTC holders are sharply exiting the market, raising questions about the stability of the current bounce.

A Key Bitcoin Cohort Has Stopped Accumulating

In the ongoing market recovery, there has been a shift in sentiment among Bitcoin key investors. A recent report by Joao Wedson, a market expert and founder of Alphractal, reveals that BTC’s typically unshakable giants, also known as whales, have now gone quiet.

Following several months of strategic buying activity, the whale cohort, those wealthy individuals who frequently control and influence market trends, has abruptly stopped accumulating. Specifically, this fading buying enthusiasm is spotted among wallet addresses holding between 100 BTC and 1,000 BTC.

According to the market expert, this shift in sentiment from the whale cohort is a development that demands close attention as the market fluctuates. This is likely because the absence of whale-sized demand creates an extra layer of complexity in the market, causing speculations about whether this is just a time of careful observation. Perhaps the first scene of a more extensive structural change.

Joao Wedson highlighted that this range often represents the real big players, funds, companies, and professionals, as most wallet addresses holding over 1,000 BTC are linked to crypto exchanges. What’s interesting about the current pause in whale accumulation is its similarities with that of the 2021 bull market cycle before prices drastically plummeted. 

Just like in 2021, the whale cohort has ceased to accumulate BTC, and the annual fluctuation has begun to decline. Meanwhile, after months of fading buying activity from these investors, the price of Bitcoin dropped sharply, triggering a bear market phase.

Wedson has addressed any misconceptions toward the trend, noting that this is not a rule nor an automatic sell signal. However, it does demonstrate that major players are currently, at the very least, less enthusiastic about adding to their BTC stash.

Whales Are Currently Shorting BTC

While Bitcoin recovered above $91,000, whale investors were increasingly bearish about the recent bounce. In another post, Wedson reported an unusual tilt as large investors are quickly reducing their long positions or even raising their short positions in BTC.

BTC whales may be opening more short positions, but retail investors are continuously leaning into the upward direction. The contrast is dramatic, a sort of market structure in which small-investor zeal is overshadowed by deep-pocketed prudence.

Wedson, this divergence normally leads to a period of sideways price action, as seen back between March and April this year. However, this trend might imply that some bears are likely targeting the $80,000 price level again in order to sustain accumulation. At the time of writing, the Bitcoin price was trading at $86,275, exhibiting a more than 5% decline in the past day.

Strategy CEO Phong Le has revealed the instance in which his company may be forced to sell its Bitcoin holdings. This comes amid concerns about the MSTR stock crash, which puts the company at risk of seeing its mNAV drop below 1. 

Strategy CEO Reveals When They Will Sell Bitcoin

During an interview on the ‘What Bitcoin Did’ podcast, the Strategy CEO said they could sell Bitcoin to fund dividend payments on their preferred shares if the mNAV is trading below 1. He alluded to the BTC yield, which is their primary KPI, and that under 1x mNAV, it is more “creative” to sell their BTC holdings to pay the dividends. 

The Strategy CEO explained that they typically raise capital when their mNAV is above 1 to fulfill their obligations, even when it is below 1. He alluded to the 2022 crypto winter when they bought back their Bitcoin-backed loans as proof that they had prepared in advance for such market conditions. However, when they are unable to raise capital, Phong Le stated that they will have no option but to sell their BTC holdings. 

Strategy data shows that their mNAV is currently at 1.19. Meanwhile, the company currently holds 649,870 BTC, worth around $55 billion. With the MSTR stock on a downtrend, Michael Saylor’s company still faces the risk of seeing its mNAV fall below 1 for a sustained period. TradingView data shows that the stock is now down over 40% year-to-date (YTD) from a 2025 high of around $455. 

There were recently rumors that Strategy supposedly sold some of its Bitcoin holdings, which Saylor quickly denied. The company then went on to make one of its largest purchases this year, buying 8,178 for $836 million. This formed part of the proceeds from the company’s STRE offering. 

Saylor Teases Another Bitcoin Purchase

In an X post, Michael Saylor teased another Bitcoin purchase from Strategy. He posted the company’s BTC portfolio tracker with the caption, “What if we start adding green dots?” It is worth noting that these conventional Sunday posts have usually preceded a BTC purchase announcement by the company the following day. 

Based on this, Strategy likely bought more Bitcoin between November 24 and 30 last week. This comes amid the Bitcoin downtrend, with the flagship crypto again dropping below the psychological $90,000 level. Besides the BTC crash, the possibility of an exclusion from MSCI indices is another factor that paints a bearish picture for Saylor’s company. The MSCI will decide by January next year whether treasury companies like Strategy should remain in their indices. 

At the time of writing, the BTC price is trading at around $86,000, down over 5% in the last 24 hours, according to data from CoinMarketCap.

The first thing many Ukrainians check in the morning is not Instagram or email, it is a war map. DeepStateMap.Live, a volunteer-built OSINT project, shows which villages are under occupation, where Ukrainian advances hold, and where the front looks fragile. It’s a survival tool as much as a news product, funded by donations and backed by a cooperation agreement with the Ministry of Defense to keep its view of the battlefield accurate.

Now imagine that same map, draped over a glossy 3D globe called PolyGlobe, with little icons marking Polymarket contracts like “Will Russia capture Huliaipole by December 31?” When you hover over the bet, the exact neighborhood lights up. The area where someone’s parents live is the area where someone else has “Yes” odds priced to three decimal places.

That’s the dichotomy this story lives in: a wartime public good on one side, and a crypto prediction platform with real-money wagers on captured towns on the other.

In late November, a Ukrainian tech outlet reported that Pentagon Pizza Watch, the pseudonymous team behind PolyGlobe, had integrated DeepState’s API directly into its war-betting dashboard without permission. The map, the article said, was being pulled into a Polymarket visualization tool so that traders could see shaded control zones, unit icons, and attack arrows directly under their war bets, a “first-of-its-kind OSINT market tracker” built on top of someone else’s wartime infrastructure.

DeepState UA, the group behind the map, reacted within hours. In a public statement relayed through local media and social channels, they said they had never authorized any betting service to plug into DeepStateMap and called the use of their work in war gambling unacceptable, adding that third parties were probably accessing the data through a free API intended for humanitarian and military needs or via scrapers.

Pentagon Pizza Watch apologized and removed the integration, claiming they assumed a public endpoint was fair game. While relatively brief, the issue opened a deeper question that goes well beyond one plugin: what happens to open wartime tools when crypto markets start treating them as raw material for bets, while both Ukrainian and Russian families bury the dead from drone strikes and artillery fire?

When the frontline becomes a futures contract

Polymarket has leaned hard into geopolitical and war markets. According to reporting from dev.ua, in November, there were roughly 100 active contracts tied to the Russia–Ukraine war, from whether Russian troops would capture Pokrovsk or Myrnohrad by year’s end to when a ceasefire might finally hold, with about 97 active war bets and nearly $96.8 million in volume. A trader clicking into these markets finds language that looks more like a rules appendix than a forum about human lives.

In multiple contracts, Polymarket explicitly names the Institute for the Study of War’s interactive Ukraine map as the primary resolution source and DeepStateMap.Live as a backup if ISW becomes unavailable. If both maps go offline, the plan is to fall back to a “consensus of credible reporting.” In other words, the frontline map millions of Ukrainians use to understand whether their village is under occupation is written into the fine print of an on-chain casino as a kind of oracle of record.

Supporters of prediction markets will say this is the point. Their pitch is that you crowdsource probabilities from people willing to put money on the line, the markets digest all available information, including live OSINT feeds, and what comes out is a cleaner read on the future than any political pundit can deliver. For long-term macro questions or election odds, that argument at least fits the usual “wisdom of crowds” story.

But war is a different category. Someone checking Polymarket to see if a ceasefire has a 5% or 10% price this month is consuming a financial product. Someone checking DeepStateMap to see whether Russian artillery is near their town is trying to decide if they can drive their kids to school, just as someone in Kursk or Belgorod is trying to figure out whether Ukrainian drones are going to hit a fuel depot near their apartment.

This is a conflict that has already left tens of thousands of civilians dead. Different sources report different numbers, but the consensus is that there are more than 50,000 recorded civilian casualties in Ukraine alone, and likely well over a million soldiers on both sides killed or wounded. One side of the market is taking risks voluntarily, while the other is exposed to violence forcefully. When the two collapse into the same stack of tools, some of the distance that normally separates speculation from real-world harm disappears.

The PolyGlobe integration pushed that logic to its natural endpoint. The dev.ua report quotes the Pentagon Pizza Watch team saying that geographic war markets “constantly confuse people,” and that draping DeepState’s map over their globe would clear that up by letting users hover over a region and see “the exact area of the transaction where it is being resolved.” No more quibbling over whether a station really counts as “captured,” just zoom in and watch the map repaint in near-real time as troops move. It’s a neat little UX trick for a trader, and a stomach-turning one if that shaded district happens to be where someone you know is serving.

To be clear, Polymarket didn’t write the PolyGlobe code and never claimed to be scraping DeepState’s API. Its war markets, though, sit at the center of an orbit of tools and plugins that are, and the platform sets the basic incentive structure that makes those tools profitable.

When a third-party dashboard wraps humanitarian OSINT around Polymarket markets, it’s doing so to increase trading volume, attract more users, and make the gambling smoother for people speculating on the capture of Ukrainian towns or the fall of another Russian-held village.

That’s not an accidental side effect of an innocent tool, just the business model doing exactly what it was designed to do.

When public goods meet private odds

DeepStateMap is a high-traffic, high-stakes information source: by early 2024, the map had been viewed more than a billion times, with daily traffic in the hundreds of thousands, and its team works with the Ukrainian military to cross-check frontline information so civilians and soldiers can see where the fighting actually is.

While most of the focus is on Ukrainian territory, the same war has brought drone and missile attacks to border regions in Russia, Crimea, and the Black Sea, killing and injuring civilians there as well; the UN has documented hundreds of civilian casualties in Western Russia and occupied Crimea linked to this conflict, even without full access to Russian-controlled areas.

It’s funded by a mix of donations and government support, and its API is intentionally oriented toward humanitarian uses, journalists, and civil defense. When DeepState UA says that “systematic attempts at unauthorized use” are forcing them to tighten API access, move to individualized keys, and spend time on intellectual property enforcement, they aren’t only talking about the annoyance of a scrape.

Every hour spent policing degens is an hour not spent improving the map, hardening it against DDoS, or building better overlays for air raid patterns and artillery range on either side of the border. It pushes a volunteer-heavy team into gatekeeping mode, reviewing requests and yanking keys, instead of treating their data as a shared public utility.

The bigger risk here is that, under enough abuse, projects like DeepState conclude that open endpoints are more trouble than they are worth. They can lock the API behind closed partnerships, slow down refresh rates, or degrade granularity in the public version. That might be rational self-defense for the team, but it looks very different if you are an NGO field worker, a local journalist, or a family trying to make route decisions based on where the front appears to be.

Polymarket’s own record doesn’t make this tension easier to swallow. Earlier this year, the platform dealt with a $7 million controversy over a market on whether Donald Trump would secure a mineral deal with Ukraine. The contract settled “Yes” even though no such agreement materialized, after a large holder of UMA governance tokens reportedly used their voting power to push through that outcome. If huge financial stakes can twist a niche geopolitical market about a hypothetical Trump deal, it is not hard to imagine similar games around war contracts that rely on subtle frontline changes.

That doesn’t mean prediction markets have no place in conflict analysis. Academics and policy types have experimented with war-related contracts for years, often inside controlled, low-stakes environments, to gauge expectations about outcomes like peace agreements or sanctions.

The Polymarket version of this is different in at least two ways: the money is big, with almost $100 million traded across Russian–Ukrainian war markets in a single month according to Ukrainian press, and the experience has been tuned for retail gamblers. The result is a hybrid product that borrows the language of “information markets” but feels, to the people whose lives sit under those price charts, like a sportsbook, just with better branding.

There is a more basic question hiding underneath all of this. Whose consent matters when turning a public map of a war into infrastructure for financial bets? The company that made it? Ukrainians? Russians?

DeepState UA built its project to help Ukrainians orient themselves in a conflict that has displaced millions and killed tens of thousands of civilians, while Russians are also losing relatives and friends to a war launched in their name that now sends Ukrainian drones toward their homes. The team has made it very clear that they do not want to be part of a wagering economy around territorial loss.

Polymarket and its satellite tools, by contrast, operate from a crypto culture where everything that can be priced will be, and where “degen” is worn as a badge rather than a slur. For one set of communities, war is an existential reality; for the other, it is a volatility source with an RSS feed.

The episode with PolyGlobe will fade from the news cycle. Pentagon Pizza Watch has already taken down the DeepState integration and promised not to touch the data without explicit permission. Polymarket’s war markets will keep trading, with their references to ISW and DeepState sitting in the rulebooks, and a fresh crop of users will keep discovering that they can bet on the fate of towns they have never heard of.

The real question is what gets left behind when prediction markets move from “Who wins the election” to “Who loses their home this quarter,” while Russia keeps firing cruise missiles at Ukrainian apartment blocks and Ukraine keeps launching drones into Russian cities that were once far from any front line.

If humanitarian mapping projects decide that betting platforms are parasitic, the likely move is to retreat: more friction, more locked-down data, fewer open feeds. That may frustrate degens, but they will find something else to gamble on. The people who cannot route around that withdrawal are the civilians who depend on clean, fast, open intelligence to navigate their days in their war-forsaken towns.

War betting defenders will say that markets only mirror reality, that odds on a ceasefire or a breakthrough in Donbass are just numbers. But those numbers are painted over their real places where real people live, and every bet written against that backdrop feels like one more small cut to the fragile trust that keeps civilians sharing information and volunteers updating maps. The dark side of Polymarket’s war games is the slow corrosion of a digital commons created to help people survive a war, now forced to spend its time protecting itself from those who would turn that war into a game.

The post Polymarket war bets collide with the maps civilians use to survive appeared first on CryptoSlate.

When crypto sells off, the market doesn’t so much walk down the stairs as it slips on the first step and discovers there never were any handrails. Everyone knows why: perps are a stadium, options are a side alley, and insurance in a storm is hard to buy.

Paolo Ardoino, the CTO of Bitfinex, knows what the missing handrails are: credit, clearing, margin, and products professional traders actually use when it’s raining. In an exclusive interview with CryptoSlate, he argued that real hedging is a distribution problem masquerading as a philosophy debate.

“If we make sophisticated tools more accessible and connected, institutions can operate with greater efficiency.”

Seatbelts for a market that loves speed

Options are supposed to be the seatbelts of volatile markets, but in the crypto industry, they’ve mostly been decorative. There are, of course, the inevitable bursts of liquidity around expiring strikes, a few large players playing calendar chess. But when the tape turns red, spreads widen, size disappears, and everyone reaches for the exits at once.

The result is the spiral we’ve all become familiar with: protection is scarce, so risk is cut with blunt instruments, which deepens the drawdown, which then makes protection even scarcer. Ardoino’s view is that the fix starts with giving serious desks a familiar toolkit, wired into rails that don’t snap under stress.

“Market makers need advanced tools to hedge and manage risk, and they will gravitate toward platforms that help build a more stable market,” he said.

This is why Bitfinex has been rolling out instruments that speak to how risk is actually managed: not just directional bets, but volatility itself. Volatility perpetuals, contracts that track the forward-looking choppiness of BTC and ETH, are the sort of thing pros reach for when they don’t want to bet on “up or down” but “how wild?”

“Our new offerings, like our BTC and ETH volatility perpetuals, cater specifically to advanced traders who want to hedge or trade around market turbulence.”

He explained that this is exactly what clients wanted during rough markets:

“During periods of market turbulence, the primary needs from our sophisticated clients always revolve around execution reliability and robust risk management tools.”

Bitfinex doesn’t seem to be all talk, as it’s growing its derivatives business where the rules match the experiment. The company relocated Bitfinex Derivatives to El Salvador, a bet on regulatory clarity that, in Ardoino’s words, is less about ideology and more about permission to build boring, useful infrastructure at speed. He told CryptoSlate that policy alignment matters because it anchors long-horizon work:

“Ultimately, for this growth to take off, the market needs the backing of forward-looking jurisdictions. Our move to relocate Bitfinex Derivatives to El Salvador is a prime example of aligning with a regulatory environment that is open to crypto innovation. This clarity supports the long-term goal of building out the necessary institutional infrastructure and serving underserved regions, especially in Latin America.”

A core piece of that plumbing is the “universal account.” In a typical options setup, collateral sits in silos: futures in one bucket, options in another, spot in a third. The risk engine treats these positions separately, so traders over-post margin, withdraw to move funds, and lose precious time during market chaos.

A universal account solves this fragmentation. One wallet funds spot, perps, options, and structured products, and a single risk engine sees offsets across the whole portfolio. Ardoino believes that this is a powerful concept that can fundamentally change capital efficiency by reducing the amount of idle collateral. He explained that it also comes paired with risk-based margining:

“If they can use a universal account with a risk-based margining system like portfolio margin, they are no longer forced to silo excessive collateral for every individual position.”

In his view, the payoff here is market-wide:

“This approach helps improve market maturity. It allows institutional players to hedge more effectively, which in turn leads to a more stable and orderly market overall, benefiting both institutional and retail participants.”

Plumbing, not hype

There’s a reason options participation skews to a small set of venues: onboarding, fragmentation, and the cognitive tax of managing risk across a dozen partial solutions.

Bitfinex’s goal, through its integration with Thalex, is to treat convenience is a liquidity strategy. If traders can route into an options venue without a second round of paperwork, they won’t feel like they’re margin trapped on one island. Distribution and access are the real product here, at least according to Bitfinex’s vision.

Thalex is a dedicated crypto options venue focused on BTC and ETH, built around a low-latency matching engine and portfolio-aware risk. Bitfinex integrated Thalex to give its customers direct access to listed options without separate onboarding. The companies have since announced a merger to bring Thalex’s options stack under the Bitfinex umbrella, aligning accounts, settlement, and risk so that options, perps, and spot can sit behind one set of rails. In practice, that means a single login and a unified margin system across a broader product set.

“Our partnership with Thalex means customers can use their existing accounts and verification, making it more straightforward to access a wider product set,” he explained. The aim is to reduce frictions so capital can commit. “When we offer familiar financial structures adapted for crypto, along with easy accessibility, it lowers the barrier for big, credible market makers to engage.”

While phrases like “stable settlement” and “predictable risk engines” might sound like empty branding, they’re actually what keeps market makers quoting through stress. Ardoino’s repeated emphasis here is on the institutional fit:

“Attracting truly credible balance sheet is about providing a stable, mature, and efficient trading environment.”

The rest follows from shipping what pros need:

“Crypto derivative products, such as stablecoin-settled futures and options instruments, are critical to ensuring a more rounded market.”

The other axis of legitimacy is the US, where listed products have a habit of setting the tone for everyone else. Asked whether US instruments, including CME listings and ETF options, will siphon the flow away from offshore venues, Ardoino flips the frame.

“In a broad sense, US-listed instruments will act as a catalyst. They legitimize the asset class globally, bringing in institutional investors and large pools of capital that were previously on the sidelines.”

And for Bitfinex’s role in that expansion, the strategy is explicit:

“For Bitfinex, the focus is on positioning ourselves as a long-term player that can support the new forms of capital raising and institutional investment this global shift enables.”

What changes if hedging gets easy

Imagine another sell-off like the one we’ve seen last week, but this time with better plumbing. A miner that wants crash insurance can buy puts that actually fill in size, funded against the rest of its book in a single account. A basis desk can lean into skew without sacrificing its inventory to margin silos. A market maker can quote through the shock because its risk engine recognizes offsets instead of punishing them.

None of that will make prices go up, though, but it will make the path down significantly less painful. Wicks shorten when insurance is available at a known price, and forced sellers become optional sellers. If BTC and ETH are going to shake the “cliff dive, dead cat, doom loop” pattern, it starts with a margin system that rewards hedge discipline and a product set that lets traders express risk cleanly.

This is also how options grow from a curiosity to a habit. You probably won’t see venues that win this race for options advertised on crypto arenas. The venues that position themselves at the very top of this market will most likely look like nothing more than basic trading infrastructure. That means being boring about uptime during chaos and opinionated about product design when it counts.

Bitfinex’s roadmap, which now includes volatility products, stablecoin-settled instruments, universal accounts, and regulatory posture tuned for building, looks like an operator’s answer to a trader’s week.

The test is whether market makers answer the call and whether the venue can prove, day after day after day, that execution and risk are handled like a utility, not a casino. Ardoino emphasized again that attracting truly credible balance sheet depends on providing a stable, mature, and efficient trading environment.

So if crypto wants to trade like the asset class it insists it is, this checklist is now long overdue.

The post Bitfinex’s options playbook: Ardoino on building rails that won’t snap appeared first on CryptoSlate.

As the final month of the year begins, the focus now shifts to profits. However, the beginning of December has been rather unpleasant, given that over $162 billion was wiped out of the crypto market today. However, some altcoins have managed to continue their rise.

BeInCrypto has analysed three such altcoins that could be looking at new all-time highs in the coming week.

Rain (RAIN)

RAIN is trading at $0.0080, placing it just 7% below its all-time high of $0.0086. The altcoin remains one of the strongest performers, holding close to record levels despite broader market volatility.

For RAIN to reach a new ATH, it must secure $0.0079 as solid support. A successful bounce from this level could drive the price toward $0.0100, signaling renewed bullish momentum and heightened investor confidence.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

If investors take profits early, RAIN could lose momentum and fall toward the $0.0067 support level. A drop below this threshold would invalidate the bullish outlook and delay any attempt at setting new highs.

Monero (XMR)

XMR is trading at $412, holding just below the $417 resistance level. The privacy-focused altcoin sits relatively close to its all-time high of $471, keeping bullish expectations alive despite broader market uncertainty.

Reaching the ATH would require only a 14% increase, supported by investor demand and a decisive flip of the $450 resistance into support. The Ichimoku Cloud currently signals intact bullish momentum, suggesting XMR may attempt another upward move if market conditions cooperate.

If investors take profits or broader sentiment weakens, XMR could face renewed selling pressure. A breakdown from current levels may send the price toward $364, which would invalidate the bullish outlook and delay any attempt at retesting the all-time high.

Undead Games (UDS)

UDS is trading at $2.97, sitting just below the key $3.00 resistance level. This psychological barrier must be flipped into support for the altcoin to maintain its upward trajectory and strengthen its short-term recovery outlook.

The ATH sits 16% higher at $3.44, and current indicators support a move toward it. The Parabolic SAR remains below the candlesticks, signaling an active uptrend. If UDS secures $3.20 as support, the momentum could drive a breakout toward new highs.

If selling pressure emerges, UDS could retrace to the $2.73 support level. A breakdown below this zone would weaken the bullish structure and potentially send the price toward $2.59 or lower, invalidating the bullish thesis entirely.

The post 3 Altcoins That Could Hit All-Time Highs In The First Week Of December appeared first on BeInCrypto.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee, because today’s story is not what it first appears to be. MicroStrategy’s new $1.44 billion cash wall has sparked more questions than answers, landing at a moment when markets feel unusually tense, and every move seems to hint at something deeper beneath the surface.

Crypto News of the Day: MicroStrategy Builds USD Reserve as Market Panic Tests Saylor’s Bitcoin Doctrine

MicroStrategy’s latest move was supposed to calm nerves. Instead, it has become the new focal point of a market gripped by fear, speculation, and a fast-approaching liquidity stress test.

On Monday, Strategy Inc. (formerly MicroStrategy) confirmed it has established a $1.44 billion USD Reserve. This cash buffer is designed to cover dividends and interest for up to 21 months.

Strategy chair Michael Saylor also revealed that the firm has added 130 BTC to its already massive treasury.

“Strategy has acquired 130 BTC for ~$11.7 million at ~$89,960 per bitcoin. As of 11/30/2025, we hodl 650,000 BTC acquired for ~$48.38 billion at ~$74,436 per bitcoin,” Saylor indicated.

The announcement arrived barely a day after traders obsessively dissected Michael Saylor’s cryptic “green dot” comments. Speculation ranged from an MSTR buy to the firm adding to its BTC stockpile.

The new purchase brings the company’s holdings to 650,000 BTC, or roughly 3.1% of all Bitcoin that will ever exist.

A Cash Reserve—Or a Warning Sign?

The company framed the USD Reserve as a strategic evolution. Saylor called it “the next step in our evolution” and essential for facing near-term volatility.

“…the reserve currently covers 21 months of Dividends. We intend to use this reserve to pay our Dividends and grow it over time,” Strategy CEO Phong Le indicated.

However, these remarks did not bring stability, but rather stress, coming after the MicroStrategy executive admitted to a scenario once considered unthinkable: a potential sale of Bitcoin.

In a recent interview, CEO Phong Le acknowledged a “kill switch” tied to two conditions:

• MicroStrategy’s stock trades below 1.0x mNAV—meaning the company is valued at less than the Bitcoin it owns.
• The firm cannot raise capital through equity or debt.

As of this writing, mNAV sits above 1x, pulling away from the 0.9x danger zone, below which, MicroStrategy could be pushed toward BTC-funded dividend obligations.

Markets are already on edge, with Jim Cramer, cited in a recent US Crypto News publication, issuing a warning.

“This kneejerk, somewhat vicious, decline smacks of anticipation of hedge funds blowing up over the Japan carry-trade… and Strategy/Bitcoin given that at this level they are almost the same thing,” wrote Cramer.

The line “almost the same thing” captures the structural shift: MicroStrategy has functionally become a leveraged Bitcoin ETF with a software company attached. That structure works spectacularly when Bitcoin rips higher, but compresses violently when liquidity tightens.

And liquidity is tightening fast.

MicroStrategy insists it faces no forced liquidation risk. However, the admission of a sale condition, combined with a $1.44 billion cash wall, marks a turning point.

Where Saylor once said, “We will never sell Bitcoin,” investors now have a measurable tripwire:
0.9× mNAV.

Bitcoin’s next move won’t just shape market sentiment; it may decide whether MicroStrategy remains the face of corporate Bitcoin accumulation or becomes the first high-profile test of its limits.

Chart of the Day

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

• Crypto funds roar back with $1.07 billion inflows as rate-cut hopes surge.
• Ripple wins Singapore approval as XRP whales drive market shift.
• Japan’s bond shock slams crypto: $640 Million liquidated as 10-year JGB hits 17-year high.
• 4 US economic events to shake Bitcoin sentiment in the first week of December 2025.
• Ethereum breaks down from key pattern, opening a path toward 28% crash.
• Fed to end QT: Could this trigger multi-year altcoin rally akin to 2019-2022?

Crypto Equities Pre-Market Overview

The post MicroStrategy Builds $1.44 Billion Cash Wall Amid Rising Market Fear | US Crypto News appeared first on BeInCrypto.

Michael Saylor’s recent post has stirred fresh buy speculation around Strategy’s Bitcoin holdings. He shared a portfolio chart and wrote, “What if we start adding green dots?” — a line that many investors read as a nudge toward new purchases. According to the chart, Strategy’s Bitcoin stash is valued at close to $60 billion, reflecting a total of 649,870 Bitcoins acquired across 87 distinct buys.

Saylor’s Comment Spurs Market Talk

The company’s tracker shows each past purchase as an orange dot. The idea of green dots implies new markers — new buys — could appear if Strategy chooses to add more Bitcoin. That signal comes at a time when volatility has returned to crypto markets, making any hint of institutional accumulation a headline-worthy event.

CEO Lays Out When Sales Might Happen

According to Strategy’s CEO Phong Le, selling would be a last resort. Le told listeners on a podcast that the firm will only sell its Bitcoin in extreme conditions — chiefly if market values drop below net asset value (NAV) and fresh capital cannot be raised.

What if we start adding green dots? pic.twitter.com/a19bD33KzD

— Michael Saylor (@saylor) November 30, 2025

Reports indicate the company expects to meet yearly preferred-share dividend obligations of about $750 million to $800 million by raising capital when its stock trades above NAV. Le said this approach lets the firm keep building its holdings while meeting payouts.

Based on company materials, the firm says it can maintain dividends even in stress. Strategy recently rolled out a BTC Credit dashboard aimed at giving investors clearer visibility into how the company can service its liabilities over the long term.

Company figures show the average purchase price sits near $74,000. The dashboard suggests that, according to the firm’s math, dividend payments could be sustained for decades even if Bitcoin traded around the firm’s average cost.

After touching highs above $126,000 in October, Bitcoin fell sharply and dropped below $86,000 in early Asian trading on December 1, sliding as much as 6% in a single session.

BREAKING: Bitcoin falls -$4,000 in 2 hours as mass liquidations return.

$400 million worth of levered longs have been liquidated over the last 60 minutes. pic.twitter.com/qKB7MYJapu

— The Kobeissi Letter (@KobeissiLetter) December 1, 2025

Other tokens moved lower too — Ethereum slipped more than 7% to about $2,800 during the same period. Analysts link the sell-off to a broader “risk-off” mood, with jitters around inflation and central bank policy weighing on risky assets.

Strategy said it had faced pressure earlier when Bitcoin traded near $90,000, a stretch that briefly put its Nasdaq-100 membership at risk. Even so, company leaders continue to stress a long-term approach to holding Bitcoin.

The recent public hint from Saylor and Le’s comments on selling policies together signal that Strategy is keeping the door open to buy on dips, while also setting clear lines about when selling would be considered.

The coming weeks will test whether those green dots appear on the company’s tracker and whether market conditions give large holders the chance to add to their positions.

Featured image from Unsplash, chart from TradingView

Crypto analysts Nik and Doctor Profit have provided insights into why the Bitcoin price is crashing today. The flagship crypto has again dropped below the psychological $90,000 level, sparking bearish sentiments among market participants. 

Why The Bitcoin Price Is Crashing Today

In an X post, Nik remarked that the Bitcoin price didn’t dump because of bad news but because the “clock flipped.” He noted that a large number of algos sold off at the same time with the daily close, and also considering that it is a new week and a new month. The analyst added that it is not traders making decisions but portfolios rebalancing in real time. 

Nik explained that with this Bitcoin price crash, inventories have adjusted, hedges have reset, and risk has been flushed from the market. He noted that the candles may look emotional, but that the behavior is mechanical. The analyst also indicated that retail investors may have also dumped their coins out of panic. 

Nik stated that time-based algos usually ignite the sell-off, and then everyone is forced to react to their flow. He added that the effect was strong enough today to shake the Bitcoin price, with the crash dragging the broader crypto market along. BTC dropped below $90,000 today, after recovering to $92,000 last week. 

Meanwhile, Nik stated that most people usually miss the signs of a potential Bitcoin price crash because they focus on patterns drawn by humans rather than flows controlled by machines. He added that the market doesn’t only react to price but also to time. 

Not Yet Enough Liquidity For A Major Crash

In an X post, crypto analyst Doctor Profit said that there isn’t enough downside liquidity yet to trigger a major Bitcoin price crash. This is why he expects a sideways range between the current price and the EMA50, around $100,000, in the coming days or weeks. The analyst noted that the two largest liquidity clusters in the short term are at the $97,000 and $107,000 regions. 

However, Doctor Profit remains bearish in the long term. He declared that a major move down is planned, but that the script must be followed and that the required liquidity is not yet in place. The analyst told market participants to expect a boring sideways phase with confirmed targets of between $70,000 and $75,000 by the start of 2026.  

Doctor Profit reiterated that such moves to the downside for the Bitcoin price take time. He explained that the crash could unfold as a strong drop, followed by a long sideways consolidation, then a fake relief rally, and then the continuation of lower lows. 

At the time of writing, the Bitcoin price is trading at around $85,800, down over 5% in the last 24 hours, according to data from CoinMarketCap.