Approximately 147,000 Bitcoin options contracts with a notional value of $13.4 billion are scheduled to expire on November 28, market data show. The put/call ratio stands at 0.58, reflecting a higher concentration of long contracts compared to short positions. Max pain is positioned around $100,000.

Bitcoin is trading above $91,600 after rebounding from support near $80,000 last week. US-listed spot Bitcoin ETFs recorded $21.12 million in net inflows on Wednesday, data show. Market sentiment has strengthened as the probability of a 25 basis point Federal Reserve rate cut in December rose to 87%, up from 39% a week earlier.

Bitcoin has reclaimed the $90,000 level after a brief decline to $80,000, but on-chain data shows short-term holders are exiting positions at steep losses. The short-term realized profit/loss ratio has dropped to 0.07x, meaning recent buyers are selling at significant losses, according to Glassnode. Analysts view $81,000 as a critical support level that must hold to prevent further declines.

On-chain analytics firm Glassnode has flagged a sharp decline in Bitcoin long-term holder liquidity amid the recent downturn. The firm's latest report warns that if the LTH Realized Profit/Loss Ratio compresses toward 10x or lower from its current 408 level, the probability of entering a deeper bear market increases significantly. Short-term holders currently show severe capitulation, with their profit/loss ratio at 0.07, indicating heavy losses among recent buyers.

The California Public Employees' Retirement System has seen its Strategy (MSTR) investment decline to approximately $80 million from over $144 million, following a 45% drop in the stock this quarter. The pension fund acquired 448,157 shares in Q3 but has faced losses amid broader market weakness. JPMorgan analysts warn that Strategy faces potential removal from major equity benchmarks, which could trigger up to $2.8 billion in outflows from passive funds.

Bitcoin recovered to $90,000 after falling to its lowest level since April on November 20. Open Interest contracted from $45 billion to $28 billion as leveraged positions were cleared. U.S. Spot Bitcoin ETFs recorded $151 million in net inflows starting November 21, following a $3.09 billion outflow period, according to CoinGlass data.

Bitcoin climbed above $90,000 after rebounding 13% from $80,000 lows. Kalshi prediction markets show traders pricing a 60% probability of BTC reaching $100,000 before year-end. The rally gained momentum after Treasury Secretary Scott Bessent indicated President Trump would likely announce his Federal Reserve chair selection before Christmas.

Bitcoin is trading near $91,700, up approximately 3% over the past 24 hours. Sentiment indicators remain in fear territory despite the bounce. Market participants are monitoring order book depth, stablecoin issuance, and ETF flows to assess whether the recovery can sustain through key trading sessions.