Bitcoin trades below $90,000 as Long-Term Holders reduced positions by 1.57 million BTC during the quarter, bringing supply to 13.6 million BTC—the lowest level since early 2023. The distribution scale mirrors historical exhaustion phases near cycle peaks. Between November 11 and November 25, this cohort sold 803,399 BTC, reflecting a 5.54% decline with average daily outflows of 53,560 BTC.

Bitcoin closed below its 50-week moving average this week, the first breach during the current four-year cycle, according to crypto analyst Tony Severino. Historical data show previous breaks below this technical level preceded average declines of 62%, suggesting a potential drop toward $38,000. Momentum indicators have fallen to levels not seen in over 1,250 days, signaling extended weakness.

Bitcoin has stabilized above $80,000 after a 30% decline, but options market data shows traders have lowered expectations for a traditional year-end rally. Bullish call positions have been adjusted downward with price targets capped below all-time highs, while risk metrics indicate negative sentiment persisting through year-end, according to Wintermute.

Japan's Financial Services Agency has finalized amendments transitioning digital asset oversight from the Payment Services Act to the Financial Instruments and Exchange Act. The reforms mandate stricter disclosures, custody protections, and fraud prevention measures as cryptocurrencies gain mainstream adoption. Japan records 20,000 to 40,000 unique active Bitcoin addresses daily, but analysts note the country's substantial household wealth could drive significant institutional demand through ETFs and regulated investment vehicles.

BlackRock's Strategic Income Opportunities Portfolio increased its iShares Bitcoin Trust (IBIT) position by 14% between June and September, bringing total holdings to 2.39 million shares valued at approximately $156 million, according to a quarterly filing. The expansion occurred as Bitcoin recovered to $90,000 after a 29% decline from its October peak. Nasdaq ISE filed to raise IBIT options position limits to one million contracts from the current 250,000.

Major bitcoin traders significantly increased their exchange deposits following last week's price decline to approximately $80,000, data show. On November 21, total bitcoin transfers to exchanges reached 9,000 BTC, with 45% originating from large deposits of 100 BTC or more. The average bitcoin deposit value climbed to 1.23 BTC in November, marking the highest level in a year.

Bitcoin recovered more than 3% in the past 24 hours, climbing to approximately $90,000 after falling near $82,000. The rally triggered over $100 million in liquidations, predominantly from short positions. Trading volume exceeded $65 billion over the period.

Bitcoin triggered $8.03 million in liquidations within one hour as the cryptocurrency recovered above $90,000. Short positions accounted for $8 million of the total against just $21,930 in longs, creating a 36,389% imbalance. The asset gained 2.61% over 24 hours to trade at $89,760, according to CoinMarketCap.