Bitcoin's 2-year rolling MVRV Z-Score has dropped to its lowest level on record, according to analyst Michael van de Poppe. The metric has fallen below previous lows seen during the March 2020 crash, November 2022 FTX collapse, and December 2018 bear market. The indicator measures the gap between Bitcoin's market value and realized value, showing most holders currently carry unrealized losses.

Bitcoin rebounded above $90,000 after days of heavy selling, but institutional activity remains weak. The Coinbase Premium Index stays negative, showing US-based investors and institutions are offloading more BTC than retail traders on other exchanges. Selling pressure has eased since November 21, though the index has not yet turned positive, according to analyst Darkfost.

Bitcoin exchange-traded fund investors returned to profit as Bitcoin's price climbed above key cost-basis levels. BlackRock's iShares Bitcoin Trust ETF holders saw unrealized gains reach $3.2 billion on Wednesday, recovering from near break-even positions recorded days earlier. The broader Bitcoin ETF market recorded consecutive net inflows totaling $21 million for the first time in two weeks.

As Bitcoin dropped from over $100,000 to under $90,000 in late 2025, holders split into two distinct groups. Glassnode data shows heavy distribution with net position changes exceeding -60,000 BTC in late November. Meanwhile, Nexo platform data reveals Bitcoin maintained 53-57% of total collateral throughout 2025, indicating some holders prefer borrowing against their assets rather than selling.

Nasdaq's International Securities Exchange filed to raise BlackRock's IBIT options position limit to 1,000,000 contracts per participant on November 27, 2025. The proposed ceiling matches thresholds for the most liquid equity and index products. Open interest in IBIT options has become the largest in any Bitcoin-linked derivatives market globally, according to market data.

Bitcoin's MVRV Z-Score has reached its lowest recorded level, according to cryptocurrency analyst Michael van de Poppe. The indicator, which compares market value to realized value, suggests the asset may be trading significantly below fair value. Extreme negative readings have historically preceded major price recoveries during similar market conditions.

Bitcoin has climbed more than 13% from recent lows near $80,000 to above $91,000 as Thanksgiving approaches. Historical data shows the holiday averages a 0.8% decline for BTC, with gains recorded only twice in the past decade. Analysts warn of potential downside toward $81,000 unless the cryptocurrency reclaims the $100,000–$105,000 range.

Bitcoin's network computing power has exceeded one zettahash for the first time, yet miner revenue per petahash has fallen to a record low near $34.20. Mining difficulty decreased approximately 2% to 149.30 trillion at block height 925,344 on November 27, marking the second consecutive monthly decline. Operations using hardware with efficiency below 30 joules per terahash now require power costs under 5 cents per kilowatt-hour to break even, according to Digital Mining Solution.