The average holding cost of US spot Bitcoin ETFs is around $83,000, with approximately 1.33 million coins currently held, accounting for about 6% of $BTC 's total supply.
The three main players: BlackRock $IBIT , Fidelity $FBTC, Grayscale $GBTC .
The US-listed company with the largest holdings, Strategy $MSTR , has a holding cost of around $74,000, currently holding about 660,000 coins, which accounts for approximately 3% of the total BTC supply.

In this round of the Crypto cycle, institutions are getting on board, and the gameplay has changed.
JPMorgan's latest report: Crypto has entered the "post-retail era"
Core viewpoint:
Cryptocurrency is bidding farewell to the "venture capital" model and evolving into a formal macro trading asset dominated by institutional liquidity.
Early projects were driven by private financing, with retail investors always taking over at high valuation points. Now, institutions are becoming the main force in the market.
Institutional funds get on board, stabilizing liquidity + reducing volatility, to "an

As of November 24, the Nasdaq-listed company BitMine $BMNR holds 3.6297 million $ETH , which is equivalent to 3% of the total supply of Ether.
This means that BitMine has officially surpassed BlackRock's Ethereum ETF $ETHA holdings of approximately 3.5 million coins, becoming the largest single holder of ETH in the world.

Institutions and listed companies are just large suckers, as the market falls.
Holding 649,870 bitcoins $BTC with a Strategy $MSTR , the average purchase price is $74,433, with a return of +12%.
Bitmine holds 3,559,879 Ethereum $ETH , with an average purchase price of $4010 and a yield of -31.67%.
Holding 6,834,506 shares of Forward $BMNR , with an average purchase price of 232 USD, the yield is -44.85%.

Recently, the pullback in Ethereum has been largely driven by macro factors, primarily the Fed's expectations for interest rate cuts in December 2025 being lowered repeatedly.
I remember buying the dip around 3300 in early November, the logic at that time was very simple:
US government shutdown crisis averted → Market sentiment improves → ETH rebounds
Indeed, there is more than a 10% return.
But recently the situation has changed, and the market's expectations for a rate cut in December have weakened, $ETH once falling below the 2900 mark.
The latest data also confirms this point:
The

The Nasdaq-listed company, the world's only $WLD strategic reserve Eightco $ORBS announced that as of November 17, it holds 272 million WLD, calculated at 0.67 dollars, approximately 182 million dollars, accounting for 10% of the circulating supply and 2.722% of the total supply.
In addition, Eightco also holds 11,068 tokens of $ETH , which amounts to approximately $34 million based on a calculation of 3100.

BTC falls below 90,000, ETH falls below 3,000, SOL falls to 130.
The returns of these three major assets have all fallen below water by 2025:
$BTC has fallen 5% since 2025.
$ETH has fallen 11% from 2025 to now.
$SOL has fallen 30% since 2025
And the other two:
$BNB fall below 900, but still rise 26% in 2025
$HYPE fell below 38, but still rose 51% in 2025.
By the time we reach 2025, we will find a very realistic thing:
This year, it's actually very difficult to achieve positive returns in Crypto.
This is not a market where "everyone makes money in a bull market."
Is everyone really mak

This is a bit awkward – even Silicon Valley guru Peter Thiel is playing "short-term"?
The affiliated fund Founders Fund has recently been selling off aggressively:
Bitmine $BMNR has directly cut its position by half, now only 2.547 million shares remain.
ETHZilla $ETHZ 's holdings are also quietly declining, with 928,300 shares held on September 30, accounting for 5.6%; on August 4, it accounted for 7.5%.
In other words, Peter Thiel reduced his holdings of ETHZilla stock by 1.9% within two months.
As of now, BitMine holds 3,505,723 $ETH ; ETHZilla holds 102,273 ETH.

U.S. stocks, especially the Nasdaq index, big dump 2.29%
Crypto, $BTC fell to a new stage low, dropping below the 100,000 USD mark, and at one point fell below 98,000 USD.
The interest rate-sensitive $ETH had a big dump of over 6%, briefly falling below 3200 US dollars.
Behind it all is the Federal Reserve's monetary policy in the undercurrents.
The market initially thought that an interest rate cut in December was "set in stone", but now more and more decision-makers are starting to send cautious signals - it's not that they don't want to cut, but they're worried that inflat

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On November 7th, JPMorgan Chase (JP Morgan) submitted its quarterly 13F-HR filing to the U.S. SEC, showing that as of September 30, 2025:
JPMorgan Chase held 1,974,144 shares of Bitmine. At a price of $40 per share, this amounts to approximately $78.96 million.
The position size remains modest, indicating a tentative position.
The 13F-HR is a regulatory filing in the United States where institutional investors disclose their U.S. stock holdings quarterly to ensure transparency.
As of November 7th, Bitmine held 33,954,220 tokens, accounting for 2.81% of Ethereum's circulating supply, with a v

These past few days, everyone has been saying "The market is completely bearish."
But in the short term, there's actually no need to be overly pessimistic.
November 4th Eastern Time marks a significant point — there are emerging disagreements within the Federal Reserve about a rate cut in December, but the overall direction remains "gradually downward."
In other words: liquidity is not tightening but gradually loosening.
And a more interesting signal can be seen in the market data:
The trading volume of Ether $ETH related core assets $ETHA $ETHU doubled directly at the bottom.
The signi

The "Ice and Fire" of the Solana Foundation's tour in China:
Background: On October 22, Lily Liu, the chairperson of the Solana Foundation, gave a high-profile lecture at Tsinghua University's Wudaokou School of Finance (Graduate School of the People's Bank of China).
Event: Solana Accelerate APAC successfully held in Shanghai (October 24) and Hangzhou (October 26)
Incident: On October 28, Solana Accelerate APAC in Shenzhen was cleared by the police, and the roadshow was halted.
On October 28, the Solana ETF was listed simultaneously in Hong Kong and the United States.