• Bitcoin November Price Recap

• Bitcoin Supply Shock Is Here

• MSTR Hold 2% Of All Bitcoin

• Why ETH Is Ready To Outperform BTC

• And more…

Market Data Prices as of 8:30am ET

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BITCOIN NOVEMBER PRICE RECAP

Short-Term Price Activity

After reaching its all-time high of $99,860, Bitcoin has been consolidating, a typical pattern following a steep price rally.

This consolidation allows the market to stabilize before the next leg up.

Bitcoin is currently revisiting an ascending triangle pattern—a bullish setup that fueled its recent ascent to $99.8K.

Such patterns often signal robust upward momentum, especially during bull markets:

The rapid accumulation of interest and buying during dips contributes to the frequent emergence of these bullish formations on multiple timeframes.

Long-Term Technical Analysis

In September, I highlighted a textbook cup and handle pattern on Bitcoin’s weekly chart, with a breakout target of $115,000.

This pattern is a classic signal of significant upside potential in financial markets.

As we stand, the breakout is actively playing out, with Bitcoin pushing towards the target range of $115,000 to $125,000.

While further consolidation is likely, the long-term trajectory remains bullish, suggesting even higher highs are achievable.

BITCOIN SUPPLY SHOCK IS HERE

The past month has been nothing short of phenomenal for Bitcoin, with prices surging steadily upward. 📈 

Even slight pullbacks have been fleeting.

But what’s behind this momentum?

Enter the supply shock.

Willy Woo, the pioneer of on-chain Bitcoin analysis, recently highlighted a dramatic decline in Bitcoin reserves on exchanges.

Back in July, Willy reported that Bitcoin price would appreciate when we see the end of miner capitulation following the halving event.

Couple that with a decrease in Bitcoin Reserves on exchanges and a fixed supply and you have supply shock (you can find out more about the Bitcoin Supply Shock here).

And here is the data that backs his thesis up:

His observations show a significant shift:

1. Short-term traders are selling.

2. Long-term holders are accumulating.

3. Bitcoin’s supply on exchanges is plummeting.

Who’s Accumulating?

Major players like Michael Saylor, MicroStrategy, and institutional investors through Bitcoin ETFs are buying up coins as short-term traders exit.

Why It’s Significant

When Bitcoin supply on exchanges dwindles, it often signals that buyers are moving their holdings to cold storage, showing confidence in Bitcoin’s long-term potential.

The economic equation is straightforward:

• Fixed supply + Rising demand = Price appreciation.

Bitcoin is unique. It’s the only asset where increasing demand cannot inflate supply.

The Bitcoin supply shock is here—brace yourself for what’s to come. 🎇

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MICROSTRATEGY HOLD 2% OF ALL BITCOIN

Bitcoin-focused company MicroStrategy (MSTR) disclosed a new purchase of 15,400 BTC over the week ending Dec. 1, spending $15.4 billion at an average price of $95,976 per token.

They have now amassed nearly 2% of all bitcoin (BTC) that will ever exist.

This acquisition brings its total holdings to an impressive 402,100 BTC, valued at $38.2 billion at the current market price of $95,000 per bitcoin.

The latest purchase was funded through share sales under the company’s existing at-the-market program, according to its disclosure.

With this acquisition, MicroStrategy’s overall average purchase price stands at $58,263 per bitcoin.

MicroStrategy's Executive Chairman Michael Saylor teased the announcement on Sunday, later revealing that the company’s holdings represent more than 1.9% of the total bitcoin supply of 21 million tokens.

In addition to this milestone, Saylor highlighted a significant strategic presentation he gave to the board of Microsoft (MSFT), advocating for bitcoin as a treasury diversification strategy.

Saylor suggested that Microsoft's current treasury management strategy could be weakening the company’s market position.

He emphasized that MicroStrategy’s average daily trading volume of $22 billion is outpacing Microsoft’s $9.7 billion, even though MicroStrategy is just 2.5% the size of Microsoft.

His bold claim? “If you want to outperform, you’ll need bitcoin.”

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WHY ETH IS READY TO OUTPERFORM BTC

Ethereum's ETH has trailed behind Bitcoin (BTC) in 2024, but according to a new report from Bernstein, this trend may soon reverse.

A recent surge in ETH ETF inflows is painting a bullish picture for the cryptocurrency.

Last week, Blackrock’s spot ether ETF recorded $250 million in inflows, dwarfing the $137 million seen by its bitcoin ETF counterpart.

This uptick could reshape Ethereum's demand-supply equation, Bernstein analysts, led by Gautam Chhugani, noted in their report.

One major catalyst for ETH is its staking yield potential.

Regulatory hurdles have so far excluded staking yields from spot ETH ETFs, but a more crypto-supportive SEC could change that.

With growing activity on the Ethereum blockchain, Bernstein predicts staking yields may climb to 4-5%, creating additional incentives for investors.

Ethereum's blockchain activity has been on the rise, reinforcing its dominance in asset tokenization and stablecoin adoption.

Since transitioning to a proof-of-stake system, Ethereum has maintained a capped supply of 120 million tokens, further stabilizing the network's economics.

With stakers currently earning a 3% yield and nearly 60% of ETH untouched for over a year, Ethereum boasts a robust investor base.

Bernstein suggests this stability, coupled with increased inflows, positions ETH for stronger performance going forward.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.