Which firm rotated BTC custody?

Strategy recently moved its Bitcoin holdings from Coinbase Custody to a new custodian. This was part of a planned transfer, not a sale, according to blockchain data and company statements (custodian migration).

1. Over 43,000 BTC were shifted across more than 100 addresses during this process, which led to false rumors of a sell-off (transfer details).
2. Michael Saylor, a key figure at Strategy, confirmed the company is buying Bitcoin, not selling, and that these moves are part of normal operations (Saylor’s remarks).

Deep Dive

1. Who Rotated

The company behind the Bitcoin custody change is Strategy. Blockchain tracking tools noticed 43,415 BTC moved through over 100 addresses. Arkham, a blockchain analytics firm, explained this was a migration from Coinbase Custody to a new custodian, not a sale (custodian migration). Reports also mentioned that this transfer had been happening for about two weeks and included reorganizing wallets within the new custodian’s system (transfer details).

2. Not A Sale

Both Arkham and Strategy’s leadership made it clear that these wallet movements were not sales. Arkham described them as routine custodian and wallet rotations. Michael Saylor publicly stated that the company is still buying Bitcoin and would announce any purchases, directly denying the sell-off rumors (Saylor’s remarks). This clarification was important because recent ETF outflows and weak market conditions had caused anxiety, making large transfers easy to misinterpret (market wrap context).

What this means: When big institutions move Bitcoin between custodians, it can look like selling at first glance. The real confirmation comes when coins are sent to exchange deposit wallets or when the company officially announces a sale.

Conclusion

The company involved was Strategy, and the blockchain activity was a custodian rotation, not a sale. In volatile markets, large wallet movements often spark rumors, but the best indicators are transfers to exchanges and clear company statements. In this case, both pointed to an operational change rather than selling.

What could affect the price of BTC?

Bitcoin’s future depends on big investors, global economic risks, and large Bitcoin holders’ actions.

1. ETF Inflows vs. Outflows – Institutions have bought $24 billion worth of Bitcoin, but inflows are slowing, affecting market liquidity.
2. US-China Trade Deal – The November 27 deadline could cause price swings, especially with low trading volume during the holiday season.
3. Whale Activity – Long-term holders own 67% of Bitcoin, but recent deposits to exchanges suggest some caution.

Deep Dive

1. Institutional ETF Activity (Mixed Effects)

Overview: U.S. spot Bitcoin ETFs currently hold 1.51 million BTC, about 7.2% of all Bitcoin. BlackRock’s IBIT ETF manages $88.5 billion. In 2025, institutions have added $24 billion in Bitcoin (AMBCrypto), but the pace of new investments is slowing. The SEC recently approved a way for ETFs to redeem shares “in-kind,” which could reduce costs but might increase short-term price swings.
What this means: If inflows stay above $5 billion per quarter, Bitcoin’s price could hold steady around $94,000. But if outflows continue or ETF liquidity drops like in 2024, prices may face downward pressure.

2. Economic and Political Risks (Negative Effects)

Overview: Bitcoin’s price moves closely with the Nasdaq stock index (correlation of 0.94) (Wintermute), making it sensitive to Federal Reserve policies and the upcoming US-China trade deal on November 27. A deal could calm markets but might also lead to a “sell the news” reaction, similar to what happened after past government shutdowns (Yahoo Finance).
What this means: Ongoing uncertainty around interest rates and trade tensions could keep Bitcoin’s recent 19% drop over the past 90 days going. If Bitcoin falls below $94,000, it might test support near $88,000.

3. Large Bitcoin Holders’ Behavior (Neutral Effects)

Overview: Long-term Bitcoin holders control 67% of the supply. However, recent deposits of about 12,000 BTC per week to exchanges and a moderate Exchange Whale Ratio of 0.50 suggest some profit-taking. On the other hand, Michael Saylor’s investment firm continues to buy Bitcoin, dismissing rumors of selling (CoinMarketCap).
What this means: Historically, when whales accumulate Bitcoin, it often leads to price rallies. But if exchange inflows stay above 10,000 BTC per week, it could deepen price corrections. The current Fear & Greed Index at 18 shows extreme fear, which some investors see as a buying opportunity.

Conclusion

Bitcoin’s short-term direction depends on the balance between institutional buying, economic risks, and large holders’ activity. Keep an eye on ETF inflows and outflows, the November 27 US-China trade deadline, and the Spot/Perps volume ratio (now 0.41) for clues on where prices might head next. Will whale buying offset ETF slowdowns, or will economic shocks take control?

What are people saying about BTC?

Bitcoin’s social buzz is swinging between panic and big optimism. Here’s the gist:

1. Retail investors are scared, but big holders are buying – Everyday traders are nervous, while institutions are staying calm and accumulating.
2. Price forecasts are all over the place – Some expect Bitcoin to hit $140K, while others warn it could drop to $96K.
3. Trump Media’s $2 billion Bitcoin move – Is this a political strategy or a sign of growing corporate interest in Bitcoin?

Deep Dive

1. @Santimentfeed: Retail panic vs. whale calm

“231 new wallets with 10+ BTC were created while 37K small holders exited... historically bullish.”
– @Santimentfeed (213K followers · 6.7K impressions · 2025-06-09 16:42 UTC)
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What this means: While many small investors are selling out of fear (Fear & Greed Index at 18, which signals extreme fear), large Bitcoin holders—often called “whales”—are quietly buying more. This pattern usually suggests a potential price increase ahead.

2. @MaxCrypto: Altcoin rotation warning

“BTC dominance bearish... Alts/BTC bullish. Liquidity ready for alts, not BTC.”
– @MaxCrypto (119K followers · 8K+ impressions · 2025-11-15 09:57 UTC)
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What this means: Bitcoin’s share of the overall crypto market (called “dominance”) is dropping, which could mean traders are shifting their money into alternative cryptocurrencies (“altcoins”). Bitcoin’s dominance is still strong at 58.8%, but this shift is worth watching.

3. @BeyonderTR: Trump Media’s $2B BTC bet

“Trump Media approved for $2.3B BTC treasury strategy... unlocks institutional capital.”
– @BeyonderTR (49K followers · 2.2K impressions · 2025-06-17 04:12 UTC)
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What this means: Trump Media’s plan to hold $2.3 billion in Bitcoin is a big deal for Bitcoin adoption, signaling more companies might follow. However, the company’s stock dropped 2% after the announcement, showing some investor caution.

Conclusion

The outlook for Bitcoin is mixed right now. Many small investors are selling out of fear, while big players are buying more. Price predictions vary widely—from $96K to $180K—so it’s important to watch key signals like ETF fund flows (currently showing a net outflow of $333 million over 30 days) and the growth of large Bitcoin wallets. History shows that panic selling can sometimes lead to strong price gains later, but be careful with leverage during this volatile period.

What is the latest news about BTC?

Bitcoin is navigating a mix of extreme fear among everyday investors and strong buying by big institutions, all while facing broader economic uncertainties. Here’s the latest update:

1. Institutions Buy $24B in Bitcoin Amid Panic (Nov 17, 2025) – While retail investors are selling, institutional investors are adding to Bitcoin ETFs, signaling a shift in who holds the asset.
2. US-China Trade Deal Causes Market Volatility (Nov 16, 2025) – A trade agreement deadline around Thanksgiving could lead to bigger price swings due to low trading volume.
3. Michael Saylor Denies Selling Bitcoin (Nov 16, 2025) – The prominent Bitcoin advocate confirms his firm is still buying, calming market fears.

In-Depth Look

1. Institutions Buy $24B in Bitcoin Amid Panic (Nov 17, 2025)

What happened:
Bitcoin’s Fear & Greed Index, a measure of market sentiment, dropped to 10—indicating extreme fear, the lowest level this year. This led to $19 billion in forced sales and many retail investors giving up their holdings. Despite this, institutional investors have added $24 billion to Bitcoin ETFs in 2025, buying up about 62,000 BTC sold by long-term holders. Hunter Horsley, CEO of Bitwise, says these ETF inflows are changing Bitcoin’s usual four-year price cycle by shifting ownership from weaker to stronger hands.

Why it matters:
This situation is somewhat positive for Bitcoin. Retail panic selling creates buying opportunities for institutions. Continued ETF inflows are important to balance out selling pressure. However, if Bitcoin’s price falls below $90,000, watch for possible reversals in ETF buying. (AMBCrypto)

2. US-China Trade Deal Causes Market Volatility (Nov 16, 2025)

What happened:
Bitcoin’s price dropped 2% to $94,000 after U.S. Treasury Secretary Bessent announced a plan to finalize a rare earths trade deal with China by Thanksgiving (Nov 27). Experts warn that low trading volume during the holiday could make price swings more extreme. The deal depends on China sticking to export rules, with the U.S. threatening tariffs if they don’t.

Why it matters:
This is a short-term negative for Bitcoin because of uncertainty. But if the deal goes through smoothly, it could boost confidence in riskier assets like Bitcoin. Delays or problems might cause sharp selloffs. Keep an eye on Bitcoin’s support level around $92,000. (Yahoo Finance)

3. Michael Saylor Denies Selling Bitcoin (Nov 16, 2025)

What happened:
Michael Saylor, a well-known Bitcoin supporter, denied rumors that his firm, Strategy, sold any Bitcoin. He said they will report new purchases on Nov 18. Some on-chain data had suggested sales, but his statement helped calm the market. Strategy holds about 601,550 BTC, worth roughly $56.7 billion, so their actions influence market confidence.

Why it matters:
If confirmed, this is good news for Bitcoin. Saylor’s reputation helps reduce fear and uncertainty. However, if new purchases aren’t reported as promised, doubts could return. Watch for Strategy’s upcoming SEC filing. (CoinCu)

Conclusion

Bitcoin is caught between strong institutional buying and nervous retail selling, with ETF flows and global events like the US-China trade deal shaping its near-term future. The big question: Will institutional investors keep buying as retail investors grow tired, especially with the trade deal deadline approaching?

What is expected in the development of BTC?

Bitcoin’s development plan for 2025–2026 focuses on improving technology, working with regulators, and growing its ecosystem.

1. sBTC Launch (Q3 2025) – A new way to use Bitcoin in decentralized finance (DeFi) without giving up control, thanks to an upgrade from Stacks.
2. Mining Decentralization (2025) – Block will release an open-source mining chip called Proto to make Bitcoin mining more accessible and less centralized.
3. Regulatory Milestones (Late 2025) – South Korea plans to finalize rules for Bitcoin ETFs, while over 20 U.S. states consider holding Bitcoin in government treasuries.
4. Core Protocol Upgrade (October 2025) – Bitcoin Core v30 may increase the size limit for OP_RETURN data, allowing more complex information to be stored on the blockchain.
5. Privacy BIP (2025) – A new proposal to improve privacy in multi-signature wallets by limiting what cosigners can see.

Deep Dive

1. sBTC Launch (Q3 2025)

What it is: Stacks is introducing “Satoshi Upgrades” to launch sBTC, a decentralized Bitcoin wrapper. This lets Bitcoin owners use their BTC in DeFi applications—like earning interest in liquidity pools—without giving up control of their coins (Stacks).
Why it matters: This could increase Bitcoin’s usefulness by unlocking funds that are usually just held and not used. However, there are technical challenges to ensure the system stays secure and stable.

2. Mining Decentralization (2025)

What it is: Block plans to release Proto, an open-source Bitcoin mining chip. This aims to reduce reliance on a few big manufacturers like Bitmain and encourage more miners to join (Block).
Why it matters: More diverse mining hardware can make the Bitcoin network safer by avoiding single points of failure. The impact depends on how quickly smaller miners adopt the chip.

3. Regulatory Milestones (Late 2025)

What it is: South Korea’s Financial Services Commission aims to finalize rules for spot Bitcoin ETFs by late 2025, following the U.S. where ETFs have attracted over $5 billion since April. Meanwhile, more than 20 U.S. states are working on laws to hold Bitcoin in their official funds (FSC).
Why it matters: Clearer regulations can encourage more institutions to invest in Bitcoin. But progress depends on political support and the details of the rules.

4. Core Protocol Upgrade (October 2025)

What it is: Bitcoin Core v30 proposes increasing the OP_RETURN data size limit. This would allow storing bigger pieces of data on the blockchain, such as legal contracts or proof of ownership (Yahoo Finance).
Why it matters: This upgrade could help build more advanced applications on Bitcoin but might also increase blockchain size and risk spam. Whether it succeeds depends on how many node operators accept the change.

5. Privacy BIP (2025)

What it is: The Chain Code Delegation BIP improves privacy for multisignature wallets by hiding certain information from cosigners, reducing what they can see about wallet activity (Bitcoinist).
Why it matters: This is good news for institutions managing Bitcoin securely, as it limits sensitive data exposure. Adoption by wallet providers like Bitkey will be important.

Conclusion

Bitcoin’s roadmap for 2025–2026 aims to blend new financial uses, clearer regulations, and stronger network security. Innovations like sBTC and the Proto mining chip could expand Bitcoin’s role beyond “digital gold” into a more programmable financial platform. However, success depends on overcoming technical challenges and navigating regulatory hurdles.

What updates are there in the BTC code base?

Bitcoin’s software received major updates in the last quarter of 2025, focusing on making the network more scalable, secure, and easier for developers to work with.

1. OP_RETURN Expansion (October 2025) – Increased the data limit per transaction from 80 bytes to 4MB.
2. CMake Build System (May 2025) – Switched from Autotools to CMake for faster and more modern software builds.
3. Security Patches (October 2025) – Fixed several minor security issues in version 30.0.

Deep Dive

1. OP_RETURN Expansion (October 2025)

Overview: In Bitcoin Core version 30.0, the limit on OP_RETURN data was raised dramatically—from 80 bytes to 4 megabytes per transaction output. OP_RETURN is a feature that lets users attach extra data to Bitcoin transactions. This change matches what miners have been doing unofficially and reduces the need for complicated workarounds that previously tried to store more data on the blockchain.

This update sparked some debate. Critics worry it could lead to spam and unnecessary blockchain growth, while supporters say it keeps Bitcoin neutral and encourages innovation. Developers pointed out that individual node operators can still set their own limits if they want, but the default settings now allow more flexibility.

What this means: This update is neutral overall. It gives users more freedom to store data on the blockchain but could increase storage demands for those running full nodes. (Source)

2. CMake Build System (May 2025)

Overview: Bitcoin Core version 29.0 replaced the older Autotools build system with CMake. This change makes compiling the software faster and easier, especially across different operating systems.

Developers now need to use new build flags (like -DWITH_ZMQ=ON to enable ZeroMQ support). The update also added new commands, such as getdescriptoractivity, which helps simplify wallet rescans.

What this means: This is a positive step for Bitcoin’s developer community. It lowers the technical barriers for new contributors and speeds up testing and deployment. Node operators benefit from smoother and more reliable software installations. (Source)

3. Security Patches (October 2025)

Overview: Bitcoin Core version 30.0 fixed four low-risk security vulnerabilities, including:

• CVE-2025-46598: A potential denial-of-service attack using unconfirmed transactions that could overload CPUs.
• CVE-2025-54605: An attack that could flood log files and fill up disk space.

These fixes came after a two-week review period following the release. The update also fully removed support for older wallet systems.

What this means: These patches improve Bitcoin’s overall security and stability. While the risks were low, addressing these issues helps protect the network from rare but possible attacks. Node operators should upgrade to avoid using outdated features. (Source)

Conclusion

Bitcoin’s updates in late 2025 show a clear focus on making the network more adaptable (with OP_RETURN), modern (with CMake), and secure (with patches). While some community debates continue, these changes highlight Bitcoin’s ongoing evolution as both a settlement system and a platform for data. The question remains: will node operators accept the new default flexibility, or will alternative versions like Bitcoin Knots become more popular?

Why did the price of BTC fall?

Bitcoin (BTC) dropped 1.43% in the last 24 hours, falling to $94,221.43. Over the past week, it has declined by 10%. This decline reflects a broader weakness in the cryptocurrency market, which saw a 1.59% drop in total market value. Three main factors explain this trend:

1. Technical breakdown – Bitcoin fell below a key support level at $100,000, triggering automatic sell orders.
2. ETF outflows – Investors withdrew $278 million from U.S. spot Bitcoin ETFs on November 12, showing reduced interest from large institutional buyers.
3. Sentiment collapse – The Fear & Greed Index dropped to 18, indicating extreme fear among investors, the lowest level since March 2025.

Deep Dive

1. Technical Breakdown (Negative Impact)

Bitcoin fell below the important $100,000 support level, which caused many stop-loss orders to trigger and led to the liquidation of over $1 billion in leveraged trades. Key technical indicators turned negative:

• MACD: -3,618, showing increasing downward momentum
• RSI(7): 27.53, indicating Bitcoin is oversold but not yet signaling a reversal
• Fibonacci support: $98,767, the next important level to watch for support

What this means: Breaking below $100,000 has shaken short-term trader confidence. The “death cross” pattern, where the 50-day moving average falls below the 200-day moving average, adds to the bearish outlook. However, the oversold RSI suggests there could be a short-term bounce if Bitcoin holds above $94,000.

2. Institutional ETF Outflows (Negative Impact)

U.S. Bitcoin ETFs saw $278 million in withdrawals on November 12 (Coinpedia), part of a larger trend with over $1 billion withdrawn this month. Most of these outflows came from BlackRock and Fidelity ETFs, which accounted for 80% of the total.

What this means: ETF flows have become a major factor influencing Bitcoin’s price in 2025. Continued outflows reduce buying pressure and support a bearish market view. However, Hunter Horsley, CEO of Bitwise, suggests this may be a “structural transfer” of Bitcoin from panicked retail investors to ETFs, rather than a sign of a market top.

3. Extreme Fear Among Investors (Mixed Impact)

The Crypto Fear & Greed Index dropped to 18 on November 16, signaling extreme fear, matching lows seen in March 2025. This is reflected in retail investor behavior:

• 1.6 million traders have been liquidated since October
• Long-term holders have sold 62,000 BTC since mid-October (AMBCrypto)

What this means: Historically, extreme fear levels like this often signal buying opportunities. Despite the selloff, institutions have added $24 billion to Bitcoin ETFs in 2025. Still, ongoing retail panic could keep price swings volatile.

Conclusion

Bitcoin’s recent decline is driven by a cycle of technical breakdowns, institutional selling, and retail panic. While some indicators like the oversold RSI and institutional ETF buying suggest Bitcoin might be undervalued, it’s crucial for Bitcoin to regain support above $98,000 to avoid further losses.

Key point to watch: Can Bitcoin hold above $94,000 ahead of the Federal Reserve’s December 9-10 meeting? The outcome could increase market volatility and influence Bitcoin’s next move.