[A Whale Withdraws 307 BTC from Binance, Total Holdings Reach 4,576 BTC] According to Onchain Lens monitoring, a whale address (bc1qr...r6mal) withdrew 307 BTC from Binance, valued at $25.31 million. Over the past month, this address has been continuously withdrawing BTC from Binance and currently holds a total of 4,576 BTC, with an approximate total value of $377.3 million.

[CryptoQuant CEO: Bitcoin May Struggle to See Strong Rebound in the Next 3-6 Months] On November 21, CryptoQuant founder and CEO Ki Young Ju stated on the X platform that the market's weakness has exceeded expectations. If this continues, Bitcoin may struggle to see a strong rebound in the next 3-6 months. He believes that a true bull market may only begin after liquidity recovers next year. Ki Young Ju also cited the views of macroeconomic expert @LukeGromen, noting that foreign demand for U.S. Treasury bonds is weak. Without additional liquidity injections, the U.S. Treasury market could become unstable. After liquidity recovers next year, the prices of scarce assets such as gold and Bitcoin are expected to rise.

**[Jefferies Report: Tether Identified as Key Driver of Recent Gold Price Surge]** Investment bank Jefferies has reported that Tether is the primary new buyer in the recent gold market, driving the surge in gold prices. The report indicates that on-chain data confirms Tether's significant accumulation of gold over the past few months, which has created a tightening effect on gold supply. As of the end of the third quarter, Tether held approximately 116 tons of gold, with 12 tons backing its XAUt token (valued at approximately $1.57 billion) and about 104 tons supporting its stablecoin USDT (valued at approximately $13.67 billion). In the third quarter, Tether increased its gold holdings by approximately 26 tons, accounting for 2% of global gold demand during the same period. Jefferies analysts predict that as Tether's business expands, gold is expected to comprise about 7% of its reserves.

[3001.9 ETH Transferred to Gemini, Valued at Approximately $8.02 Million] According to Arkham data, 3001.9 ETH (valued at approximately $8.02 million) was transferred from an anonymous address (starting with 0x3F32...) to the cryptocurrency exchange Gemini.

The address 0xa5B0 of the giant whale purchased 1242 ETH (approximately 3.67 million US dollars) in spot in the past two days, and then deposited 5 million US dollars USDC into Hyperliquid in the past 10 hours, opening a 20 fold long position of 16366 ETH (approximately 44.3 million US dollars), with a liquidation price of 2446.7 US dollars (Lookonchain).