The firm increased the pace of purchases from the previous week despite sitting on large unrealized losses on its ether bet.

[Bitnomial to Launch CFTC-Regulated Cryptocurrency Spot Trading Platform] Bitnomial plans to launch the first cryptocurrency spot trading platform regulated by the U.S. Commodity Futures Trading Commission (CFTC). Last month, the company submitted a self-certification filing under CFTC Rule 40.6(a), and the relevant rules took effect last Friday. Spot trading may commence in the coming days.

[Benchmark Reaffirms 'Buy' Rating and $705 Target Price for Strategy] Benchmark analysts reaffirmed the 'Buy' rating for Bitcoin fund management company Strategy (MSTR) and maintained the $705 stock target price. Analysts believe that concerns about Strategy's survival triggered by Bitcoin price corrections are merely market noise. Critics are conflating short-term movements with solvency risks, ignoring the company's balance sheet designed to maximize Bitcoin leverage.

[Kalshi and Polymarket November Trading Volume Approaches $10 Billion] Prediction market platform Kalshi's trading volume in November reached $5.8 billion, setting a monthly record high and increasing by 32% compared to October. Polymarket's trading volume during the same period reached $3.74 billion, also hitting a record high, with a month-on-month growth of 23.8%. The combined trading volume of the two platforms approached $10 billion. Market data shows that these two platforms currently dominate the industry's capital flow.

**[Bitfinex Alpha Report: Crypto Market Nearing Local Bottom, Recovery Conditions May Emerge in Q4]** The latest Bitfinex Alpha report indicates that the crypto market is approaching a local bottom from a time perspective, although whether prices have fully bottomed out remains to be seen. Signs such as extreme deleveraging, short-term holders selling off, and the exhaustion of selling pressure suggest that the market is stabilizing. On-chain data shows that the adjusted Spent Output Profit Ratio (aSOPR) has fallen below 1 for the third time since early 2024, aligning with the cyclical lows of August 2024 and April 2025. Entity-adjusted realized losses have surged to $403.4 million per day, surpassing previous major low levels, indicating that the sell-off is nearing its end. Bitcoin futures open interest has dropped to $59.17 billion, significantly lower than the peak of $94.12 billion. Leverage has been systematically cleared, and the contraction in open interest, coupled with rising spot prices, suggests that short covering is dominating the market. BlackRock's filing with the U.S. SEC reveals that its Strategic Income Opportunities Portfolio increased its holdings in the Bitcoin Investment Trust (IBIT) by 14%, bringing total holdings to 2.39 million shares.