jakiro
The price of Bitcoin has dropped so sharply recently, with the daily price falling for 11 consecutive days!
Although I have been openly bearish since November, I did not expect this kind of decline.
But from the current point of view, the basic logic of the decline is still in line with the judgment at the beginning of the month.
Although only 2/3 of this month has passed, the outflow of Bitcoin spot ETF has reached 289 million. At this pace, it can break February’s record of 356 million.
During the downturn in February, Bitcoin only fell 18% from 102,000 to 84,000. The decline then bottomed out in March.
Now in November, ETF spot outflows are less than the amount in February, but the currency price has dropped 20% from 110,000 at the beginning of the month to 87,000.
It can be said that in this wave of market conditions, the old Bitcoin OGs have successfully shipped large quantities of goods to US stock investors.
Spot ETFs can easily flow into billions this year, but the currency price has not risen much.
And the ETF has flowed out, and the currency price has begun to fall. What does this mean?
Only investors in U.S. stocks are taking orders, while the giant whales in the currency circle have been shipping!
Already there are cryptocurrency listings after realizing something is wrong with the market“Treasury companies” also began to sell coins:
The Bitcoin treasury company Sequans Communications officially announced its “Bitcoin Treasury Strategy” on June 23, 2025, and raised US$384 million through the issuance of additional stocks + convertible bonds in July 2025, mainly used to purchase Bitcoin reserves.
Because it was too late to raise funds, I started buying Bitcoin when I had 109,000, and added more positions as the price went up. The average cost was about 117,000.
But after 1011, I didn’t dare to add to the position. I hesitated for a month until 2025. On November 4, Sequans announced that it would pass the sale970 BTC, reducing its convertible bond debt from US$189 million to US$94.5 million, with an average selling cost of approximately US$97,000, and a net loss of 20%.
This is the first Bitcoin treasury company to officially announce the sale of coins, but it will definitely not be the last.
As a Bitcoin treasury company, it is pretty good to have persisted for four months, but companies that stock altcoins are even less able to persist at all.
FG Nexus (Nasdaq: FGNX/FGNXP) is positioned as the “Ethereum Treasury Company” – that is, it uses ETH as its main digital asset reserve.
But the time to buy was not good either. When the financing plan was submitted to the U.S. Securities and Exchange Commission (SEC), it was already August.
As of September 30, the company announced that it had completed US$200 million in financing and purchased 50,778 Ethereums.
From August to September, the price of Ethereum was no less than 4,000 US dollars, so the cost must be more than 4,000 US dollars.
Media reported that 10,922 ETH was sold in October and the proceeds were approximately US$33 million, which means that the selling price was US$3,100, which meant a loss of 30%.
Those that can be sold at 3100 in October can only be sold on 1011!
But now it seems that it is too early to sell. Today, Ethereum has reached the position of 2800…
Don’t think that the above two treasury companies were cut off because they didn’t know their business.
Chinese tycoons Li Lin and Xiao Feng also planned to raise US$1 billion to set up a treasury company, but fortunately the Chinese investors were all experienced leeks who had gone through many rounds of tests, which resulted in the project being aborted.
However, don’t think that these crypto tycoons are all stupid for trying to raise funds to take over the business.
Because you don’t know who they are taking over, even the BMNR supported by Sister Moo and Peter Thiel. Anyway, I burst into tears when I finally learned the truth.
