📉 Bitcoin Tumbles To $92,000
Plus Michael Saylor becomes "key man risk" for Bitcoin after another record-setting buy.
TylerD's Market Summary
GM!
Today's top news:
Bitcoin falls to $92k, SOL -9%
Alts and meme majors fall 10-20%
Phantom expands to Base as Base SZN heats up
Virtuals AI Agents have big night, leading AI sector
Pump Fun removes streaming after recent degradation in content
📉 Bitcoin Falls to $92k As Thanksgiving Week Begins
Bitcoin knocked on the $100,000 psychological threshold a few times over the past week.
But it never made it through.
And now it's reversing course, taking the rest of the crypto market with it.
What Happened?
Bitcoin fell 6% on the day to $92,200 while the Bitcoin ETFs saw $435M in outflows.
The sharp dip led to $550M+ in liquidations for levered traders.
And now a very real sell wall is forming at and below the $100,000 mark.
This comes as Michael Saylor's MicroStrategy bought a record amount ($5.4B) of Bitcoin in the past week bringing its holdings to $37B.
MicroStrategy stock fell 4% on Monday and is down 5.5% pre-market this morning, though still trading at 2.2x the book value of the Bitcoin it holds.
Market Impact
Crypto majors fell in line, with Solana hurt the most. ETH was down 4% to $3,333 and SOL -9% to $228.
Most alts were down 10-20%.
Meme leaders were down similarly, with most down 5-10% this morning, though CHILLGUY was a notable outperform up 15% to $480M.
Mid-tier memes fell more in the 10-20% range with AI leaders GOAT (-10%), ZEREBRO (-20%) and FARTCOIN (-20%) all red.
The biggest winners on the day came from the Virtuals AI Agent board, where AIXBT (+80%), SAINT (+80%) and VADER (+150%) all saw huge gains, just a few days after Binance covered the protocol in its first AI & Crypto research report.
Why It Matters
Cobie said the path from $80k to $100k would be the tough part.
We convinced ourselves it would be smooth sailing when Bitcoin ripped from $67k to $99k in just a few weeks post-Trump election.
Now we face the hard part.
It's going to take some serious buying power to get us through that key $100k level (and probably a bigger wipe out of the leverage in the system).
It might not happen til closer to Christmas time or perhaps even in 2025.
The spotlight on Saylor has also gotten bigger these past few weeks, with him starting to be seen as a "key man risk" to Bitcoin as the MSTR holdings grow and grow.
Many are calling for the downfall of MSTR to be the potential black swan event of this cycle.
And now it seems that Saylor buy events may even have a negative impact on markets, at least in the short term.
At a minimum, Saylor's buy actions are certainly worth watching.
And the $100k victory laps at Thanksgiving dinner? Well those might have to wait.
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $6.2M on the day; Bitcoin was next with $2.5M, and then Solana with $1.7M
ETH NFT leaders mostly chopped; Punks -1% at 37 ETH, Pudgy even at 11.3 ETH, BAYC even at 12.1, Milady -4% at 5.7
goblintown (+50%) and Realms (+50%) led notable top movers
BTC NFT leaders were mostly red; Bitcoin Puppets -5% at 0.14 BTC, NodeMonkes -4% at 0.1105BTC, OMB even at 0.125, Quantum Cats -10% at 0.152
The Runes leaders were also red; DOG -20% at $620M mc, PUPS -25% at $185M, BDC -12% at $115M, CYPHER -3% at $26M
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Jupiter put a $1.5B airdrop vote up to vote for its JUP holders
Phantom added Base support, allowing users to do token swaps from Base to Solana, buy ETH and USDC directly on Base and more
Pump Fun took down live streaming after escalating complaints and concerns arose over the weekend
Clanker saw its revenue soar over $5M as the AI Agent slash Pump Fun competitor on Warpcast continues to grow in popularity on Base
Etherfun announced its expansion to Base, along with using a portion fo fees for buy-to-burn $VISTA
Movement Labs announced tokenomics for its $MOVE token tied to the Movement Network blockchain
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are red as BTC falls; BTC -6% at $92,300, ETH -5% at $3,320, SOL -9% at $228; FTM (+5%), LDO (+3%), SEI (+2%) were top alt movers
Memecoin majors are very red; DOGE -12% at $0.375, SHIBA -8%, PEPE -11%, BONK -8%, WIF -7%, POPCAT -12%
Justin Sun invested $30M in Trump's World Liberty Fi
CZ Binance calls memes "weird" and encourages builders to focus on real applications
The UK is planning to officially regulate crypto in 2026
Rumble announced plans to invest up to $20M in Bitcoin following Microstrategy
'Axie Infinity' developer Sky Mavis announced a new game amid layoffs
Avalanche is offering another $40M in retroactive grants for developers on its L1
🚀 Memecoin MoversÂ
$UBC (+20000% to $20M market cap, SOL)
$ATH (+3400% to $30M market cap, SOL)
$1 (+500% to $15M market cap, SOL)
$VADER (+150% to $10M market cap, Base / SOL)
$AIXBT (+70% to $80M market cap, Base / SOL)
📈 NFT Floor Price Increase (ETH)
CAR (300%, 0.32 ETH Floor)
Realms (50%, 0.3 ETH floor)
TGLP (24%, 0.82 ETH)
goblintown (24%, 0.11 ETH)
CryptoSkulls (21%, 0.1 ETH)
🗓 Upcoming Mints and Events
Folks - my source for daily mints and events has shut down operations.
Given the general lack of interest in new mints on a daily basis, I'll be discontinuing this section of the newsletter, at least for now.
If I can find a good source for daily events, I will look at turning it back on.
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