Bitcoin Stabilizes, But Headwinds Lurk Underneath -- Market Talk

Dow Jones

2025/12/02

0810 GMT - Bitcoin is stabilizing above $86,000 but a deeper fragility lurks beneath, says Samer Hasn at XS.com. In the market analyst's view, there are no convincing signs that the rout is over. Structural factors continue to weigh, with so-called whales--investors with big holdings--continuing to sell. Such offloading weakens any attempt at finding a price floor and reinforces the probability of deeper retracement, Hasn says in a note. "Spot-market activity also reflects weakening conviction." External shocks add pressure too, including from a sudden shift in BOJ rate-hike bets and concerns about Strategy, a major bitcoin-accumulation company. If Strategy starts liquidating its BTC reserves, that could risk sparking "crypto winter 2.0," especially if combined with other factors like leverage position unwinding, Hasn says. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

December 02, 2025 03:10 ET (08:10 GMT)

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In the market analyst's view, there are no convincing signs that the rout is over. Structural factors continue to weigh, with so-called whales--investors with big holdings--continuing to sell. Such offloading weakens any attempt at finding a price floor and reinforces the probability of deeper retracement, Hasn says in a note. \"Spot-market activity also reflects weakening conviction.\" External shocks add pressure too, including from a sudden shift in BOJ rate-hike bets and concerns about <a href=\"https://laohu8.com/S/MSTR\">Strategy</a>, a major bitcoin-accumulation company. If <a href=\"https://laohu8.com/S/STRF\">Strategy</a> starts liquidating its BTC reserves, that could risk sparking \"crypto winter 2.0,\" especially if combined with other factors like leverage position unwinding, Hasn says. 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In the market analyst's view, there are no convincing signs that the rout is over. Structural factors continue to weigh, with so-called whales--investors with big holdings--continuing to sell. Such offloading weakens any attempt at finding a price floor and reinforces the probability of deeper retracement, Hasn says in a note. \"Spot-market activity also reflects weakening conviction.\" External shocks add pressure too, including from a sudden shift in BOJ rate-hike bets and concerns about <a href=\"https://laohu8.com/S/MSTR\">Strategy</a>, a major bitcoin-accumulation company. If <a href=\"https://laohu8.com/S/STRF\">Strategy</a> starts liquidating its BTC reserves, that could risk sparking \"crypto winter 2.0,\" especially if combined with other factors like leverage position unwinding, Hasn says. (fabiana.negrinochoa@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) <a href=\"https://laohu8.com/S/DOW\">Dow</a> Jones Newswires\n</p>\n<p>\n  December 02, 2025 03:10 ET (08:10 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4601","symbol_name":"加密货币现货ETF","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2588303825","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2588303825","pubTimestamp":1764663000,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Copyright (c) 2025 Dow Jones & Company, Inc.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"83042":"华夏比特币-R","BK4601":"加密货币现货ETF","BK4516":"特朗普概念","09439":"嘉实比特币-U","BK4585":"ETF&股票定投概念","BK4595":"比特币概念","03042":"华夏比特币","BK4596":"哈里斯概念","BK1611":"加密货币现货ETF","MSTR":"Strategy","BK4023":"应用软件","09042":"华夏比特币-U","BK4600":"加密货币概念","BK4594":"比特币ETF概念","BK4588":"碎股","09008":"博时比特币-U","STRK":"MICROSTRATEGY 8.00% SERIES A PERPETUAL STRIKE PFD"},"translate_title":"比特币企稳，但背后潜伏着阻力——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83042":0.6,"09008":1.5,"STRK":0.6,"09042":1.5,"MSTR":0.71,"03042":1.5,"09439":1.5},"content_text":"0810 GMT - Bitcoin is stabilizing above $86,000 but a deeper fragility lurks beneath, says Samer Hasn at XS.com. In the market analyst's view, there are no convincing signs that the rout is over. Structural factors continue to weigh, with so-called whales--investors with big holdings--continuing to sell. Such offloading weakens any attempt at finding a price floor and reinforces the probability of deeper retracement, Hasn says in a note. \"Spot-market activity also reflects weakening conviction.\" External shocks add pressure too, including from a sudden shift in BOJ rate-hike bets and concerns about Strategy, a major bitcoin-accumulation company. If Strategy starts liquidating its BTC reserves, that could risk sparking \"crypto winter 2.0,\" especially if combined with other factors like leverage position unwinding, Hasn says. 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