Bitcoin Stabilizes, But Headwinds Lurk Underneath -- Market Talk

Dow Jones

Dec 02, 2025

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. (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>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Stabilizes, But Headwinds Lurk Underneath -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Stabilizes, But Headwinds Lurk Underneath -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-12-02 16:10</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     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 <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 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) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 02, 2025 03:10 ET (08:10 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}