etfs.

$BTC According to ChainCatcher, Japan's Liberal Democratic Party and the Japan Innovation Party have proposed classifying virtual currencies as financial products that aid in public asset accumulation in their 2026 fiscal year tax reform outline. The proposal suggests applying a separate taxation system to cryptocurrency income, similar to that of stocks and investment trusts.
The outline specifies that spot trading, derivatives trading, and ETFs involving virtual currencies would be subject to separate taxation. Additionally, losses from cryptocurrency trading could be carried forward for three years. Financial products investing in virtual currencies are also included in the proposal. However, the outline does not clearly address the taxation details for NFTs or reward-based transactions such as staking and lending. It also mentions that future gains from virtual currencies may be subject to taxation when transferred overseas.
#ETFs. #NFT​ #BTC
$BTC
$ETH

#Bitcoin’s inability to reclaim $90,000 exposes a deep structural fracture that could trap investors during the next unwind

Bitcoin’s inability to reclaim $90,000 is looking less like a debate about narratives and more like a test of market plumbing.
For the better part of 2025, the surface story was institutional momentum. The US moved toward a workable regulatory perimeter, capped by President Donald Trump signing the #GENIUSAct to federalize payment stablecoins.
At the same time, spot Bitcoin #ETFs. normalized exposure within brokerage channels, and the broader crypto economy traded as if it had finally graduated into the asset-class mainstream.
This resulted in a rally that drove Bitcoin to a new all-time high of $126,223 in early October.
However, by Oct. 10, the microstructure deteriorated as a violent unwind erased roughly $20 billion in leveraged positions across crypto venues. This forced BTC's price down by 30% from its 2025 highs, and the asset registered its first red October in several years.
Since then, the Bitcoin market has ground lower thanks to thinned liquidity, lower trading volumes, and larger holders selling into rebounds.
These dynamics go a long way toward explaining why Bitcoin is currently struggling below $90,000, rather than treating that level as a staging point for new highs.
The Oct. 10 hangover
The liquidation event mattered because it fundamentally altered the risk appetite of the marginal liquidity provider.
In a deep market, volatility is painful but tradable. Market makers quote size near the mid-price, arbitrage desks keep venues aligned, and large flows clear without forcing price gaps.
After Oct. 10, the incentives flipped. Dealers tightened risk limits, and the market began to trade with significantly reduced shock absorption.
That brittleness is evident in the behavior of larger holders. CryptoSlate previously reported how BTC whales have continued offloading the top crypto, thereby dampening market momentum even after the leverage purge.
Moreover, the market shift is also evident in data on Bitcoin's volumes and depth.
CoinDesk Data’s November exchange review indicates centralized exchange activity has retreated to its lowest level since June.
According to the firm, the combined spot and derivatives volumes across centralized exchanges dropped 24.7% month over month to $7.74 trillion, the sharpest monthly decline since April 2024.

Spot volumes slid 21.1% to $2.13 trillion, while derivatives volumes fell 26.0% to $5.61 trillion. Notably, the derivatives market share slipped to 72.5%, the lowest since February 2025.
A market can print high prices on low turnover, but the dynamic changes immediately when participants need to move size.
Depth is down
The clearest warning signal for Bitcoin is its current market depth, which measures the visible buy and sell interest near the mid-price.
This is where the “trillion-dollar illusion” becomes tangible. Market capitalization is merely a mark-to-market calculation; liquidity is the ability to convert intent into execution without paying a hidden tax in slippage.
When order books are thick and spreads are predictable, institutional strategies, rebalancing on schedule, hedging without slippage shocks, are feasible. Liquidity compounds: dense flow invites tighter quoting from market makers, lowering costs and pulling in more participation.
The reverse, however, is self-fulfilling. Thin liquidity drives up trading costs, forces participants to step back, and ensures the next shock leaves a deeper scar.
Data from Kaiko shows Bitcoin’s aggregated 2% market depth has fallen roughly 30% from its 2025 high. In practical terms, this is the difference between a market that can absorb a fund rebalancing without drama and one that gaps through levels when that same flow hits.
A snapshot from Binance, the largest crypto exchange by trading volume, illustrates the point.
According to Kaiko, both 0.1% and 1% market depth on BTC pairs have risen significantly over the past few years, eclipsing pre-2022 crash highs.
#BTC☀️ $BTC #bullish

💵 Aktualna cena
Bitcoin dziś handluje się w okolicach 115 066 USD, notując wzrost o około 0,02% w ciągu dnia . Jak wskazują źródła jak TradingView czy CoinDesk, wahania w ciągu ostatnich 24 godzin oscylowały między 113 000 a 115 400 USD . Mimo minimalnego ruchu, widać solidne wsparcie przy poziomie ~114 000 USD .
📈 Trendy instytucjonalne
Wzrost napłynął przede wszystkim dzięki inwestorom instytucjonalnym. Od stycznia 2024 do teraz ETF-y na Bitcoina przyciągnęły już ok. 52 mld USD, a same fundusze spotowe w USA osiągnęły w połowie lipca sumę 14,8 mld USD napływów . Główne firmy, jak Strategy (dawniej MicroStrategy), posiadają setki tysięcy BTC i odnotowują ogromne zyski, na poziomie miliardów USD w Q2 2025 . Mike Novogratz podkreśla, że era nowych skarbców korporacyjnych dobiega końca – przewagę mają silni gracze z dużymi rezerwami .
🧠 Sentiment rynkowy i techniczne spojrzenie
Techniczne oceny wskazują na neutralny sygnał dzienny, jednak tygodniowe ratingi sugerują „strong buy”, a miesięczne – nadal „buy” . Ostrzeżenia pewnych analityków mówią o możliwym spadku do ~105 000 USD, czyli tzw. “danger zone”, jeśli sentyment rynku zostanie zaburzony . Jednocześnie on-chain wskazuje, że obecna konsolidacja może poprzedzać kolejny impuls wzrostowy, co wpisuje się w typowy cykl bull marketowy .
🌍 Czynniki makro i reguły gry
Nastroje poprawiły się, gdy inwestorzy zaczęli zakładać, że Rezerwa Federalna obniży stopy procentowe we wrześniu 2025 – co sprzyja rynkom ryzykownym, takim jak kryptowaluty . Regulatorzy i makroekonomia nadal odgrywają kluczową rolę – ewentualny zwrot w polityce monetarnej może przynieść dalszą zmienność.

📌 #bitcoin #BTC #CryptoTrendy
📌 #Instytucje #ETFs. #whales
📌 #bullmarket #TechnicznaAnaliza 🔧
📌 #Makroekonomia #Fed #Potencjał