消息面上，贝森特获美国财长提名，投资者预计他会优先考虑经济和市场稳定，打开“姆努钦2.0”时代，知道红线在哪里，新政府的财政政策将采取循序渐进的方式，分阶段实施关税政策，而非特朗普竞选时承诺的那么激进。这令美元和比特币下跌、美债涨。In the US stock market on Monday, Bitcoin's profit settlement sentiment was strong. Continuing the weekend's decline, it fell below 0.0945 million US dollars at one point. According to the news, Bezent was nominated by the US Treasury Secretary. Investors expect him to prioritize economic and market stability, which will cause the US dollar and Bitcoin to fall and US debt to rise. There was also good news from the coin community on the same day: Wall Street is preparing to launch a new generation of crypto-related ETFs to suit all types of investors' tastes. Furthermore, MSTR, a “large Bitcoin holder”, received a sharp increase in target price by Bernstein and others, and MSTR closed down more than 4% after opening higher.
On Monday, November 25, Bitcoin continued its decline over the weekend and continued to fall below $0.0945 million at one point. Bitcoin fell by more than $2,000, or more than 2.2%, approaching the bottom of November 21 at 93850.62 US dollars. Ethereum, on the other hand, is relatively strong. At one point, the intraday increase reached 3.9%, which is around 3,500 US dollars.
Blockchain concept stocks had mixed ups and downs on the same day. Kodak closed up 18.6%, Beyond Inc. rose more than 9.4%, Yibang International ADR rose more than 8.6%, Applied Digital rose more than 8.4%, Ether ETF FETH rose 6.65%, Robinhood rose about 3.3%, and cryptocurrency exchange giant Coinbase rose about 2.5%. MSTR, the “biggest Bitcoin holder,” fell more than 4%, TeraWulf fell more than 6%, and BTC Digital fell more than 8%.
According to the news, Bessent was nominated by the US Treasury Secretary. Investors expect him to prioritize economic and market stability, open up the “Mnuchin 2.0” era, and know where the red line is. The new administration's fiscal policy will adopt a gradual approach and implement tariff policies in stages, rather than being as aggressive as promised during Trump's election campaign. This caused the dollar and bitcoin to fall, and the US debt to rise.
There was also good news from the coin community on the same day. Currently, Wall Street is actively preparing to launch a new crypto-related ETF. With Trump, a supporter of digital currency assets, being elected as the next US president, the media said that ETF executives and lawyers said they are developing strategies to cater to the preferences of different investors in all aspects.
The new crypto-related ETFs mentioned above include defensive ETFs, aimed at professional fund managers interested in cryptocurrencies, as well as highly speculative bets, aimed at people with a high appetite for related risks. Riskier cryptocurrency ETFs may focus on a wide variety of digital tokens, sometimes using leverage, options, or quantitative strategies.
Previously, some crypto-related ETFs that simply tracked Bitcoin had attracted billions of dollars since the US election.
The industry generally expects that the US Securities and Exchange Commission (SEC) under Trump will be more receptive to new digital currency products than the Biden administration. The SEC is likely to usher in a new leader, and the ETF industry is entering the “Wild West” era.
Currently, several digital asset companies have applied to the SEC to launch ETFs that track cryptocurrencies such as Solana, XRP, and Litecoin. ETFs like this have little chance of getting approved by the SEC led by Gary Gensler, but under the new administration, their monetary probability is higher. Additionally, tokens such as Aave, Uniswap, and Maker are also suitable for ETF products.
On the same day, Bernstein, a well-known Wall Street agency, raised its target price for MSTR, a “major Bitcoin holder”, from $290 to $600, and is expected to have room for a 40% increase. This is at odds with the recent bearishness on citron.
Bernstein predicts that by 2033, MSTR will have 4% of the global Bitcoin supply. Currently, the company's Bitcoin holdings are 1.7% of the supply. Bernstein believes that MSTR's Bitcoin money management model is unparalleled. According to Bernstein, Bitcoin is in a structured bull market, with favorable regulations, US government support, institutional adoption, and macroeconomics.
Additionally, another broker, CanAccord, raised its price target for MSTR from $300 to $510 and reaffirmed the buy rating. CanAccord said a new method should be used to evaluate MSTR. “Traditional income statement earnings metrics are no longer applicable to MSTR because the company's software business only accounts for a single-digit percentage of current corporate value. The dollarized increase in BTC per share reflects everything that happened at MSTR.”
MSTR CEO Michael Saylor said when talking about being shorted that Citron doesn't understand where MSTR's premium over Bitcoin comes from. While the company makes profits through volatile trading, it also increases leverage through ATM operations, so as long as Bitcoin continues to rise, the company can still make money. This is an important profit point overlooked by shorters. “Based on 80% of the Bitcoin spread, a $3 billion ATM financing could bring in $125 per share over 10 years.”
MSTR surged 6% in the premarket on Monday, but then fell back and ended up falling more than 4%.
