Cecille Sampley

#巨鲸动向 As of December 17, 2025, the core points regarding the movements of mainstream cryptocurrency whales are as follows (data source: on-chain tracking platforms, exchange announcements, real-time prices fluctuate with the market):

1. Bitcoin (BTC)

• Whale selling intention has dropped to a low: The amount of single transfers over 1 BTC flowing to exchanges like Binance has reached a new low since 2018, indicating that large holders are reluctant to sell, and market selling pressure has weakened.

• Major wallet movements: On December 12, a whale starting with bc1qsz deposited 2000 BTC (approximately $180 million) into Binance; this address had previously accumulated 5000 BTC from Matrixport on December 4-5, with an average price of approximately $92,710.

• Institutional holdings stable: Large ETFs like Grayscale GBTC and BlackRock BITB have not shown significant reductions in holdings, and long-term hoarding-type whale addresses have very little net outflow.

2. Ethereum (ETH)

• BlackRock large transfer: On December 17, BlackRock transferred 47,500 ETH (approximately $140 million) to Coinbase Prime, during which its ETH ETF ETHA saw an outflow of $139 million, indicating clear signals of institutional portfolio adjustments.

• Whale staking and leveraged long positions: On December 12, an anonymous whale fully staked 25,000 ETH (approximately $79.48 million); the "1011 Insider Whale" has been continuously increasing its ETH holdings through leverage, adding tens of millions in funding for long positions on December 7.

• Early whale lock-up: On December 1, at the panic low, a whale withdrew 77,385 ETH from CEX to build a position and mortgaged ETH to borrow over $220 million USDT for subsequent arrangements.

3. Stablecoins and Others

• Large USDT transfer: On December 11, a transfer of 388 million USDT moved from OKX to an unknown wallet, purpose to be investigated, possibly preparing for a large transaction.

• Institutional layout: ARK Invest and others continue to increase their holdings in crypto-related assets, Kraken is advancing towards listing, and some institutions are obtaining compliance licenses in the Middle East, indicating clear long-term layout signals.

4. Market Significance

Currently, whales are primarily focused on hoarding and portfolio adjustments, with selling momentum weakening. Institutional adjustments to ETH deserve close attention; large fluctuations in stablecoins may signal significant short-term market speculative activity, necessitating caution against chain reactions triggered by ETF fund flows.

#BinanceABCs #BinanceABCs is the "Word of the Day (WOTD)" themed event launched by Binance from December 8-14, 2025, focusing on fundamental concepts and terminology in the cryptocurrency and blockchain ecosystem, popularizing introductory knowledge through crossword puzzles and distributing rewards.

Core Information

• Gameplay: Enter WOTD in the Binance App under "More" and play up to 2 rounds each day; correctly answering 3 questions allows you to share a total of 400,000 HOME token vouchers, with a single user cap of 80 HOME.

• Unlocking the 2nd round: Share the designated article of the day on social media, and the link must be clicked by a third party.

• Keyword examples: 3 letters (BTC, ETH), 4 letters (DYOR, FIAT), 5 letters (WAGMI, TRUST), 7 letters (BITCOIN, ACADEMY), 8 letters (LEARNING, SECURITY).

• New user benefits: Register with the invitation code WOTD2025 to enjoy a 10% discount on spot trading fees.

On December 13, 2025, Binance's core topics focused on the large-scale withdrawal wave, the daily word guessing activity, and the previously announced upgrades to the options platform and the temporary suspension of discounted coin purchases, as follows:

1. Encountering a large-scale withdrawal tide: On that day, nearly $2 billion flowed out of Binance, accounting for 54% of the net withdrawal amount of 3.66 billion from December 7 to 13. Zhao Changpeng stated that the withdrawal amount for that day did not rank in the top five in history, and indicated that USDC withdrawals are expected to resume within a few hours, while other stablecoins can be withdrawn normally to soothe the market.

2. New daily word guessing activity: Today, Binance's "Daily Word" activity continues the #Binance ABCs# theme, with answers covering a variety of lengths of cryptocurrency-related vocabulary. Three-letter words include BTC, ETH, etc.; four-letter words include DYOR, easy, etc.; five to eight-letter words include wagmi, jargon, bitcoin, etc. Users who guess correctly can exchange rewards such as trading fee discount coupons.

3. Discounted coin purchasing temporarily suspended: Binance's previous announcement indicated that from December 13, 08:00 to December 16, 08:00 (UTC+8), the discounted coin purchasing service would be suspended in preparation for the options trading platform upgrade on December 14-15.

4. Global users surpass 300 million: Binance recently announced that its global user base has surpassed 300 million, while continuously improving its compliance framework. It previously obtained full operational authorization from Abu Dhabi ADGM, further advancing its compliance process.

The discount coin purchase service will be suspended: To facilitate the upgrade of the options trading platform starting on December 14, the Binance discount coin purchase service will be suspended at 08:00 (UTC+8) on December 13 and will remain suspended until 08:00 on December 16. This suspension is an important step in the preparation for the migration of the options platform to ensure the smooth progress of subsequent upgrade work.

In addition, important preparation dynamics closely following that day can be monitored, namely the upgrade of the options trading platform will start at 13:00 on December 14, during which all options trading and liquidations will be suspended, and unfilled orders will also be canceled.

#加密市场反弹 2025年12月加密市场迎来显著反弹，比特币、以太坊领涨，主流及中小市值代币纷纷跟涨，背后是降息预期、技术升级和机构增持等多重因素推动，不过后续走势仍受美联储政策等变量影响，具体情况如下：

1. 反弹行情表现：12月3日比特币从8.4万美元低点暴涨9.5%站上9.2万美元关口，10日更是突破9.4万美元，24小时涨幅超4%；以太坊同步走强，10日价格升至3300美元上方，24小时涨幅近7%。此外Solana、Cardano等中小市值代币录得两位数涨幅，市场呈现全面回暖态势，且此次反弹引发剧烈多空博弈，24小时内全球加密货币空头爆仓总额达3.87亿美元。

2. 核心驱动因素：一方面是宏观层面，美国11月PPI数据低于预期，市场对12月美联储降息25个基点的预期概率升至89.2%，美元走弱推动资金流入加密这类风险资产。另一方面是技术赋能，12月4日以太坊Fusaka升级落地，让Layer2网络交易费用降低30%-50%，还优化了节点同步效率，激活生态的同时吸引资金轮动至优质山寨币。此外机构资金积极进场，贝莱德IBIT ETF半小时交易量曾突破10亿美元，MicroStrategy也持续增持比特币，示范效应带动资金涌入。

3. 后续走势不确定性：当前比特币尚未站稳200日均线，以太坊也面临50日指数移动平均线压制，多空争夺激烈。12月10日美联储利率决议是关键变量，若出现鸽派降息，比特币有望冲击10万 - 10.5万美元；若基调偏鹰派，价格可能回落测试8.8万 - 9万美元支撑位。且全年市场波动高频，年底流动性紧张，短期大概率维持区间震荡格局。

#美联储FOMC会议 The Federal Reserve FOMC meeting, known as the Federal Open Market Committee meeting, is the core meeting that determines U.S. monetary policy. Its main objective is to balance economic growth with price stability, and its decisions have far-reaching impacts on global financial markets. Below are the key details:

1. Participation and Decision-Making Mechanism: The meeting consists of 12 voting members (7 members of the Federal Reserve Board + the President of the New York Fed + 4 rotating regional Fed Presidents) and is held 8 times a year. Among these, the meetings in March, June, September, and December will publish a dot plot including forecasts for interest rates, economic growth, etc., which is a key focus for the market.

2. Key Developments for the 2025 Meetings: At the September meeting, the Federal Reserve cut interest rates by 25 basis points, bringing the rate to 4.00%-4.25%; on December 9 local time, the Federal Reserve held a two-day year-end FOMC meeting, where the market generally expected this to be the third consecutive rate cut of the year. However, the meeting faced significant disagreements among policymakers due to conflicts between employment and inflation targets.

3. Core Highlights of This Meeting: First, there may be multiple dissenting votes on the rate cut, as hawks are concerned that cutting rates could pose risks due to high inflation; second, the updated economic forecasts and dot plot will influence the market's judgment on next year's economic and policy direction; third, after the Federal Reserve's restructuring, whether the new framework will change the current policy approach is also of great concern.

Binance announces the delisting of three low liquidity altcoins: On December 3, Binance issued a notice stating that due to the trading volume and liquidity of StaFi (FIS), REI Network (REI), and Voxies (VOXEL) not meeting standards, all spot trading pairs for these three tokens will be delisted on December 17 at 03:00 UTC. Additionally, related services such as trading bots and margin trading will also be affected. Following the announcement, the prices of the three altcoins plummeted, and users must complete withdrawals by February 16, 2026.

1. He Yi has been appointed as Co-CEO, marking the beginning of the dual CEO era: On December 3, at the Binance Blockchain Conference, CEO Deng Weizheng announced that co-founder He Yi would serve as Co-CEO. The two have clear divisions of labor, with Deng focusing on regulation and global relations, while He is responsible for product, growth, and other internal operations. This structure is a key measure for Binance to solve compliance challenges, with the goal of increasing the user base to 1 billion.

2. Binance Blockchain Week held and issued anti-fraud reminders: From December 3 to 4, over 15,000 people participated in the Dubai Binance Blockchain Week. The conference gathered numerous industry leaders to discuss industry trends, while Binance issued a fraud warning, reminding users to watch the live broadcast of events only through Binance Square and to be wary of fake YouTube live stream links. In addition, Binance announced the opening of trading pairs such as BTC/USD and will delist three tokens including FIS on December 17.

3. Zhao Changpeng predicts that the cryptocurrency market will reach new heights: Starting from December 3, former CEO Zhao Changpeng responded to the new features of the Trust Wallet, stating that he foresees the cryptocurrency market will see more historical highs. This statement has stirred the crypto community, and although some users remain cautious, it has generally driven market sentiment to be more positive.

4. The Binance-related cryptocurrency market shows signs of rebound: Data from December 6 shows that the cryptocurrency market has rebounded, with Bitcoin prices reaching $89,271, a rise of 3.66%, and Ethereum also up by 4.92%. Previously, the trading volume of perpetual contracts surged to $1.46 trillion in 24 hours, with the Binance ecosystem sector leading the market, and BNB's 24-hour increase reaching 5.12%. Its ecological layout continues to attract capital inflows.

#美联储重启降息步伐 The Federal Reserve will resume interest rate cuts in September 2025, marking the first rate cut of the year. Subsequently, another rate cut is anticipated, with the market generally expecting another cut at the December 10th monetary policy meeting. Here are the specifics:

1. First rate cut in September: On September 17th, Eastern Time, the Federal Reserve lowered the target range for the federal funds rate from 4.25%-4.5% to 4.00%-4.25%, a decrease of 25 basis points. This cut was categorized as a "preventive rate cut," primarily due to the deterioration of U.S. employment data. The non-farm payrolls in August added far fewer jobs than expected, the unemployment rate rose, while inflation showed a mild upward trend, providing room for a rate cut.

2. Consecutive rate cuts in October: On October 30th, Beijing time, the Federal Reserve again cut rates by 25 basis points, lowering the rate range to 3.75%-4.00%, while announcing the end of balance sheet reduction starting December 1st. This rate cut was also based on weak employment data and inflation being below expectations, as well as addressing liquidity pressures in the money market.

3. Strong expectations for a rate cut in December: Currently, the market has extremely high expectations for a December rate cut, with CME's "FedWatch" data indicating a probability of 89.2% for a 25 basis point cut. Major investment banks like Goldman Sachs and JPMorgan Chase share this expectation. This backdrop includes a persistently weak U.S. labor market, rising recession expectations, and intensive dovish signals released by key Federal Reserve officials to create momentum for the rate cut.

#ETH巨鲸增持 Recently, ETH whales have been actively increasing their holdings, with several well-known whale addresses and institutions continuously accumulating, showing a counter-trend characteristic of 'buying more as prices drop'. The specific situation is as follows:

1. December 3 related increase dynamics: On that day, a seasoned cryptocurrency trader invested nearly 40 million USD to increase their Ethereum holdings, while BitMine also acquired 18,345 ETH to promote its Ethereum staking plan. Additionally, a cryptocurrency giant increased its long position in ETH, with total holdings reaching 24.3 million USD.

2. 66kETHBorrow whale: This whale bought 114,700 ETH within two days, raising total holdings to 489,700 ETH, with a market value of over 1.64 billion USD. Since November 4, it has been intensively building positions, accumulating ETH worth 1.33 billion USD. Even with an average holding cost of about 3,332 USD and facing over 200 million USD in floating losses, it continues to accumulate.

3. Ancient and dormant whales: Starting from November 26, an ancient whale that once interacted with the Ethereum Foundation accumulated 7,318.56 ETH at an average price of 3,016.09 USD, valued at 22.07 million USD; on the same day, a dormant whale that had been inactive for three months spent 3.25 million DAI to purchase 1,110 ETH and still has 67.8 million DAI available for subsequent accumulation. On November 30, an Ethereum ICO address dormant for over 10 years was activated, transferring out approximately 119.4 million USD worth of 39,995 ETH.

4. Other whales and institutions: In late November, an anonymous whale bought over 90,000 ETH within 16 hours, valued at approximately 254 million USD; a large wallet holding between 1 million and 10 million ETH had purchased nearly 460,000 ETH within four days, valued at 1.6 billion USD. On the institutional front, BitMine had increased its holdings by 69,822 ETH within a week, reaching a total of 3.63 million ETH, accounting for 3% of the total ETH supply.

#BinanceBlockchainWeek #Binance Blockchain Week refers to Binance's flagship global event, which will be held from December 3 to 4, 2025, at the Coca-Cola Arena in Dubai. This is the seventh edition of the event, focusing on the latest developments in the blockchain and cryptocurrency fields. Here are the core details:

1. Key Topics: The content revolves around the practical applications of blockchain, covering the development of Bitcoin, the expansion of stablecoin scale, decentralized finance, Web3 infrastructure, asset tokenization, and discussions on global regulation of cryptocurrencies, as well as the integration of artificial intelligence and cryptographic technology, including unique topics related to the fusion of sports and the cryptocurrency sector.

2. Notable Guests: The lineup includes industry leaders from around the world, such as Binance CEO Richard Teng, co-founder He Yi; as well as external figures like MicroStrategy's Executive Chairman Michael Saylor, Ripple Labs CEO Brad Garlinghouse, and Solana Foundation President Lily Liu, among others. Notably, Michael Saylor will be making his debut at a cryptocurrency-related event in the UAE.

3. Event Highlights: The event features two main venues: the main stage and the innovation stage, including keynote speeches, themed seminars, hands-on workshops, and new project showcases. It also introduces AI-powered social tools and a Web3 creator area. The partner lineup is impressive, with Celo as the naming sponsor, Solair and Nikespace as top sponsors, and Mastercard as a major partner. Last year, the event attracted over 4,600 attendees, with over 1.6 million live views and reaching 2.2 billion people on social media. This year, Amazon Prime also launched two behind-the-scenes documentaries for the 2024 event.

4. Ticket Information: Various options are available, including general tickets, premium tickets, and VIP tickets. Early bird tickets are priced at $99, with different ticket types corresponding to different privileges, including access to keynote speeches, exclusive roundtable discussions, and the use of networking lounge facilities.

On December 1, #加密市场观察 , the cryptocurrency market experienced a significant plunge, with mainstream currencies collectively crashing and the number of liquidations surging. This drop was triggered by multiple factors including regulatory policies, institutional capital flows, and macroeconomic expectations. Below are the detailed observations:

1. Performance of mainstream currencies and the overall market: On December 1, Bitcoin fell below $86,000 intraday, with a daily decline close to 6%. By the end of the day, it was reported at $85,800, down 4.99%. Ethereum dropped to around $2,780, with a decline exceeding 7%, later reported at $2,829, down 5.41%. Additionally, Ripple and Dogecoin fell over 7%, while niche currencies like Cardano and Polygon saw declines exceeding 10%. As a result, the total market capitalization of the cryptocurrency market briefly fell below $3 trillion, shrinking by over $200 billion compared to the previous day, with the number of liquidations reaching 218,800 within 24 hours.

2. Core driving factors of the crash: First, regulatory policies have tightened. On November 30, Chinese financial regulatory authorities clarified that stablecoins are virtual currencies, emphasizing the crackdown on related illegal financial activities. Previously, S&P had also downgraded the stability rating of USDT, raising market concerns about stablecoins. Second, institutional capital inflows are weak, with reduced inflows into Bitcoin ETFs and even outflows occurring, while the market lacks buyers to take advantage of lower prices, making it difficult to absorb selling pressure. Third, macroeconomic expectations are volatile, with increasing uncertainty in U.S. economic data, fluctuating market expectations for Fed rate cuts, and rising concerns about economic slowdown, prompting funds to flow out of risk assets like cryptocurrencies.

3. Key points to watch in the subsequent market: On a technical level, the Bitcoin RSI indicator has entered the oversold area, indicating a potential technical rebound opportunity in the short term. The current key support zone is between $86,000 and $86,500; if broken, it could dive to $80,000, while around $90,000 above serves as a direct resistance level. On the news front, the Fed's FOMC meeting rate cut decision on December 10, as well as subsequent U.S. non-farm payroll and other economic data, will be key catalysts affecting market trends. Venture capital firms also mentioned that if macro policies become clear and Bitcoin/ETH spot ETFs see sustained net inflows, it could signal a clear indication of market stabilization.

#美SEC推动加密创新监管 What impact do regulatory measures have? Regulatory measures not only provide positive momentum for the cryptocurrency industry and market but also present challenges such as industry differentiation. They will also affect the competitiveness of the United States in the global cryptocurrency arena, with specific potential impacts as follows:

1. Industry Level: On one hand, they provide clear compliance guidelines for project parties, with mainstream public chains, DeFi projects, etc., having clear paths. Regulatory sandboxes also reduce the cost of innovation and trial and error, while regulatory exemptions for underlying chain protocols can protect blockchain infrastructure innovation. On the other hand, there will be industry differentiation, with leading platforms expanding their market share due to compliance advantages, while small and medium protocols may shift to regions with lower regulatory thresholds due to compliance cost pressures.

2. Market Level: The listing of cryptocurrency spot ETFs is entering a standardization and rapid phase, likely ushering in a surge. At the same time, regulatory clarity will accelerate institutional capital entry, as seen with BlackRock launching a compliant DeFi index fund and Goldman Sachs entering the decentralized market, where compliant assets will gradually become the dominant force in the market.

3. Investor Level: Clear token classifications allow investors to easily identify the legal attributes and risk levels of assets, while a unified service framework enables investors to obtain more convenient one-stop financial services. Furthermore, the SEC's stringent crackdown on fraud and other activities can effectively purify the market environment and enhance investors' trust in the digital asset ecosystem.

4. Global Competition Level: Previous ambiguous regulations caused the U.S. to miss out on numerous Web3 innovation resources. This new regulation, by clarifying rules, is expected to attract global cryptocurrency innovation projects, talent, and capital back to the U.S., helping the country regain leadership in the cryptocurrency field. Additionally, the plan for a cross-border regulatory sandbox can promote regulatory coordination between the U.S. and its allies, allowing American companies to maintain a leading position in global competition.

1. Strategic cooperation with Ho Chi Minh City: On November 26, Binance signed a memorandum of cooperation with Ho Chi Minh City at the 2025 Autumn Economic Forum, which will assist in building an international financial center locally, co-establish a regulatory sandbox mechanism, and help attract global investors. Binance's CEO was previously invited to serve as a senior advisor to Vietnam's International Financial Center.

2. Zhao Changpeng faces another lawsuit in the U.S.: On November 24, over 300 victims and family members of the "10·7" attack filed a lawsuit against Zhao Changpeng and Binance in the Federal Court of North Dakota, accusing them of intentionally aiding Hamas in conducting over $1 billion in cryptocurrency transactions. Currently, Binance is facing four similar lawsuits in the U.S., all of which are in the hearing stage.

3. Donation of 10 million Hong Kong dollars to Hong Kong: On November 28, Binance announced a donation of 10 million Hong Kong dollars to Hong Kong, which will be used for local fire rescue and subsequent reconstruction efforts.

4. Launch of BOBUSDT U-based perpetual contract: On November 21 at 18:45, Binance launched the BOBUSDT U-based perpetual contract, which has a maximum leverage of up to 20 times. After the launch, follow-up trading was opened within 24 hours, and it was included in the new contract trading fee discount promotion.

5. Inclusion of BlackRock's BUIDL fund in institutional collateral framework: On November 14, Binance announced the listing of BlackRock's BUIDL fund as eligible over-the-counter collateral for institutional users. The fund's assets under management exceed $2.5 billion, and this integration is seen as an important fusion of traditional finance and cryptocurrency infrastructure. Additionally, BUIDL will launch a new share class on the BNB Chain.

6. Multiple platform asset and activity updates: Binance Alpha has been very active recently, such as the launch of Irys (IRYS) on November 25 and the start of the second wave of SOON airdrop; Binance Square has launched a creator task activity where users can unlock rewards of 3.6 million LINEA token discount coupons by completing tasks. There are also limited-time activities in the Middle East and South Asia where users can win up to 300 USDT token discount coupons by buying cryptocurrency.

#美联储重启降息步伐 2025 In 2023, the Federal Reserve restarted its rate-cutting pace after a 9-month pause, having cut rates twice by November. The subsequent rate-cutting path, while anticipated, carries uncertainty. The specifics are as follows:

1. Two rate cuts executed: On September 18, the Federal Reserve lowered the federal funds rate target range by 25 basis points to 4%-4.25%, marking the restart of rate cuts after a 9-month hiatus; on October 29, the Federal Reserve cut rates again by 25 basis points, adjusting the rate range to 3.75%-4.00%, while announcing the end of balance sheet reduction starting December 1. Both rate cuts were preemptive adjustments in response to economic issues such as slowing job growth and a slight increase in the unemployment rate.

2. Controversy over December rate cut: The market had previously expected a high probability of another 25 basis points rate cut by the Federal Reserve in December, totaling a cumulative cut of 75 basis points for the year. However, disagreements have intensified. Boston Fed President Collins has clearly stated that there is no need for further rate cuts in December, and key data such as the November CPI and employment conditions will be released after the Federal Reserve's December meeting, significantly increasing the uncertainty of rate cuts due to the lack of core data support.

3. Room for rate cuts in 2026: Industry predictions suggest that the Federal Reserve may have a rate-cutting space of 50 - 75 basis points in 2026, aiming to bring the federal funds rate closer to neutral levels. However, factors such as the transmission pressure of tariffs on inflation and the transition of the Federal Reserve Chair may disrupt the rate-cutting rhythm next year.

#币安HODLer空投AT This is the 59th project of the Binance HODLer airdrop, corresponding to the token of the Data Oracle Protocol APRO, with the following core information:

1. Airdrop participation conditions: From 08:00 on November 4, 2025, to 07:59 on November 7, users who purchase Binance's principal guaranteed earning products (fixed or flexible) or on-chain earning products using BNB will be eligible for the AT airdrop allocation.

2. Airdrop and token circulation: This airdrop allocates 20 million AT tokens, accounting for 2% of the total supply of AT tokens (1 billion tokens); the circulating supply of AT upon listing will be 230 million tokens, accounting for 23% of the total supply.

3. Listing and trading arrangements: The AT deposit channel will open at 18:30 on November 27, and trading will officially commence at 22:00 on November 27, supporting trading pairs of AT with USDT, USDC, BNB, and TRY, and applicable to seed label trading rules.

#ETH走势分析 As of November 27, 2025, ETH is showing a strong short-term upward trend, but the medium-term momentum needs to be repaired, and is affected by resistance at key levels and external expectations, likely maintaining range fluctuations. Here is the specific analysis:

1. Price Trend: After hitting a low of 2761 on November 24, ETH quickly rebounded, breaking through the $3000 level on the 26th, and is currently hovering near that level. The daily chart has shown three consecutive bullish days, with a short-term high of 3044 reached during the early morning, but the close left an upper shadow, indicating there is certain resistance above $3000.

2. Technical Indicators: After a golden cross on the daily MACD, the red bars continue to expand, but the DIF remains below the zero axis, indicating insufficient medium-term momentum; the hourly MACD has a preliminary death cross shape, and a slight adjustment may be on the horizon. In terms of moving averages, a bullish arrangement has formed in the short term, but there is about an 18% divergence from the 120-day moving average, which may lead to a correction in the medium to long term due to the pull of the moving average. Additionally, the KDJ indicator is in a neutral to bullish range, suggesting that there is still some short-term upward space.

3. Key Levels: Key resistance above is focused on $3080, with further levels at $3100 and $3200; support below is at the $3000 level, and if breached, the next support level is $2950, with deeper support levels possibly in the $2781 - 2831 range.

4. External Influences: The interest rate cut expectations from the Federal Reserve meeting at the end of the month have a significant impact on the market, which is currently leaning towards a strong stance, likely maintaining this strong state until the meeting at the end of the month. If the interest rate cut expectations are realized positively, ETH may break through the current range and continue to rise; if they do not meet expectations, a correction may occur, leading to range-bound fluctuations.

#ETH巨鲸增持 2025 In November 2023, during the ETH market correction, multiple whales and related entities significantly increased their holdings against the trend, with the operations of the whale address "66kETHBorrow" being the most noteworthy. Other whales and companies also increased their positions simultaneously. Here are the details:

1. 66kETHBorrow: This whale began building its position intensively on November 4. After increasing its holdings by $162.77 million worth of ETH on November 21, its total holdings reached 432,700 ETH; on the 22nd, it bought another 23,995 ETH; by the 24th, it had purchased 114,700 ETH within two days, bringing its total holdings to 489,700 ETH. Calculating at about $3,480 per ETH, the market value exceeds $1.64 billion. Although it currently faces floating losses of over $200 million, it continues to increase its holdings through borrowing and leveraging.

2. Other anonymous whales: On November 24, the whale address 0x8d0e bought 4,022 ETH while also opening a 20x long position on ETH. On the 25th, an anonymous whale cumulatively purchased over 90,000 ETH within 16 hours, valued at approximately $254 million. Additionally, the address 0x9992 deposited approximately $288.6 million worth of ETH into Aave and borrowed $122.89 million in stablecoins to further increase its ETH holdings.

3. Bitmine Immersion Technologies: As the largest enterprise-level holder of Ethereum, the company increased its holdings by 4.0719 ETH in November, costing approximately $139.6 million. In the same month, it further increased its holdings by 110,288 ETH, bringing its total holdings to 3.5 million ETH, valued at approximately $12.5 billion.

Moreover, large wallets holding between 1 million and 10 million ETH purchased nearly 460,000 ETH within four days, valued at $1.6 billion, indicating that the trend of whales increasing their ETH holdings is widespread.