Fidelity: BTC winter may last a year; Vitalik praises Wonderland

Bitcoin

Fidelity: Bitcoin Winter May Last a Year, Support Level Between $65,000 and $75,000

Juren Timmer, Global Macro Director at Fidelity, wrote on the X platform that while he remains bullish on Bitcoin in the long term, it may have ended another four-year halving cycle, both in terms of price and time: after 145 months of gains, the high of $125,000 reached in October this year was largely in line with expectations. Bitcoin winters typically last about a year, so 2026 could be a "holiday year" for Bitcoin, with support between $65,000 and $75,000. Furthermore, Juren Timmer also highlighted the strong performance of gold in 2025, contrasting it with Bitcoin's negative performance, and predicting that neither asset will experience mean reversion in the short term.

He pointed out that gold is currently in a strong bull market, having risen about 65% so far this year, outperforming the growth of global money supply. During the recent pullback, gold held onto most of its gains, a typical characteristic of a bull market. Arthur Hayes: Fed Launches New Version of Quantitative Easing, Bitcoin May Return to $124,000 In his latest article, "Love Language," published today, Arthur Hayes stated that the Fed's RMP (Reserve Management Purchases) is essentially equivalent to a new version of quantitative easing (QE), meaning that liquidity will be released again, the risk of long-term fiat currency devaluation will increase, and the crypto market, especially Bitcoin, will benefit significantly. He predicts that BTC may fluctuate between $80,000 and $100,000 in the short term; once the market recognizes that "RMP = QE," Bitcoin may return to $124,000 and quickly surge to $200,000; a temporary emotional peak is expected around March next year, followed by a pullback, but the overall bottom is still likely to be above $124,000. It is worth noting that although Arthur Hayes continues to be bullish on the crypto market, he transferred 508.647 ETH (worth $1.5 million) to Galaxy Digital during yesterday's rebound, possibly for sale. Data shows that if Bitcoin reaches $93,000, over $4 billion in leveraged short positions will be liquidated. The Coinbase Bitcoin Premium Index has been in negative territory for five consecutive days, currently at -0.065%. According to Coinglass data, the Coinbase Bitcoin Premium Index has been in negative territory for five consecutive days, currently at -0.065%. The Coinbase Bitcoin Premium Index measures the difference between the price of Bitcoin on Coinbase (a major US trading platform) and the global market average price. This index is an important indicator for observing fund flows, institutional investment activity, and market sentiment changes in the US market. A positive premium indicates that the Coinbase price is higher than the global average, usually meaning: strong buying pressure in the US market, active entry of institutional or compliant funds, ample dollar liquidity, and optimistic investment sentiment. A negative premium indicates that the Coinbase price is lower than the global average, usually reflecting: significant selling pressure in the US market, decreased investor risk appetite, increased market risk aversion, or capital outflow.

A Bitcoin mining company American Bitcoin Corp board member buys $290,500 $ABTC stock

According to market news: Richard Busch, a board member of American Bitcoin Corp, a Bitcoin mining company backed by the Trump family, bought 175,000 shares of $ABTC stock at an average price of $1.66, totaling $290,500.

Ethereum

Ethereum exchange holdings have fallen to their lowest level since 2016

According to CryptoQuant data, Ethereum exchange holdings have fallen to their lowest level since 2016, indicating that traders' cautious sentiment has increased and short-term selling pressure in the market has eased.

Ethereum founder Vitalik Buterin, in a post on the X platform, praised Wonderland, stating that the crypto fund is an excellent team that plays a vital role in the Ethereum ecosystem, providing substantial support, including assistance to the Ethereum Foundation (EF) on interoperability and Kohaku, and support for numerous Ethereum projects. He further stated that improving protocol understandability is a key direction for trustlessness, arguing that an important but long-underestimated form of trustlessness is enabling as many people as possible to truly understand how the entire protocol works from start to finish. If only a very small number of people have a complete understanding, the system still carries a hidden risk of centralized trust. Vitalik pointed out that Ethereum still has room for improvement in this regard, and in the future, it needs to improve overall understandability by simplifying protocol design and reducing system complexity. This will not only help expand the population that can participate in and audit the protocol, but also enhance the transparency, security, and long-term resilience of the Ethereum ecosystem. This week, US spot Ethereum ETFs saw a net outflow of $224.94 million. According to TraderT monitoring, US spot Ethereum ETFs saw a net outflow of $224.94 million this week. BlackRock deposited 36,579 ETH, worth $108.4 million, into a Coinbase Prime address. According to OnchainLens monitoring, BlackRock deposited 36,579 ETH, worth $108.4 million, into a Coinbase Prime address. Arthur Hayes Transfers 508.647 ETH to Galaxy Digital According to Lookonchain, Arthur Hayes transferred 508.647 ETH, worth approximately $1.5 million, to Galaxy Digital, suggesting a possible sale. Other Projects Stablecoin Payments Company RedotPay Completes $107 Million Series B Funding Round RedotPay, a Hong Kong-based fintech company focused on stablecoin payments, announced the completion of a $107 million Series B funding round, led by Goodwater Capital, with participation from Pantera Capital, Blockchain Capital, Circle Ventures, and existing investor HSG (formerly Sequoia Capital China). Brazil's major stock exchange, B3, plans to launch its own tokenization platform and stablecoin next year, deepening its involvement in the cryptocurrency space. This stablecoin will facilitate trading in tokenized assets and is expected to be pegged to the Brazilian real. The tokenization platform will allow assets to be tokenized and traded on the exchange. Luiz Masagao, B3's VP of Product and Clients, stated that the two systems will share the same liquidity pool. B3 is also expanding its cryptocurrency derivatives offerings, including new options and contracts pegged to cryptocurrency prices. Visa Launches Stablecoin Advisory Service to Keep Pace with Crypto Wave According to Fortune magazine, Visa announced the launch of its stablecoin advisory service, designed to assist fintech companies, banks, and other businesses in developing and implementing stablecoin strategies. Since President Trump signed the Genius Act in July, many traditional financial companies have embraced stablecoins. Visa currently has dozens of clients, including Navy Federal Credit Union, VyStar Credit Union, and Pathward Financial Institution. Visa stated that the service will support clients' strategies, technology, and operations to jointly promote the application of stablecoins in cross-border and inter-business transactions. Payment infrastructure company Speed1 raises $8 million in funding, led by Tether, with participation from Ego Death Capital. The company focuses on building instant global settlement channels using Bitcoin's Lightning Network and stablecoins. Solana-based DePIN project Fuse Energy raises $70 million in Series B funding. According to SolanaFloor, Fuse Energy, a DePIN project built on the Solana blockchain, has announced the completion of a $70 million Series B funding round. The round was led by Lowercarbon Capital and Balderton Capital, valuing the company at $5 billion.