buyer

Bloomberg analyst James Seyffart posted on the X platform that, based on the latest disclosed data, the list of investors purchasing the Solana ETF is primarily composed of various market makers and crypto investment institutions, representing a "star lineup" of industry players.According to the disclosed data, the top three holders of Solana ETF exposure are: Electric Capital Partners (over $137 million), Goldman Sachs Group (over $107 million), and Elequin Capital (over $87.9 million). Additionally, Morgan Stanley currently holds approximately $15.3 million.

Bloomberg ETF analyst Eric Balchunas posted on the X platform that since the launch of the spot ETF in July, SOL has dropped by 57% (which is probably one of the worst issuance timings in ETF history), but these ETFs have still cumulatively attracted $1.5 billion in inflows, with virtually no significant redemptions.Additionally, about 50% of the assets come from institutional investors that submit 13F reports—this means the investor base is quite serious and professional. Both of these points are very positive signals for the future.The 13F report is a quarterly holdings report that institutional investors managing over $100 million in assets are required to submit to the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act.

According to Bloomberg ETF analyst James Seyffart, 13F filing institutions have collectively reduced their holdings in Ethereum spot ETFs, with hedge funds concentrating their selling due to the collapse of basis trade returns; traditional/long-term funds are increasing their positions against the trend, with Harvard's endowment fund being the largest new buyer this season.

Cryptanalysis expert Murphy stated that analyzing on-chain data from both spatial and temporal dimensions, the current distance to the "bear bottom" is no longer far off. In terms of space, taking the previous cycle as an example, in June 2022, BTC dropped to a low of $17,000, which is not far from the ultimate absolute bottom price of $15,000, indicating that it is already in the "bear bottom" range spatially. However, it took a full 7 months to truly emerge from and complete the bottom reconstruction.Currently, the "space" is getting closer to the bear bottom, but there is still a considerable distance in terms of "time." It is crucial to observe the behavior of conviction-driven buyers (Conviction Buyers, hereinafter referred to as CB), who, as the smartest diamond hands in this market, often buy during declines and sell after increases. In other words, rather than saying they frequently buy at the bottom, it is more accurate to say that the bottom is often constructed by this group of buyers. As of February, conviction buyers have accumulated a holding of 3.48 million BTC, setting a new record for this cycle. Since January of this year, they have significantly increased their holdings by 1.22 million BTC, a figure that far exceeds the previous cycle's events during the 5.19 incident, LUNA crash, and FTX collapse. Moreover, the current BTC price is higher than the aforementioned time points, indicating that "smart decision-makers" are investing more funds at this time.Although the final bottom position is difficult to predict, for the CB group, they do not hope to go all-in at the lowest point; as long as there is sufficient cost-effectiveness, they will continue to buy until all excess supply is absorbed. When a balance is achieved on both the supply and demand sides, it forms the bottom range of the bear market, after which, through months of consensus reconstruction, a new trend will emerge. From historical data, the determination and strength currently exhibited by conviction-driven buyers fully meet the standard of "not far from the bear bottom."

According to the Financial Times, Tether net purchased $28.2 billion in U.S. Treasury bonds in 2025, becoming the seventh largest foreign buyer, with its holdings surpassing those of countries like South Korea and Saudi Arabia, alongside Circle. U.S. Treasury Secretary Scott Bessent believes stablecoins are tools for promoting the dollar and absorbing U.S. debt, expecting the industry to grow from its current $300 billion to $3 trillion.Currently, the banking industry and the cryptocurrency sector are competing over stablecoin regulations. JPMorgan CEO Jamie Dimon and Coinbase CEO Brian Armstrong have disagreements on related terms. The banking sector is concerned that allowing third parties to pay interest on stablecoins will lead retail deposits to flow into stablecoins, thereby increasing financial risk. This standoff has caused divisions among Trump supporters, involving conflicts of interest between Wall Street banks and cryptocurrency industry donors.

Tether's U.S. subsidiary CEO and former White House crypto advisor Bo Hines stated that as the demand for USDT and the newly launched stablecoin USAT continues to grow, Tether expects to further increase its holdings of U.S. Treasury bills (T-bills) this year and aims to become one of the top ten U.S. debt buyers globally.Data shows that USDT is currently the largest stablecoin by market capitalization, with a circulation of approximately $185 billion. According to the latest reserve proof, about 83.11% of Tether's reserve assets are allocated to U.S. Treasury bonds, totaling over $122 billion. Hines noted that this scale has placed Tether among the top twenty foreign holders of U.S. Treasury securities, ranking between Germany and Saudi Arabia. Hines also revealed that since its launch in 2014, the number of USDT users has reached approximately 530 million, currently growing at a rate of about 30 million users per quarter.

The ETF Store President Nate Geraci posted on the X platform that spot Ethereum ETF buyers are paying an average of $3,500 per token. The current price of Ethereum is $2,100, and it has performed poorly over the past six months.

Former hedge fund manager and CNBC host Jim Cramer stated this morning, "As Bitcoin's price drops to $77,000, buyers are expected to enter the market, pushing the price of Bitcoin back up to the $82,000 level."

The chairman of the board of TONX, a company listed on NASDAQ, Manuel Stotz, stated that all TON sold by Telegram has a four-year vesting period. In addition, the main buyer of the tokens sold by Telegram is his company, TONX, which is intended for long-term holding and staking.The Financial Times previously reported that Telegram's revenue in the first half of the year reached $870 million, a 65% year-on-year increase, partly due to the TON ecosystem; the company has sold over $450 million in TON, but Stotz emphasized that Telegram's net TON holdings have not significantly decreased and may even have increased.

CryptoQuant analyst Axel posted that Bitcoin is entering the Christmas market window, with market rating indicators showing bullish sentiment but not yet overheated. The short liquidations further exacerbate the asymmetric market situation favoring buyers.The derivatives market structure indicates that the current Bitcoin futures market is primarily focused on short covering, which will create mechanical buying pressure, driving prices up. The market is entering a "bullish neutrality" state, with positive expected returns.

According to Crypto.news, data shows that the NFT market transaction volume decreased by 10.18% to $66.71 million in the past week. The number of NFT buyers dropped by 66.91% to 165,759; the number of sellers decreased by 70.44% to 120,912; and the number of NFT transactions fell by 13.88%.Among them, the Ethereum network transaction volume reached $24.93 million, down 3.02% from the previous week; the BNB Chain network transaction volume reached $10.83 million, up 45.64%; and the Solana network transaction volume reached $5.65 million, up 48.27%.

According to CryptoQuant analyst Axel Adler Jr., the 24-hour moving average of the Coinbase premium has returned to positive territory in the past few days. As of this indicator, it is +0.02, up 14 basis points since November 21. The data indicates that U.S. spot buyers have begun to accumulate Bitcoin.

According to Cryptopolitan, investment bank Jefferies stated on Thursday that Tether is a major new buyer of gold and a key reason for the recent surge in gold prices, as traditional factors are no longer the main drivers affecting gold prices. The report reveals that verified data and on-chain activity show that Tether has accumulated a large amount of gold in recent months, tightening gold supply and driving up precious metal prices. Investors have disclosed to Jefferies that Tether plans to purchase about 100 tons of gold this year, and its CEO Paolo Ardoino has publicly stated that the company will increase its gold reserves, expecting gold prices to soar to $1,000 per ounce.According to an analyst team led by Andrew Moss, as of the end of the third quarter, Tether holds about 116 tons of gold. They also revealed that the company has 12 tons of gold backing its XAUt tokens (worth approximately $1.57 billion), and about 104 tons of gold backing its stablecoin USDT (worth approximately $13.67 billion). Jefferies pointed out that Tether continues to ramp up its gold accumulation, having added about 26 tons in just the third quarter, which accounts for about 2% of global gold demand in that quarter. With business expansion, gold is expected to make up about 7% of its reserves. If half of Ardoino's projected $1.5 billion profit for 2025 is invested in gold, nearly 60 tons could be added each year.

According to Bloomberg, stablecoin issuer Tether has become one of the largest buyers of gold in the market. Currently, the reserves of USDT include gold, and its latest reserve report shows that the company holds gold worth over $12 billion, with an average weekly increase of more than 1 ton of gold over the past year.It is reported that this statistic does not include the gold reserves of its gold-backed stablecoin (XAUT), nor does it account for private gold investments made with Tether's billions of dollars in profits.

ChainCatcher news, according to Jinshi reports, Darío Messi, the head of fixed income at Baosheng Bank, stated in a report that the Federal Reserve's announcement to end balance sheet reduction starting December 1 is just the first step, and it may become a net buyer again next year. Messi pointed out that this dynamic indicates that the Federal Reserve may have to start becoming a net buyer of government debt next year to maintain adequate reserve levels consistent with its operational framework.

ChainCatcher news, according to CryptoQuant analyst Axel Adler Jr, the Bitcoin futures liquidity index indicates that the market is still in a weak zone (< 45). Bulls are attempting to regain market control, but have failed each time. Currently, the price remains below the 30-day fair value, futures liquidity is weak, and buyer initiative has significantly diminished, showing that the market bulls are showing signs of fatigue.

ChainCatcher news, according to Cryptonews, the Central Bank of Russia hopes to utilize tokenization solutions to allow foreign buyers to purchase shares of domestic companies.Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia, discussed this matter at a recent financial forum side event. When asked about the issue of tokenizing Russian stocks, the central bank executive responded positively, calling it a "viable option." However, Chistyukhin pointed out that overseas participants need to provide technical and platform-level solutions. He stated, "In this area, foreign partners will play an important role. I am referring to those foreign entities that intend to tokenize Russian assets for buying and selling overseas."

ChainCatcher message, CryptoQuant analyst Axel posted on social media, "In the past quarter, the supply of Bitcoin held by short-term holders increased by 559,000, rising from 4.38 million to 4.94 million, indicating a large influx of new buyers into the market."

ChainCatcher news, according to Gelonghui, StoneX analyst Matt Simpson stated that the bullish sentiment for the USD/JPY is highly alert to a bullish breakout on the chart. The analyst pointed out that this rise has reversed last week's bearish trend. He believes that whether the USD/JPY can continue to rise may depend on the confirmation of whether Japan's new Prime Minister can influence the Bank of Japan's interest rate hike path. Simpson added, "However, at the moment, it seems that the exchange rate pullbacks easily attract buyers."