These past few days I've been watching Bitcoin's price action, and it's been as thrilling as a roller coaster—bouncing from the 86K low on December 1st all the way up to over 93K now, up more than 8% in just three days. This “V-shaped reversal” really came right on time.

At first, there was that flash crash at the end of November: dropping straight from the 126K high to 83K, wiping out 20 billion in leveraged positions, and the market was in total despair. At the time, I thought, is this bear market about to dig even deeper? But starting December 2nd, the momentum completely shifted. Vanguard and Bank of America gave ETFs the green light, pension money flooded in like a tidal wave, with a net inflow of 12.5 billion that pushed the spot premium up to 2%, and BlackRock's IBIT saw over 1.5 billion in daily trading volume. That’s when I realized, Bitcoin is no longer a retail toy—it’s become Wall Street’s “digital gold.”

The macro backdrop is also incredibly supportive: the Fed officially ended QT, released $6.6 trillion in liquidity, there’s an 89% chance of a rate cut in December, the UK just defined crypto as property, and Japan’s tax reform slashed crypto taxes to 20%—all these factors together have injected rocket fuel into risk assets. I saw on-chain active addresses rebound, hash rate climb 5%, miners stopped selling, the MVRV ratio at 1.55 signals undervalued buying opportunities, and the SOPR has crawled back up from loss territory.

Of course, the market can’t be fully defined—there are still risks: active address growth is a bit sluggish, tax season selling pressure could hit anytime, leveraged OI is over 160 billion, IV is as high as 65%, and if the Fed turns dovish or the BOJ goes hawkish, if the 88K support breaks, we could retest 83K. My core positions are held steady, and I’m waiting to add more after the Fed meeting (December 10th) if a rate cut is confirmed.

Overall, this recent rebound in Bitcoin shows it’s not just a flash in the pan, but the opening act of a dual engine—institutions and macro factors. The door to the 2026 bull market is already half open, I’ve adjusted my positions, and I’m just waiting for this wave of “retirement money” to push me to new highs.
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