? Analysis of the current crypto asset market: Bitcoin and Ethereum trends

◯Bitcoin price trend and market sentiment

Currently,**Bitcoin（BTC）** is hovering around 90,000 dollars, and from last week it has entered a slight correction from 90,000 to 92,000 dollars.9万2,000ドルからやや調整局面に入っている状況です。

Recently, there have been no major price swings.

“Bitcoin has recovered to the mid-to-low 90,000s, yet institutional investor inflows remain negative, suggesting more a slowdown in new capital allocation rather than structural withdrawals.” (source omitted)

In this way, liquidity thinning toward year-end and the wait-and-see stance on the Federal Reserve’s policy rate have the whole market looking ahead to the next move.

◯ The market closely resemblesthe bearish phase of 2022

Glassnode’s latest weekly report notes that the current market conditions resemble the early stages of the so-called crypto winter that characterized the 2022 bear market.

One of the key stress indicators is the rising risk of capitulation (forced selling) by large buyers.

According to Glassnode’s on-chain supply metrics-based cost basis (tracking the cost basis of the supply held by large buyers),11月中旬以降、現物価格が0.75分位（9万6,100ドル付近）を下回って取引されています。これにより、ビットコイン（BTC）供給量の25%超が含み損状態となりました。0.75分位を下回る同様の下落は、2022年の弱気相場の始まりを示していました。（出典：コインデスク）

◯Ethereum（ETH）の現状とアップグレード

Next is**Ethereum（ETH）**, but the chart pattern is similar to Bitcoin.

Looking at the orange200日移動平均線

Last week, Ethereum’s long-awaited upgrade “Fusaka” was successfully completed, and the market rose just before it.

◯Notable institutional investor moves and new trends

Vanguard begins handling Bitcoin

U.S. giant asset manager Vanguard has started handling Bitcoin. This is a very big news.

Ranked 1st in U.S. retirement funds share

In terms of asset management, BlackRock is largest, but Vanguard holds the “center of American assets,” and its Bitcoin acceptance carries significant market implications.

◯BlackRock applies for staking-based ETH ETF

BlackRock ($BLK) has submitted a registration statement for theiShares Staked Ethereum $ETH Trust ETF to the U.S. SEC. 21 Shares andGrayscale have previously filed to add staking to their existing Ethereum ETFs.

“BlackRock has officially submitted the staking ETH ETF application. The fund is called theiShares Staked Ethereum Trust ETF. Staked ETH has already reached a historic high of1,090 billion dollars. The institutional Ethereum mega-cycle is just getting started.”（Joseph Young

This marks a long-awaited submission. Ethereum, due to its different structure from Bitcoin, allows receiving allocations (yield) through staking, lending, and liquidity provision. The new fund submitted by BlackRock appears to be a separate product from existing Ethereum ETFs, enabling participants to obtain staking allocations by purchasing this new product.

◯Harvard University deepening Bitcoin investment

Harvard University increased its Bitcoin investment in Q3 from1.17 billion to4.43 billion. Gold ETFs also expanded from1.02 billion to2.35 billion, but the investment ratio is BTC:Gold = 2:1, showing a stronger preference for Bitcoin as a hedge against currency devaluation.

The recent downturn is viewed as a turning point and a move to actively invest, aligning with current U.S. trends.

◯Unique “Treasury strategy” for DeFi

“We won’t buy Bitcoin” — a longstanding toilet manufacturer is venturing into a 3-0 billion DeFi treasury-focused strategy, revealing its full plan

CoinDesk published an interesting article. ASAHI EITO Holdings, a toilet porcelain maker with over 300 years of history, announced its entry into the crypto assets treasury business (DAT: Digital Asset Treasury).

Its business is not merely holding Bitcoin.

Main investments are Ethereum（ETH） and Solana（SOL）.
Use of DEXs like “Uniswap” and “Jupiter” to provide liquidity (LP).
Plans to allocate about27 billion to crypto asset purchases and operating costs.

One reason they did not choose Bitcoin is that**“Bitcoin is already widely disclosed by many companies as a primary investment and holding target. Being late would not add novelty or impact.”**. Furthermore, while simply holding Bitcoin does not generate interest, Ethereum and Solana, which use PoS (Proof of Stake), can earn rewards through staking, lending, and liquidity provisioning relative to holdings.

This is a highly unique investment strategy, similar to the author’s own style. Given the large investment, careful management is required, but these currencies tend to have larger price swings than BTC. Yet, their potential dividends can provide income, and benefits can be amplified when the market rises.

From the article, the approach is not only to hold Ethereum and Solana for staking income, but to actively use DeFi and other strategies with the help of a seasoned advisor.

◯Macro economy and the future of crypto assets

38.3 trillion-dollar “crisis” could trigger Bitcoin price surges — Elon Musk

Forbes reports that Elon Musk has again warned that America is rapidly moving toward a debt crisis that could cause dramatic volatility in Bitcoin prices.

Musk predicts that in the future the concept of currency may cease to exist, with energy becoming the only true currency.

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Cryptocurrency Market Analysis [December 9]