[Morning News Brief] Bitcoin breaks through $92,000... Bitwise "still undervalued" analysis and other market dynamics

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Bitcoin Breaks $92,000, Bitwise Releases Valuation Analysis

As Bitcoin breaks through $92,000, Bitwise released an analysis stating that despite the global liquidity expansion, BTC is still severely undervalued, with a fair value of around $270,000. In contrast, gold is overvalued by about 75%.

Market Dynamics

Derivatives market volatility

In the past hour, the derivative positions on major exchanges were forcibly liquidated, amounting to 100 million USD. The liquidation scale in the past 24 hours reached 415 million USD.

UXLink Hacking Activity

The UXLink hacker address purchased 702.5 ETH (2 million USD) at an average price of 2,847 USD and 38.2 BTC (3.38 million USD) at an average price of 88,530 USD two hours ago, according to Lookonchain data.

Bitwise Valuation Analysis

Bitwise's monthly report indicates that the combination of the U.S. annual Treasury issuance of $1.9 trillion, a $2,000 cash payment plan, and the Federal Reserve's end of quantitative tightening has driven a re-expansion of global liquidity. Over the past two years, factors such as Japan's $110 billion stimulus, China's $1.4 trillion fiscal support, and Canada's restart of quantitative easing have combined to implement over 320 rate cuts globally. Against this backdrop, global M2 has reached a historic high of $137 trillion, yet the trading price of Bitcoin remains 66% lower than the level of money supply. According to the current liquidity model, the fair value of BTC is approximately $270,000, while gold is overvalued by about 75%.

Stablecoin Issuance

According to Whale Alert data, 1 billion USDT has been newly issued at the Tether Treasury address. In addition, 1 billion USDT was transferred from an anonymous address to HTX exchange.

European banks promote euro stablecoins

A joint venture “Qivalis” has been established by 10 major European banks, including UniCredit, ING, and BNP Paribas, to issue a euro-backed stablecoin. The project aims to launch in the second half of 2026 and has applied for an Electronic Money Institution (EMI) license from the Dutch central bank. This move is intended to reduce reliance on dollar stablecoins and establish a Europe-led payment infrastructure.

Listed Company Digital Asset Strategy

The Nasdaq-listed biotechnology company Sonnet BioTherapeutics has approved a merger plan to transform into the Hyperliquid ecosystem Digital Asset Trust (DAT) at its shareholder meeting. The merged new entity will operate under the name “Hyperliquid Strategies,” holding 12.6 million HYPE tokens and $305 million in cash.

MicroStrategy stated that it may consider using its held BTC as collateral for borrowing in the future.

Regulatory Dynamics

U.S. President Trump announced that he will announce the nominee for the new Chairman of the Federal Reserve early next year.

Derivatives Market

A compliant platform's international site has launched DASH perpetual futures trading.

Bitcoin price突破

• BTC breaks through $92,000, a leading exchange's USDT trading pair quotes $92,018.31
• BTC broke through $91,000, with a quote of $91,164.93 on a certain leading exchange's USDT trading pair.
• BTC breaks through $90,000, a leading exchange quotes the USDT trading pair at $90,129.77.