Crypto Market Morning Brief

Institutions Accelerate Bitcoin ETF and Infrastructure Deployment, Market Shows Both Structural Growth and Short-Term Volatility

I. Institutional Recognition of the Long-Term Value of Cryptocurrency and Product Innovation

1. BlackRock released its 2026 vision report, highlighting that U.S. federal debt issues are driving institutional adoption of digital assets. Bitcoin ETFs have become its main revenue source, and Bitcoin is expected to reach new all-time highs.
2. Michael Saylor’s Strategy company emphasized that Bitcoin’s infrastructure scale (such as energy consumption and computing power) has surpassed traditional enterprises. The banking industry’s attitude toward crypto services is changing. The company raised its preferred stock dividend and launched a Bitcoin-backed credit product.
3. Vanguard opened its cryptocurrency ETF trading platform, triggering the “Vanguard Effect” and pushing Bitcoin’s price up 6.98% in a single day.
4. Further and 3iQ launched a $10 billion market-neutral crypto fund focused on Bitcoin compound growth shares, attracting institutional investors.

II. Cryptocurrency Market Volatility and Impact of Macro and Capital Flows

Microsoft lowered its AI software sales targets, causing tech stocks to fall and impacting crypto prices. Bitcoin dropped from $93,000 to $91,800, still up 3.3%. In the past 24 hours, centralized exchanges (CEX) saw a net outflow of 8,830.51 BTC, reflecting a long-term holder accumulation strategy.

III. DeFi and Bitcoin Application Expansion

Bitcoin staking project Babylon partnered with decentralized lending protocol Aave, enabling Bitcoin to be used as collateral (without wrapping or centralized custody), and plans to extend treasury design into the DeFi insurance sector to provide coverage against protocol hacks.

IV. Mining Operations and Industry Updates

U.S.-listed Bitcoin mining company CleanSpark disclosed mining 587 BTC in November, with year-to-date mining output of 7,124 BTC in 2025, and a total holding of 13,054 BTC as of November 30. Operational hash rate is at 50 EH/s, with computing power continuing to expand.

V. Institutional Investor Recommendations and Risk Warnings

Institutional investors are advised to keep crypto asset allocation within 2%-4% of their portfolios, suitable only for those who can tolerate “halving-level” declines and have patience for long-term holding. Priority should be given to mainstream coins such as Bitcoin, while avoiding niche coin risks.