Bitcoin News Today: Bitcoin's Slump: Bullish Bets Clash with Institutional Exodus

Arthur Hayes, co-founder of BitMEX, has reignited market discussions with his bullish prediction that Bitcoin is nearing its bottom after a six-month slump. The cryptocurrency, currently trading below $82,000, has dropped 21% in November amid a broader selloff that erased 2025's gains. Hayes argues the downturn is part of a cyclical pattern and forecasts a rebound to $200,000 by 2029, contingent on improved liquidity and a correction in AI tech stocks. His comments align with historical trends cited by analysts like Peter Brandt, who notes Bitcoin's tendency to recover sharply after major corrections according to data.

Institutional players are also navigating the volatility. BitMine Immersion, a Bitcoin and Ethereum-focused company, reported fiscal 2025 net income of $328 million and announced plans to launch its "Made-in-America Validator Network" for Ethereum staking in early 2026. Meanwhile, Hyperscale Data's Bitcoin treasury now represents 77% of its market capitalization, with $70.5 million allocated to Bitcoin holdings and purchases. These moves underscore a long-term conviction in crypto's value proposition despite near-term turbulence.

The market context for Hayes' prediction is shaped by recent developments in crypto infrastructure and institutional activity. Leverage Shares, a European ETF provider, plans to launch 3x and -3x leveraged Bitcoin and Ethereum exchange-traded products (ETPs) on Switzerland's SIX Exchange next week. The move expands the firm's portfolio of leveraged products, which already include offerings for stocks like Apple and Tesla. However, the timing has drawn mixed reactions, with Bloomberg ETF analyst Eric Balchunas calling it "either really good or really bad depending on your POV" given the current bearish environment.

Not all market participants share Hayes' optimism. BlackRock's continued liquidation of Bitcoin and Ethereum holdings, including a recent $254 million outflow from its IBIT fund, reflects institutional caution. The selloff has pushed the average cost basis for spot ETF investors to $89,600, leaving many underwater as prices hover near $84,000. Robert Kiyosaki, author of Rich Dad Poor Dad, recently sold $2.25 million in Bitcoin to fund new ventures but remains bullish, predicting a price surge to $250,000 by 2026.

The leveraged ETPs from Leverage Shares highlight the growing accessibility of crypto derivatives, though they also amplify risks. With Bitcoin and Ethereum down 21% and 26% year-to-date, respectively, experts warn that high leverage could lead to rapid liquidations during volatile swings according to analysis. This caution contrasts with Hayes' view that the current downturn is a "healthy" correction, echoing Brandt's analysis that Bitcoin's history of V-shaped recoveries bodes well for future growth.

Looking ahead, the market's trajectory will hinge on macroeconomic factors and regulatory developments. Tether's recent $10 billion profit and share buyback program, alongside its plans for a U.S.-focused stablecoin, signal confidence in crypto's utility. Meanwhile, Coinbase's 7% stock tumble following weak Q2 results underscores the sector's fragility .