Anbruggen Capital Crypto Pulse

Latest News

'No Truth to the Rumor': Michael Saylor Says Strategy Aggressively Accumulating Bitcoin

• Amid the continued panicky action in crypto, online chatter suggested Strategy was unloading some of its bitcoin stack, a rumor Executive Chairman Michael Saylor shot down.
• "We are buying bitcoin," said Saylor in a recent CNBC appearance, reaffirming his firm’s continued Bitcoin accumulation strategy.

Our Take: When fud spreads online especially in ‘crypto twitter’, we are reminded of one of the main tenets of the blockchain – Don’t Trust, Verify. MSTR’s treasury data and disclosures are publicly available in their website. Upon our review, what we see is a company with enough cashflow and financial engineering levers that can support its current pace of Bitcoin buying and is not at risk of forced selling even in an extended bear market. However, MSTR’s ability to buy is dependent on a strong performance from BTC – aggressive buying during the uptrend, and a slowdown during the downtrend as its share premium goes up and down pro-cyclically to Bitcoin.

BitMine Immersion Acquires $173M in Ether as Tom Lee Suggests Reason Behind Crypto Weakness

• BitMine chairman and Fundstrat co-founder Thomas Lee attributed the current weakness in crypto prices to a sharp drop in liquidity, possibly caused by a wounded market maker pulling back operations following the October 10 crash.
• Despite the current downturn, BitMine does not believe crypto has reached a cycle peak yet, Lee said. In his November note to shareholders, he argued that structural drivers could push the cycle’s top into 2026 or later. He also pointed to asset tokenization such as stocks, bonds and real estate on the Ethereum blockchain as a key trend to watch, calling it "a major unlock" for the financial system.

Our Take: When a market maker is patching up its balance sheet, it mechanically sells its assets to raise cash and pulls back its liquidity providing operations to stay afloat. This leads to heightened volatility and bearish price action in the short term. The crypto market may still need more time to rebuild its structure, but positive developments such as increased institutionalization and tokenization are signs of improving fundamentals which should be supportive of prices in the medium term to long term.

Fed's December rate cut looks increasingly like a toss-up

• Citing worries about inflation and signs of relative stability in the labor market after two U.S. interest rate cuts this year, a growing number of Federal Reserve policymakers are signaling reticence on further easing, helping push financial market-based odds of a reduction in borrowing costs in December to below 50%.

Our Take: A December rate cut would be bullish for crypto, however, the absence of key economic data due to the U.S. Government Shutdown has forced policymakers to take on a “wait and see” stance before committing to a decision. Now that the shutdown has ended, it will be important to monitor inflation and unemployment indicators to get a gauge of what the Federal Reserve will do and position accordingly. Anbruggen Capital closely monitors Federal Reserve statements and economic indicators to be able to adjust positioning accordingly. To learn more about our global macro analysis, please feel free to contact us.

 

Global Macro View

The recent government shutdown not only delayed key data but also constrained Treasury’s ability to manage the TGA proactively, effectively removing a buffer that has supported market liquidity in past volatile periods. Combined with Fed commentary signaling caution on further cuts and clarifying that the December 1 end of QT is not a pivot to QE, near-term liquidity conditions remain challenged.

However, the underlying trajectory remains dovish: the Fed funds rate sits at 3.75–4.00% after consecutive cuts, global central banks continue to be in easing mode, and fiscal dynamics point to significantly higher global liquidity in 2026. Historical cycles show Bitcoin and quality crypto assets deliver outsized returns precisely when liquidity turns from restrictive to expansive, a setup we might see over the medium-to-long term.

Crypto Spotlight

Zcash’s “encrypted bitcoin” narrative

ZEC has been a notable outperformer amidst broader crypto market declines.

Its outperformance can be attributed to market resonance towards financial privacy and improving technology - updates to its Zashi wallet and its integration with Near Intents, now allows anyone to swap any crypto to shielded (private) ZEC with minimal fees. Gemini’s Tyler and Cameron Winklevoss also recently launched a ZEC-focused digital asset treasury company called Cypherpunk (Nasdaq: CYPH), focused on accumulating ZEC and investing in technology for financial privacy. Their pitch for ZEC is that it is “bitcoin but encrypted” and can potentially grow to a market valuation equal to 10% of Bitcoin.

Chartbook

Bitcoin (BTC)

Bitcoin is now trading below its 50-wk moving average and key trendline from Sept 2024, which might hint to further downside. Invalidation of this trend break will be important for the bull market to resume. Next support will be at around $75,000, however, sudden improvements in global macro can quickly reverse this chart.

Ethereum (ETH)

$2,880 will be the critical level for ETH. A bounce may be expected at this price level, however, a breach of this support might lead to a further decline.

Solana (SOL)

SOL is approaching an important support zone ($110-$125). A strong bounce may be expected from this area of interest. Any breaches below it however will hint at further declines.

Looking Ahead

Short-term volatility is likely to persist as markets digest the lingering effects of the October flash crash, delayed economic data, and recalibrated Fed expectations. Over the medium-to-long horizon, however, the setup could hardly be more constructive: global liquidity is poised to re-accelerate in 2026, institutional infrastructure continues to mature, and Bitcoin’s scarcity narrative is stronger than ever in an era of currency debasement. We are enthusiastically bullish on Bitcoin and high-conviction ecosystems for 2026 and beyond. Contact us at [email protected] to discuss how to position today for tomorrow’s upside.

 

Disclaimer: Investing in cryptocurrencies involves significant risk. Past performance does not guarantee future results. Consult a financial advisor before making investment decisions.