Portnoy&#8217;s crypto investments highlight growing mainstream interest and 
potential volatility in digital assets, influencing market dynamics.
The post &#8216;Smart trade&#8217; — Eric Trump reacts after Dave Portnoy discloses XRP, 
BTC, and ETH purchases appeared first on Crypto Briefing.

‘Smart trade’ — Eric Trump reacts after Dave Portnoy discloses XRP, BTC, and ETH purchases

Bitcoin’s current correction is the largest of the bull market, but data 
indicate that the price is approaching prime capitulation territory.

$90K Bitcoin price is a ‘close your eyes and bid’ opportunity: Analyst

The Abu Dhabi Investment Council significantly expanded its exposure to 
Bitcoin during the third quarter, tripling its stake in IBIT ETF just before 
the cryptocurrency market experienced a sharp downturn.

Abu Dhabi loaded up on Bitcoin ETF shares—then the market tanked

CryptoQuant CEO Ki Young Ju has put a clear reference level on the current 
Bitcoin correction – but is adamant it should not be mistaken for a 
prediction. “Many people seem to be misunderstanding this, so let me clarify,” 
he wrote. “I am not saying $56K is the bottom. I am saying the realized price 
is 56K. If you follow the cycle theory, that level would be the bottom. But I 
think the cycle theory is broken, and the price could flip at any time 
depending on macro conditions and market sentiment.” Bitcoin Realized Price 
Sits at $56,000 His latest data briefing breaks the market into three layers: 
futures, spot, and on-chain. In the futures market, Ju says the average order 
size shows that futures whales have left and retail now dominates. Internal 
flow profile (IFP) data indicates BTC inflows from spot to futures exchanges 
have collapsed, ending the phase when large players were posting BTC as 
collateral to go long. Related Reading: Why Is Bitcoin Price Crashing? Arthur 
Hayes Isn’t Surprised At the same time, the Estimated Leverage Ratio remains 
high, and Binance deposit cost basis sits around $57,000, which “means traders 
already captured large gains from ETF and institutional flows.” Open interest 
is still above last year’s levels, while the aggregated funding rate is 
neutral, not fearful, suggesting leverage remains elevated but without a 
classic capitulation reset. Spot data points to fading institutional 
aggression. Ju notes the Coinbase Premium is at a nine-month low, which he 
attributes to ETF-driven institutional selling. Spot Bitcoin ETFs have seen 
net negative weekly flows for three straight weeks, and Strategy mNAV at 1.23 
implies that “near-term capital raising seems difficult,” as many structured 
strategies are already sitting on substantial gains. On-chain metrics provide 
the context for the much-discussed $56,000 level. Ju observes that realized 
cap growth has stalled for three days, while market cap is growing more slowly 
than realized cap, a configuration he interprets as strong selling pressure as 
profitable coins move. CryptoQuant’s PnL Index flipped short on November 8, 
which Ju summarizes as whales taking profit. “If the cycle theory holds, the 
cycle bottom would be around $56K (realized price),” he says – and immediately 
distances himself from treating that as a hard rule in a structurally changing 
market. CryptoQuant CEO Rejects Classic Cycle Bottom Theory In a separate 
prediction segment, Ju turns to macro conditions. “Short-term conditions are 
weak: dollar liquidity is slow, funding markets are tight, and Bitcoin inflows 
have cooled,” he writes. However, he adds, “I do not expect Bitcoin inflows to 
stop or turn into sustained outflows over the next six months.” Related 
Reading: Bitcoin SSR Flashes Buy Signal: Rebound Incoming? In his view, a 
shift in the policy narrative could rapidly invert sentiment: “If rate cuts or 
any easy-money narrative appears, sentiment could flip and liquidity would 
rush back into ETFs.” Ju also sketches a longer-term structural thesis. He 
argues that stablecoin adoption and a wave of reverse ICOs by public companies 
could push traditional assets onto DEXs, enabling on-chain long and short 
trading in names like Tesla. In that world, on-chain analysis could evolve 
into labeling wallets like &#8220;Elon Musk’s ETH address to track Tesla coin 
onchain inflows and outflows.&#8221; He believes Bitcoin would benefit the most, 
while altcoins with weak narratives or no real performance would likely lose 
liquidity as capital concentrates in assets with clear utility or narrative 
strength. “I gave up predicting Bitcoin price,” Ju reminds followers, “but I 
haven’t given up analyzing data.” His $56,000 reference is best understood in 
that spirit: a data-driven anchor derived from realized price and cycle 
theory, not a promise that this drawdown will end neatly at that line. At 
press time, BTC traded at $91,659. Featured image created with DALL.E, chart 
from TradingView.com

Will Bitcoin Bottom At $56,000? CryptoQuant CEO Presents The Data

2026 will likely be a busy year for crypto exchange-traded funds, which could 
help renew investor interest in digital asset markets.

Cryptocurrency price in LKR