According to PANews, Jurrien Timmer, Director of Global Macro Research at Fidelity, has expressed skepticism about the conclusion of the four-year market cycle. Timmer noted that there are no indications from the charts suggesting the cycle has ended. He explained that aligning the trajectories of all bull markets reveals a peak of $125,000 in October after 145 weeks of growth, which aligns with expectations. Timmer anticipates that the current bear market will persist until 2026, with support levels ranging between $65,000 and $75,000.

null source: https://x.com/angrycryptoshow/status/2002539451214369179

Tom Lee responded to the controversy surrounding his conflicting outlook on Bitcoin with that of Fundstrat analysts. He clarified that Fundstrat executives do not base their work on a single, unified forecast, but rather on different investment objectives. Farrell's comments reflect a defensive positioning strategy focused on drawdown risk, capital flows, and cost basis, aiming to reduce the proportion of cryptocurrencies in model portfolios rather than a long-term bearish view. Mark Newton's perspective, on the other hand, is entirely based on chart structures. Tom Lee stated that his role is more focused on macro liquidity cycles, structural shifts in the market, and the impact of institutional investors and ETFs on the Bitcoin cycle.

null source: https://x.com/angrycryptoshow/status/2002538256479453461

null source: https://x.com/angrycryptoshow/status/2002538043849228383

According to PANews, a debate has emerged regarding the differing perspectives on Bitcoin from Fundstrat analysts, including Tom Lee. A user named Cassian, claiming to be a Fundstrat client, posted that the interpretation of this debate is unfair and misleading. Tom Lee responded to Cassian's post, agreeing with the sentiment. Cassian explained that Fundstrat executives do not operate based on a single unified forecast but rather work according to different investment objectives, distinguishing between long-term macro views, portfolio-level risk management, and technical analysis. Farrell's comments, Cassian noted, reflect a defensive position strategy focused on drawdown risk, capital flows, and cost basis, rather than a long-term bearish outlook on Bitcoin. Farrell has reduced the allocation of cryptocurrencies in Fundstrat's model portfolio for risk management purposes, while remaining optimistic about long-term adoption trends beyond early 2026. In contrast, Tom Lee's role emphasizes macro liquidity cycles and structural market shifts, including the adoption by institutional investors and the impact of ETFs on Bitcoin's historical four-year cycle dynamics. Meanwhile, technical analyst Mark Newton's perspective is entirely based on chart structures rather than macro narratives.

According to Odaily, monitoring by CryptoQuant indicates a significant slowdown in Bitcoin demand since October 2025, suggesting the cryptocurrency has entered a new bear market cycle. Analysts highlight that three waves of investment demand—spot ETF approval, the 2024 U.S. presidential election, and corporate financial asset allocation bubbles—have largely been exhausted. In the fourth quarter, ETF holdings decreased by approximately 24,000 BTC, and perpetual contract funding rates have dropped to their lowest level since December 2023. Additionally, Bitcoin's price has fallen below the 365-day moving average of approximately $98,172, a critical dynamic support level for the asset. While some analysts remain hopeful that interest rate cuts in 2026 could lead to a price recovery, current market sentiment is fearful, with only 22.1% of investors expecting a rate cut at the January FOMC meeting.

According to CryptoQuant, Bitcoin demand growth has slowed significantly since October 2025, indicating that Bitcoin has entered a new bear market cycle. Analysts point out that the three waves of investment demand in this cycle (the approval of spot ETFs, the 2024 US election, and the corporate financial asset allocation bubble) have been largely released. ETF holdings decreased by approximately 24,000 BTC in the fourth quarter, and perpetual contract funding rates fell to their lowest level since December 2023. Furthermore, the price of Bitcoin has fallen below the 365-day moving average of approximately $98,172, a key dynamic support level for the asset. While some analysts anticipate a price rebound driven by interest rate cuts in 2026, market sentiment is currently fearful, with only 22.1% of investors expecting an interest rate cut at the January FOMC meeting.

In a YouTube podcast interview, Arthur Hayes stated that the altcoin season is always happening, and investors believe it hasn't arrived because they haven't held onto assets that have risen in value. Hayes pointed out that many traders still expect the altcoin season to repeat the patterns, coins, and narratives of previous years, and advised traders to adjust their mindset to focus on new market developments rather than relying on history. He cited Hyperliquid as the best example of this cycle so far, with its token HYPE rising from $2-3 to $60, and mentioned Solana's performance, rising from $7 to nearly $300. Hayes emphasized that the altcoin season has already begun; it's just that some investors haven't participated.

According to Odaily, the Delaware Supreme Court has reinstated a $139 billion Tesla stock option package that was previously nullified, leading to a significant increase in Tesla CEO Elon Musk's net worth, which soared to $749 billion last Friday. The compensation package, originally valued at $56 billion in 2018, was dismissed by a lower court two years ago as 'excessive.' However, the Delaware Supreme Court announced on Friday that the decision to revoke the package in 2024 was improper and unfair to Musk. Earlier this week, reports suggested that Musk's aerospace startup, SpaceX, might soon go public, which contributed to his net worth surpassing $600 billion, making him the first person globally to achieve this milestone.

Arthur Hayes: Once the market realizes that Reserve Management Purchases (RMP) are essentially the same as Quantitative Easing (QE), BTC will quickly rebound to $124,000 and rapidly challenge $200,000.

Crypto Market Trends, Market Conditions, Abandon Illusions – Prepare for the Most Arduous Moment in the Crypto Market. Golden Finance wishes you good luck.

On November 28, 2025, the People's Bank of China, together with thirteen other departments including the Ministry of Public Security, the Supreme People's Court, and the Supreme People's Procuratorate, convened a meeting of the "Coordination Mechanism for Combating Virtual Currency Trading and Speculation".

On October 27, 2025, Pan Gongsheng, Governor of the People's Bank of China, reiterated at the Financial Street Forum that the policies on preventing and dealing with the risks of virtual currency trading speculation since 2017 have remained effective.

Policy, Cryptocurrency, Bhutan Makes a Big Bets on Bitcoin to Build a Future Economic Hub (Golden Finance): Selling Cryptocurrencies Is Not as Good as Building a City; Bhutan Initiates a Hardcore Transformation.

Crypto Market, Cryptocurrency, 7 Must-Know Crypto Trends and Lessons for 2026 (Golden Finance): Persist, find your strengths, and you will be rewarded.

TradFi, Cryptocurrency, 2026 Crypto Revolution: Making Money is worse than Telling Stories (Golden Finance), Say Goodbye to False Narratives, Cash Flow is King

In this world, the starlight at the treetop is not the size of the model, but the influence of the client.

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, market and contract data, mining information, project updates, technological advancements, and other industry dynamics.