Early Uber Investor on Saylor's Strategy: 'I Would Never Touch It'

After a disappointing performance during the week, the price of Bitcoin has continued its sluggish action over the weekend. According to data from CoinGecko, the premier cryptocurrency has been hovering around the $102,000 level over the past 24 hours.

While this current choppy price action seems like an improvement from the severe downturn witnessed in recent days, it doesn’t particularly bring calm to the world’s largest cryptocurrency. Interestingly, the latest on-chain data suggests that the Bitcoin price might still be at risk of further correction in the coming days.

Why BTC Price Might Find Bottom Around $95,000

In a November 8 post on the social media platform X, on-chain analyst Burak Kesmeci predicted the local bottom for the price of Bitcoin. According to the crypto pundit, the flagship cryptocurrency could fall to as low as $95,000 before seeing relief and perhaps rebounding to new price highs.

The relevant metric here is the Realized Price of Unspent Transaction Output (UTXO) age bands, which evaluate the holding pattern of different investor classes through their different realized prices. The UTXO age bands metric tracks the average price at which Bitcoin holders purchased their coins compared to how long they’ve held the assets.

The age bands under focus in Kesmeci’s analysis are the 1-week to 1-month group (green line) and the 1-month to 3-month cohort (purple line), which offer insight into short-term holders’ behavior and overall market sentiment. According to the on-chain analyst, the green line has crossed below the purple line three times in 2025.

Kesmeci noted that this cross often preceded short-term corrections, including the ones seen on February 24 ($99,000 to $76,000) and September 8 ($117,000 to $109,000). Similarly, this cross occurred on November 1, with the Bitcoin price falling from $110,000 to $99,000.

Furthermore, the average dip suffered by the Bitcoin price on these three occasions stands at around 13.3%, with a 45-day consolidation period. Based on this historical pattern, Kesmeci expects the Bitcoin price bottom to form around the $95,000 and $96,000 region after the most recent crossing of the 1-week to 1-month band below the 1-month to 3-month band.

Kesmeci concluded:

Bitcoin Price At A Glance

As of this writing, the price of BTC stands around $102,440, reflecting a nearly 1% decline in the past day.

Spanish crypto influencer Álvaro Romillo, founder of the alleged Ponzi scheme Madeira Invest Club (MIC), has been detained without bail by a Spanish court on charges of perpetrating a $300 million fraud. 

Romillo was arrested in Spain on Thursday after being deemed a flight risk when Spanish officials discovered a Singapore bank account, funded with €29 million ($33.5 million) from businesses linked to Romillo, according to local news reports. National Court judge José Luis Calama ordered Romillo imprisoned without bail after Romillo testified before the court, answering questions for two hours. 

The Central Operational Unit of Spain's Civil Guard believes Romillo's MIC perpetrated a Ponzi scheme that defrauded 3,000 victims for a total of €260 million (over $300 million). Spanish authorities began probing MIC in late 2024, announcing three complaints in Oct. 2024. Over the past year, Romillo has cooperated with authorities, appearing at court hearings, while law enforcement seized assets including dozens of luxury cars . 

Only when prosecutors discovered the foreign bank accounts was Romillo arrested out of fear that he would flee the country, according to reports. The fraud could wind up with Romillo sentenced "to 9 years in prison, and even up to 18 years in prison if it is considered that they constitute a mass offense," a report obtained by Cadena SER stated. 

MIC solicited deposits (around €2,000 minimum per investor) to buy digital “artwork” contracts and shares in luxury goods, like yachts, Ferraris, and gold, with guaranteed buyback and fixed profits that were unusually high, at around 20% per year. Romillo told the court during his appearance Friday that he intended to pay investors back and has even returned money to 2,700 parties, though he did so in cash and claimed to have no way to account for the payments. 

Romillo had also previously admitted to funding the 2024 election campaign of far-right Spanish MEP Luis "Alvise" Pérez, leader of the SALF party, with a €100,000 under-the-table cash donation. Pérez is under investigation in a separate case from the larger MIC investigation. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

United States President Donald Trump announced on Sunday that most Americans will receive a $2,000 “dividend” from the tariff revenue and criticized the opposition to his sweeping tariff policies.

“A dividend of at least $2000 a person, not including high-income people, will be paid to everyone,” Trump said on Truth Social.

The US Supreme Court is currently hearing arguments about the legality of the tariffs, with the overwhelming majority of prediction market traders betting against a court approval.

Bitcoin-focused X account Documenting Bitcoin shared an email from Bitcoin's pseudonymous creator Satoshi Nakamoto with the subject "Bitcoin P2P e cash paper," dated Nov. 8, 2008, contained in the cryptographic mailing list. This email came eight days after the release of the Bitcoin white paper by Satoshi Nakamoto in 2008.

The Bitcoin white paper, "A Peer-to-Peer Electronic Cash System," was released Oct. 31, 2008, amid the global financial crisis. The nine-page document laid the foundation for what would become the world’s first cryptocurrency.

The white paper outlined a vision for a decentralized, peer-to-peer financial system built on cryptographic proof rather than trust in third-party intermediaries.

Satoshi Nakamoto explains "difficulty adjustment"

The email from Satoshi Nakamoto shared by Documenting Bitcoin, which dated November 2008, explains Bitcoin's difficulty adjustment.

A part of the email reads: "Increasing hardware speed is handled: to compensate for increasing hardware speed and varying interest in running node over time, the proof of work difficulty is determined by a moving average targeting an average number of blocks per hour. if they're generated too fast, the difficulty increases."

It continued: "As computers get faster and the total computing power applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant. Thus, it is known in advance how many new bitcoin."

Bitcoin market reset?

Coinbase Institutional's report highlights significant leverage clearing from the crypto market after the Oct. 10 liquidation, suggesting a short-term bottom may have formed: "October’s sell-off wasn’t the end of the cycle—it may have been the reset it needed."

Based on options implied distribution, BTC price expectations for the next three to six months are between $90,000 and $160,000, with a bullish tilt. The report also cites Fed rate cuts, liquidity easing and new regulations as medium-term tailwinds, potentially extending the current cycle to 2026.

At the time of writing, BTC was up 1.02% in the last 24 hours to $103,228.

American Bitcoin, the Nasdaq-listed mining and treasury firm backed by Eric Trump and Donald Trump Jr., has raised its Bitcoin stash to 4,000 BTC, worth about $415 million, according to a company announcement released Friday.

The firm purchased nearly 170 BTC between October 24 and November 5, a haul valued at more than $14 million at current market rates.

American Bitcoin Boosts Holdings

Eric Trump, listed as co-founder and Chief Strategy Officer, said the company is growing its stock of Bitcoin through a mix of scaled mining operations and market purchases.

Reports have disclosed that this size of accumulation puts American Bitcoin at about the 25th spot among corporate Bitcoin holders, based on data from Bitcointreasuries.net.

The Michael Saylor-led Strategy (formerly MicroStrategy) remains far ahead as the largest corporate holder with more than 641,000 BTC on its books, worth around $66 billion.

Trump-Linked Ventures Report Large Crypto Gains

Based on reports, members of the Trump family have collected roughly $1 billion in pre-tax gains over the last year from a range of crypto projects.

Those projects include memecoins such as TRUMP and MELANIA, which together reportedly brought in about $427 million, plus the WLFI token with about $550 million in gains.

Reports also point to big outside backers. Chinese entrepreneur Justin Sun is reported to have invested $75 million in WLFI, while Abu Dhabi’s MGX fund is said to have provided $2 billion to Binance using the USD1 stablecoin. The family’s various ventures have pushed their combined crypto exposure into the multi-billion dollar range. Mining Margins Squeeze Firms After Halving

Miners across the sector are feeling pressure after the 2024 Bitcoin halving cut block rewards from 6.25 BTC to 3.125 BTC.

That change tightened profit margins, forcing some operators to seek new revenue streams, including AI-focused computing services.

American Bitcoin’s model ties mining and treasury accumulation together, but the economics for smaller miners are getting tougher.

Trump Media’s Holdings And The Broader Picture

Regulatory filings show that Trump Media and Technology Group now holds more than 11,500 BTC, worth over $1.3 billion, even as the company records heavy operating losses.

The concentration of Bitcoin across several Trump-linked businesses points to a deliberate strategy: treat Bitcoin as a reserve asset and a core part of several commercial efforts.

Bitcoin was trading at $102,175 at press time, up a meager 0.3% over 24 hours. That price sits about 15% below the all-time high of $126,000 reached in early October.

Featured image from Unsplash, chart from TradingView