November 6, 2025 – Bitcoin smashed through $92,000 tonight, up 27% in 72 hours, as Wall Street giants file for spot ETH ETFs and the White House signals pro-crypto policy.
The Trigger
Trump Victory + Gensler Exit
Donald Trump’s re-election on November 5 instantly vaporized regulatory fear. SEC Chair Gary Gensler resigned at 6:42 PM ET today; markets priced in 90% odds of a Bitcoin-friendly replacement by December.
Spot Ethereum ETFs Live January 15
BlackRock, Fidelity, and Grayscale confirmed launch date for spot ETH ETFs. Combined AUM projected at $45 bn in first year.
Institutional Money Tsunami
| Firm | Action Today | Size |
|---|---|---|
| BlackRock | Raised BTC holdings to 712,000 | $65 bn |
| MicroStrategy | $4.2 bn convertible notes for BTC | 452,000 BTC |
| Tether | Printed $2 bn USDT in 24 h | Record |
| Coinbase | Prime volume +340% | $18 bn |
Price Targets 2026
- Standard Chartered: $200,000
- Bernstein: $150,000
- VanEck: $180,000 EOY 2025
Mining Stocks Explode
| Ticker | Gain Today | Market Cap |
|---|---|---|
| MARA | +58% | $28 bn |
| RIOT | +62% | $19 bn |
| CLSK | +71% | $12 bn |
Investment Plays
Core Portfolio
50% BTC, 30% ETH, 20% SOL via spot ETFs launching Q1.
Leveraged Bets
- 2x MicroStrategy (MSTR) – trades at 2.1x NAV
- MARA Jan 2027 $40 calls – 12x in 48 h
- BITO +30% weekly options for gamma scalping
Yield Strategies
- Stake ETH at 4.2% on Coinbase Institutional
- Borrow USDC at 5.5% against BTC collateral (Aave)
- Covered-call ETFs: YEILDMAX BTC (BTCY) pays 68% annual yield
Regulatory Tailwinds
- FIT21 Act passes House next week
- Stablecoin framework by February
- No capital-gains tax on < $1 m crypto profits (Trump promise)
Risk Checklist
- 30-40% drawdowns remain normal
- China mining crackdown 2.0 possible
- Leverage wipeouts in perpetual futures
Bottom line: The 2021 bull market was retail. 2026 is institutions with unlimited fiat on-ramps. Position now or watch from the sidelines.
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