Crypto Sentiment Flips Bullish as XWIN Trend Index Climbs to 72
XWIN Research Japan’s Trend Index has printed a “mild uptrend” score of 72/100, with Bitcoin (BTC) holding near the $91,000 mark.
This comes even while fear gauges and liquidity data are warning of fragile conditions, with analysts saying a mix of whale accumulation, recovering spot prices, and overstretched retail leverage is painting a cautiously bullish, but jumpy, backdrop for the market.
Trend Index Points to Cautious Bull Phase
According to XWIN, real demand and liquidity still back a positive bias, even though overheated retail and thin liquidity mean prices can swing either way sharply.
Bitcoin is consolidating in the high-$80,000 to low-$90,000 band after dropping from around $99,500 to about $86,500 in 11 days, holding above both the ETF average cost near $82,000 and the short-term holder cost basis around $85,500.
The DeFi asset management platform’s index sits in the “mild uptrend” zone (60–79), suggesting a constructive setup rather than a blow-off phase. That lines up with broader market data showing $130 billion had been added to its overall value when BTC started pushing toward $92,000.
Whale behavior is also an important part of the story. Per on-chain data cited by XWIN, holders with more than 10,000 BTC are back in net accumulation, and there has been steady buying from 1,000–10,000 BTC wallets up to cohorts holding less than 1BTC.
Additionally, the research firm highlighted data from Cointelegraph showing the world’s top 100 listed firms now hold over 1,058,000 BTC, which it believes is a sign that corporate stacks are shifting from a side note to a central theme of the asset’s investment case.
You may also like:
- Trader Says Extreme Fear and Death Cross Point to Major Bitcoin Rally
- How Will Markets React Today to Massive $13B Bitcoin Options Expiry Event?
- Bitcoin (BTC) Becomes ‘Most Leveraged Asset in History:’ Binance and Bybit Dominate
At the same time, it pointed to net outflows of 3,959 BTC from centralized exchanges over the past 24 hours, combined with the largest futures open interest wipeout of the cycle, which went from about $45 billion to $28 billion, as a sign that leveraged excess has been flushed, leaving spot demand in better shape.
Diverging Signals
Despite the recent show of price resilience, sentiment is still bleak, with the Crypto Fear & Greed Index at 22. However, XWIN noted that many investors are seeing the $80,000 region as “fair value” for Bitcoin.
According to the firm, traders are also watching a significant options expiry, with 147,000 BTC contracts worth $13 billion set to mature on November 28, which could introduce short-term volatility.
Key price zones are also in focus, with XWIN suggesting a break above the $93,000 to $94,000 resistance band could pull Bitcoin toward the symbolic $100,000 mark. Even so, a drop below the $85,500 support could test further lows.
Meanwhile, altcoins are still lagging, with November’s wipeout having left many majors as much as 50% down. Still, analysts argue that capital is building in stablecoins ahead of a potential rotation. And with ETH back above $3,000, the network raising block gas limit, and pilots like tokenized money market funds going on-chain, XWIN believes the world’s second-largest cryptocurrency may be entering the early stage of a new upswing.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BCH Rises 0.69% Over 24 Hours as Short-Term Price Trend Remains Upbeat
- Banco De Chile (BCH) rose 0.69% in 24 hours to $525.4, defying a 1.87% monthly decline but surging 20.85% annually. - The stock outperformed its Zacks Banks - Foreign industry group by 3% weekly and 4.26% monthly, with a Zacks Momentum Style Score of B. - Analysts highlight upward earnings revisions ($2.54→$2.56) and no negative adjustments in 60 days, supporting its "Buy" Zacks Rank #2. - Average daily volume of 341,827 shares and consistent positive revisions reinforce BCH's short-term outperformance p

YFI Rises 0.59% as Recent Gains Counter Ongoing Downward Trend
- YFI rose 0.59% in 24 hours but fell 48.51% annually, reflecting mixed short-term and long-term trends. - Short-term gains attributed to retail inflows and algorithmic trading, lacking structural drivers or major updates. - Yearly decline aligns with broader DeFi risk-off sentiment and Yearn's lack of innovation or institutional support. - Analysts predict continued downward trajectory without catalysts like governance reforms or new product launches.

ZEC Falls 1.1% on November 30 Following Grayscale’s Zcash ETF Application
- Grayscale files first U.S. spot ETF for Zcash, a privacy-focused cryptocurrency, following its Bitcoin Trust conversion in 2024. - Zcash’s 709.35% YTD surge and rising shielded transaction adoption (30% of ZEC activity) highlight growing demand for privacy-preserving assets. - Despite recent price declines (1.1% in 24 hours), the ETF could boost institutional interest and mainstream legitimacy for privacy coins. - Regulatory approval may set a precedent for privacy-centric crypto adoption, reshaping U.S.

ALGO drops 5.19% over the past week as the overall market trends downward
- Algorand (ALGO) fell 5.19% in 7 days, continuing a 58.48% annual decline to $0.1389. - The blockchain project, founded by MIT's Silvio Micali to solve the scalability-trilemma, remains at 2023 lows despite $60M 2019 ICO. - Weakness persists due to macroeconomic risk-off sentiment and lack of on-chain upgrades, with no short-term recovery catalysts identified. - ALGO's 12-month drop from $3.56 highlights crypto market struggles post-2024 bull run, as investors await innovation-driven turnaround.

