According to @Andre_Dragosch on X on Nov 25, 2025, global crypto hedge funds significantly reduced BTC exposure up to around August 2025 and have been gradually increasing exposure since then. According to @Andre_Dragosch on X on Nov 25, 2025, he characterizes this sequence as a distribution phase followed by renewed accumulation, describing it as Bitcoin’s “IPO moment.”

According to The Kobeissi Letter, a recent analysis suggests a bullish shift in the market, citing historical patterns where large declines in US Equity sentiment are typically followed by immediate positive returns. This analysis, part of their premium content, emphasizes the importance of sentiment and positioning in predicting market movements.