Today's top news highlights:

Macro

The Hong Kong Monetary Authority (HKMA) announced a new phase of the Ensemble project to support tokenized deposits and real-world trading of digital assets.

According to Jiemian News, the Hong Kong Monetary Authority (HKMA) has announced the launch of Ensemble, officially entering its pilot phase. This milestone marks a significant step forward for Hong Kong in conducting real-world transactions using tokenized deposits and digital assets in a controlled pilot environment. Ensemble will continue operating until 2026, laying a solid foundation for the next phase of innovation. Interbank settlement of tokenized deposit transactions will initially be conducted through the Hong Kong Dollar Real-Time Payments Settlement System (RTGS). The pilot environment will be gradually upgraded and optimized to support 24/7 settlement of tokenized central bank currency, promoting the continued development of a broader tokenized ecosystem in Hong Kong.

Market news: Japanese stock exchanges are studying how to curb listed companies from hoarding cryptocurrencies.

According to Jinshi News, amid growing concerns about losses from the cryptocurrency hoarding frenzy, Japanese exchange groups are considering measures to limit the growth of listed digital asset fund management companies. Sources familiar with the matter said options under consideration include tightening backdoor listing rules and requiring companies to undergo new audits. They requested anonymity because the plans are not yet public. They added that no formal action plan has been finalized. One source said that since September, three listed Japanese companies have suspended their plans to purchase cryptocurrencies due to obstruction from Japanese exchanges; these companies were told their financing capabilities would be limited if they adopted cryptocurrency purchases as a business strategy.

CME Group, in partnership with FanDuel, will launch the prediction market FanDuel Predicts in December.

According to official news, the CME Group announced that it will launch a prediction market with North American online gaming company FanDuel through the new FanDuel Predicts app, expanding financial market access for US clients. FanDuel Predicts will launch as a standalone mobile app in December. After submitting appropriate regulatory filings, the app will offer contract trading services covering sports events such as baseball, basketball, football, and hockey. In addition to sports events, the app will also offer event-based contract trading services for benchmark indices such as the S&P 500 and Nasdaq 100, as well as key economic indicators such as oil and gas prices, gold, cryptocurrencies, and GDP and CPI. Previously, in October, sources revealed that the CME Group planned to launch contracts related to sports events and economic indicators to compete with Kalshi.

The Monetary Authority of Singapore (MAS) will pilot tokenized notes and introduce laws related to stablecoins.

According to Jinshi News, the top official of the Monetary Authority of Singapore (MAS) stated on Thursday that the central bank plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, a pilot program for tokenized MAS notes will be launched next year, and relevant legislation will be introduced to regulate stablecoins. Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, pointed out at the Singapore Fintech Festival: “Tokenization has begun, but have asset-backed tokens reached ‘escape velocity’? Not yet.” He stated that the Monetary Authority of Singapore has been refining the details of the stablecoin regulatory framework and will subsequently draft relevant legislation, with the core focus being “robust reserve asset backing and reliable redemption mechanisms.” Chia Der Jiun also added that the Monetary Authority of Singapore is simultaneously supporting various pilot projects under the “Blue Initiative,” which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement.

Trump signs bill, ending US government shutdown

According to Jinshi News, US President Trump signed a temporary funding bill, ending the longest government shutdown in US history. The bill will provide continued funding to the federal government, ensuring most government agencies have operating funds until January 30, 2026.

Federal Reserve hawk Bostic announces retirement

According to Jinshi News, just as Trump intensified his attacks on the Federal Reserve and the internal re-election vote was imminent, Raphael Bostic, a key hawk at the Fed, chose to retire abruptly. This move is seen as a compromise to avoid direct confrontation under political pressure, marking a double blow to the Fed's independence and the hawkish voices within the organization. Atlanta Fed President Bostic announced on Wednesday that he will retire when his current five-year term expires at the end of February next year, thus avoiding potential internal controversy surrounding his re-election. The timing of Bostic's retirement is quite delicate—the seven-member board of governors in Washington must agree that the presidents of all 12 regional Fed banks will begin a new five-year term starting March 1st next year. Fed insiders believe that the financial restatement issue has jeopardized Bostic's re-election prospects, especially against the backdrop of Trump and his allies continuing to question the Fed's credibility. This year, the Fed has already faced unprecedented political pressure from the Trump administration for not cutting interest rates more aggressively. Bostic's departure will weaken the hawkish voices within the Fed during this politically sensitive period.

Brazil has proposed selling seized cryptocurrency in order to weaken organized crime networks.

According to CoinDesk, Brazilian President Luiz Inácio Lula da Silva's Bill 5.582/2025, submitted to Congress, authorizes financial institutions to liquidate cryptocurrencies before trial outcomes, treating them similarly to foreign exchange, checks, and securities. However, the handling of cases where suspects are acquitted remains unclear. This move aims to combat the financial chains of criminal organizations and is part of the "Anti-Faction Law," which amends legislation on organized crime and criminal procedure, targeting the financial infrastructure of criminal factions such as "Comando Vermelho." Previously, it was reported that Brazil expanded its financial industry regulation to include cryptocurrency service providers. The new regulations will take effect in February 2026, giving companies nine months to adapt. Those failing to comply by November 2026 will be required to cease operations. Furthermore, reports indicate that the Brazilian central bank's latest regulations set a capital threshold of up to $7 million for cryptocurrency companies.

EU regulators seek to strengthen MiCA oversight, with shared order books becoming a key focus.

According to CoinDesk, less than a year after the implementation of the EU's Crypto Asset Markets Regulation (MiCA), various problems have already begun to emerge, and regulators are working to prevent these problems from worsening. Currently, there are concerns that some member states are issuing licenses too quickly. The European Securities and Markets Authority (ESMA) intends to take a more centralized and forceful approach to cryptocurrency regulation within its jurisdiction, although specific details of the plan are still unclear. One potential change involves liquidity sharing outside the EU and the use of a unified order book. From a regulatory perspective, a shared order book could blur the lines of responsibility for matching trades, information disclosure, risk management, and best execution; from a trader's perspective, aggregating buy and sell orders across a wider pool can create greater liquidity, facilitate easier trading, and arrive at more accurate prices. ESMA has not specifically responded to the shared order book issue, but stated in an email that its position raised earlier this year in a Q&A session that "MiCA does not allow cryptocurrency trading companies to merge their order books with any non-EU, non-MiCA-regulated trading platforms" is to ensure a level playing field for MiCA's application within the EU, and that it will continue to work towards this goal.

A Dubai court has frozen $456 million in funds related to Justin Sun's bailout of Techteryx, the issuer of TrueUSD.

According to CoinDesk, the Dubai Digital Economy Court has issued a global asset freeze order regarding $456 million in funds related to Justin Sun's bailout of Techteryx, the issuer of the stablecoin TrueUSD. The crux of the dispute lies in whether TrueUSD reserve funds were improperly transferred to Dubai trade finance company Aria Commodities DMCC. Aria, an entity under financier Matthew William Brittain, received funds through a Hong Kong-based First Digital Trust account between 2021 and 2022. Techteryx claims this violated custody terms, turning reserves into non-redeemable long-term loans and private transactions. Matthew William Brittain of Aria has stated that the liquidity issues are related to maturity commitments and that the ARIA CFF strategy is not highly liquid or suitable as a stablecoin reserve. On October 17, 2025, Judge Michael Black KC stated that Techteryx presented “serious issues” pending review, warranting a freeze on the funds. He further stated that Aria failed to provide evidence of fund transfers and asset ownership, and that Brittain risked “dissipating or restructuring assets to obstruct the judgment.”

The Canary XRP ETF has completed its listing certification on Nasdaq and will begin trading on November 13th when the market opens.

According to crypto journalist Eleanor Terrett, as of 5:30 p.m. Eastern Time, the Canary XRP ETF officially became effective after completing its listing certification on Nasdaq, and XRPC has been approved to begin trading at the opening of the market tomorrow (November 13, the day after November 12, ET).

Opinion

Wintermute: BTC has a high correlation with US stocks but reacts more significantly to declines.

The correlation between BTC and US stocks remains at a high level of around 0.8, but BTC is more sensitive to declines in the Nasdaq index and less sensitive to its rises. This negative performance is currently at the level of late 2022.

Ethereum Foundation: The Account Abstraction team, together with Vitalik Buterin, released the Trustless Manifesto and put it on-chain.

The Ethereum Foundation announced on the X platform that the Account Abstraction team, together with Vitalik Buterin, released the "Trustless Manifesto" today and placed it on-chain. Ethereum's founding purpose was not to improve financial efficiency, but rather to enable collaboration without trustworthy intermediaries. This manifesto clearly outlines a series of related values, including trust neutrality, self-management, verifiability, and resistance to centralized models that prioritize convenience. The manifesto is stored in its entirety as an on-chain contract and provides a single operation: `pledge()`. This contract has no owner or administrator, the text is uneditable, and all operations rely on the Ethereum network. When the `pledge()` operation is called, the system records the caller's address and the timestamp of the first commitment, and issues a public `Pledged(address, timestamp)` event. This operation only consumes gas fees and provides no incentives such as airdrops, credits, or early access. A commitment from a party indicates their commitment to the importance of user-authorized actions, their desire to avoid reliance on private servers and opaque relays, and their willingness to bear the actual costs to maintain Ethereum's trustless nature.

White House: October non-farm payroll and inflation data may never be released.

According to a CNBC report cited by Jinshi, White House Press Secretary Levitt stated that key economic reports for October may not be released at all due to the government shutdown. Levitt said, "Democrats may have permanently damaged the federal statistical system, and the October CPI and (non-farm) jobs reports are very likely to never be released. The release of all these economic data will be permanently damaged, forcing Federal Reserve policymakers to 'fly blind' during a critical period." With the government shutdown lasting more than six weeks, setting a record for the longest shutdown, Wall Street has been closely watching the release of key economic data. Other affected data includes retail sales, import and export figures, and consumer spending and income. Most economists had previously expected all data to eventually be released, albeit with delays. However, Levitt's comments cast a shadow over that expectation. She added that the shutdown could reduce fourth-quarter economic growth by as much as 2 percentage points.

Project Updates

Infinex is about to launch its INX token TGE, and Patron NFT holders will be allocated 100,000 INX tokens.

Cross-chain DeFi aggregation platform Infinex announced its upcoming INX Token Generation Event (TGE) and launched a series of incentive programs to expand its user base and token distribution. The total supply of INX tokens is 10 billion, which will be airdropped to Patron NFT holders at a ratio of 1:100,000, while retaining the NFT as Classic PFP. To further expand distribution, Infinex also plans to distribute tokens through the Sonar sale and the Craterun event. The Craterun event will reward users with various prizes, including INX token vouchers, cash prizes, and popular NFTs (such as Pudgy Penguins and CryptoPunks). Users can earn rewards based on historical on-chain activity, Perp trading volume, and platform usage. In addition, Infinex will support three new chains: Monad, MegaEth, and Fogo, and provide the best cross-chain and gas abstraction platform experience. Previously, Infinex founders stated that team shares will be re-locked for 12 months after TGE, and will be subject to 12 months of linear vesting after unlocking.

Binance Alpha and its futures platform will list Pieverse (PIEVERSE).

Binance Alpha will open trading of Pieverse (PIEVERSE) on November 14, 2025 at 19:00 (Beijing time). Simultaneously, Binance Futures will launch PIEVERSEUSDT perpetual contracts at 19:30, with leverage up to 40x. As the first platform to announce the opening of Pieverse contract trading, Binance is also launching an Alpha Points program to participate in the Booster activity, where users can receive token airdrops.

Binance will support Ethereum network (ETH) upgrades and hard forks.

According to an official announcement, Binance will support the Ethereum network (ETH) upgrade and hard fork. To prepare for the upgrade and hard fork, Binance will perform maintenance on its Ethereum network (ETH) wallet at 14:00 (UTC+8) on November 26, 2025. To support this maintenance, Binance will suspend Ethereum network (ETH) deposits and withdrawals at 13:55 (UTC+8) on November 26, 2025. The maintenance is expected to take 1 hour, and deposits and withdrawals will automatically resume upon completion. The Ethereum network (ETH) will undergo a network upgrade at 05:50 (UTC+8) on December 4, 2025. Binance expects to suspend Ethereum network (ETH) token deposits and withdrawals at 05:45 (UTC+8) on December 4, 2025.

Since its launch, x402's network of facilitators has processed over 18.82 million transactions, a 35-fold increase compared to May.

According to data from Decentralised.Co, since its launch, x402's network of facilitators has processed over 18.82 million transactions, a 35-fold increase since May. This growth reflects the increasing integration of x402 across various applications and platforms, with more developers directly integrating x402 into their smart agent workflows. The majority of transaction activity (approximately 82% of all transactions) is completed through Coinbase and Daydreams, indicating that x402 adoption remains concentrated around a few core facilitators driving its use.

The number of daily active validators on Ethereum has fallen to its lowest level since April 2024.

According to The Defiant, Beaconchain data shows that the number of daily active validators on Ethereum has decreased by approximately 10% since July, reaching its lowest level since April 2024. This recent decline is the first time Ethereum has experienced such a significant drop since the network switched from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) mechanism in September 2022. The number of daily active validators recently fell below 1 million for the first time since April 28, 2024, reaching 999,203 as of November 11. Furthermore, validator exit queues have reached an unprecedented high as staking operators rush to unstake funds for profitable sales. ValidatorQueue data shows that it currently takes approximately 37 days for Ethereum validators to unstake ETH, compared to just 1 day in May. However, validator joining times have also increased significantly in recent months, with approximately 1.2 million ETH currently waiting to be staked, with a waiting time of 22 days.

Balancer: White hat recovery efforts have been initiated, with approximately $4.1 million transferred to a controlled escrow account.

Balancer issued a statement on the X platform stating that in response to the recent Balancer V2 stablecoin pool incident, the Balancer team has initiated a white-hat recovery operation and transferred approximately $4.1 million to a controlled escrow account for reconciliation and returns. This only applies to Balancer V2 stablecoin pools; Balancer V3 is unaffected. Balancer reminds its community users to be wary of phishing attacks and to refrain from any operations with the listed pools for the time being. Further updates will be provided after reconciliation is completed. Previously, it was reported that the DeFi protocol Balancer suffered a hack that resulted in losses of approximately $116.6 million. The attack involved the transfer of assets across multiple blockchains, including various tokens such as WETH, Staked ETH, and wstETH.

Pump.fun introduces the Mayhem mode, which allows AI agents to automatically participate in new coin auctions to increase early trading volume.

According to Cryptopolitan, Pump.fun announced the launch of an experimental Mayhem mode, allowing AI agents to participate in the trading of newly issued tokens. This automated bidding method represents a breakthrough for both AI agents and Meme coins, as most agents previously relied on human assistance. Pump.fun stated that the mode aims to increase early trading volume by introducing AI agents, but did not explicitly announce the participating agents, leaving it to the community to discover from relevant documents. Unlike previous methods, the AI agents will not create new tokens. Token creators on Pump.fun must select the Mayhem mode before issuance, and this mode will not apply to existing or graduated tokens on the Pump.fun binding curve. The AI agents will issue 1 billion new Meme coins for each token, bringing the total supply to 2 billion. The AI agents will then randomly use these tokens for trading, increasing initial trading risk and volatility. After a 24-hour period, unsold tokens and tokens sent to the AI agent's wallet during this period will be destroyed without affecting their buying and selling decisions. The AI agents may randomly sell more tokens, thus depleting the binding curve and preventing human traders from selling. Given the prevalence of early trading bots, this AI agent will likely primarily compete with simple trading bots.

Important data

Owen Gunden deposited 2,401 BTC, approximately $245 million, into Kraken 3 hours ago.

According to Onchain Lens monitoring, Owen Gunden deposited 2,401 BTC, worth approximately $245 million, into the Kraken exchange three hours ago. Owen Gunden currently holds 2,499 BTC, worth approximately $259 million. Previously, it was reported that early Bitcoin investor Owen Gunden deposited 600 BTC into Kraken.

A whale holding $1.33 billion worth of ETH borrowed another 120 million USDT from Aave and deposited it all into Binance.

According to Lookonchain monitoring, a whale that previously borrowed to short 66,000 ETH and has now accumulated 385,718 ETH (worth $1.33 billion) has just borrowed another 120 million USDT from Aave and deposited it all into Binance—which likely indicates that it is preparing to further increase its ETH holdings.

Bitcoin spot ETFs saw a total net outflow of $278 million yesterday, with Fidelity's FBTC experiencing the largest net outflow at $133 million.

According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $278 million yesterday (November 12th, Eastern Time). The Bitcoin spot ETF with the largest single-day net outflow was Fidelity ETF FBTC, with a net outflow of $133 million. FBTC's historical total net inflow has reached $12.036 billion. This was followed by Ark Invest and 21Shares ETF ARKB, with a single-day net outflow of $85.1785 million. ARKB's historical total net inflow has reached $1.922 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $135.808 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.67%. The historical cumulative net inflow has reached $60.214 billion.

Ethereum spot ETFs saw a total net outflow of $184 million yesterday, with BlackRock's ETHA experiencing the largest net outflow at $91.0036 million.

According to SoSoValue data, Ethereum spot ETFs saw a total net outflow of $184 million yesterday (November 12th, Eastern Time). The Ethereum spot ETF with the largest single-day net outflow was BlackRock ETF ETHA, with a net outflow of $91.0036 million. ETHA's historical total net inflow has reached $13.76 billion. This was followed by Grayscale Ethereum Trust ETF ETHE, with a single-day net outflow of $49.3471 million. ETHE's historical total net outflow has reached $4.813 billion. As of press time, the total net asset value of Ethereum spot ETFs is $22.142 billion, with an ETF net asset value ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 5.42%. The historical cumulative net inflow has reached $13.57 billion.

Analysts: The number of crypto projects with a market capitalization exceeding $100 million has decreased from 477 in November 2021 to 388.

Crypto analyst Route 2 FI posted that in November 2021, there were 477 projects with a market capitalization exceeding $100 million, while now that number has dropped to 388 (including stablecoins). His analysis is as follows: 1. November 2021 was almost the peak of altcoins in the previous cycle, and altcoins haven't truly experienced a crazy surge in this cycle; 2. At that time, tokens with low circulating supply and high fully diluted valuations (FDV) were uncommon. If ranked by the number of projects with a fully diluted valuation exceeding $100 million, this number should be higher now than in 2021; 3. Liquidity and funds are increasingly concentrated in fewer, larger projects, meaning that even with an increase in total market capitalization, smaller altcoins will find it difficult to achieve high valuations; 4. After several rounds of hype, retail and institutional investors are more cautious, favoring tokens and ecosystems with practical value and proven track records, rather than speculative tokens. Furthermore, the analyst mentioned that in 2021 there were 1153 projects with a market capitalization exceeding $10 million, while now that number is 1227, a number he initially expected to be higher.

Another address associated with Ethereum co-founder Taylor Gerring staked 7,455 ETH, worth approximately $25.35 million, in the early hours of the morning.

According to on-chain analyst @ai_9684xtpa, another address associated with Ethereum co-founder Taylor Gerring (@TaylorGerring), 0xe94...E4A3c, staked 7,455 ETH (approximately $25.35 million) on Eth2 nine hours ago. Two weeks ago, he also staked a large amount on the Beacon Chain. Previous reports indicated that an address associated with Ethereum co-founder Taylor Gerring received 4,544 ETH, worth $15.41 million, in the early morning.

A suspected Monetalis address purchased $14.33 million worth of UNI tokens via OTC in the past 8 hours.

According to on-chain analyst Ember, an address suspected to belong to Monetalis (0x5eE...16B) received 1.851 million UNI tokens (US$14.33 million) from market makers such as Wintermute, FlowTraders, and B2C2 in the past 8 hours, at an average price of US$7.7. This purchase was likely made through OTC channels.

Solana's active address count has fallen to its lowest level in 12 months.

According to The Block, the number of active addresses on Solana has dropped to 3.3 million, a 12-month low and a significant decline from the network's peak of over 9 million active addresses in January of this year. In late 2024, as Solana established itself as the dominant chain for Meme coin issuance and trading, its active address count surged. Throughout 2025, as enthusiasm for Meme coin gradually waned from its peak, the number of active addresses also gradually declined.

FTX/Alameda redeemed 193,800 SOL from the staked tokens and distributed them to 28 addresses.

According to on-chain analyst Yu Jin, FTX/Alameda redeemed 193,800 SOL (US$30.69 million) from staking and then distributed them to 28 addresses three hours ago. Most of these recipients will subsequently transfer their SOL to Coinbase or Binance. Since November 2023, FTX/Alameda staking addresses have cumulatively redeemed and transferred 9,367,000 SOL (US$1.27 billion) using this method, with an average transfer price of US$135.8. Currently, FTX/Alameda staking addresses still have 4,048,000 SOL (US$620 million) staked.

Investment and Financing/Acquisition

Cryptocurrency funding platform Shodai Network raises $2.5 million in seed funding, with Consensys and others participating.

Crypto funding platform Shodai Network announced the completion of a $2.5 million seed funding round, with investors including Consensys, Consensys Mesh, and Ethereum co-founder Joseph Lubin. This investment will help Shodai Network expand its founder network and further develop its funding support platform.

Crypto startup Seismic raises $10 million, led by a16z crypto.

Seismic, a crypto privacy infrastructure startup, announced the completion of a $10 million funding round led by a16z crypto, with participation from Polychain, Amber Group, TrueBridge, dao5, and LayerZero. This brings the company's total funding to $17 million. Founded by CEO Lyron Co Ting Keh, Seismic aims to help fintech companies protect sensitive user information, such as salaries and rent, from public blockchains when using cryptography. Seismic has already partnered with stablecoin account platform Brookwell and private lending service provider Cred to provide them with private blockchain payment tracks, preventing transaction data from being exposed on public blockchains.

Institutional holdings

SharpLink Q3 Financial Report: Total revenue increased by 1100% year-on-year, and total crypto assets reached approximately $3 billion.

According to official news, Ethereum treasury company SharpLink today released its third-quarter financial results ending September 30, 2025, and simultaneously disclosed the continued progress of its ETH treasury strategy. The report shows that the company's total revenue increased to approximately $10.8 million this quarter, an increase of over 1100% compared to $900,000 in the same period last year. The core growth driver was the strong performance of actively managed ETH treasuries. Net profit for the quarter reached approximately $104.3 million, with fully diluted earnings per share of $0.62, compared to a net loss of $885,000, or a fully diluted loss per share of $3.02, in the same period last year. Regarding assets, as of September 30, the company held approximately 817,747 ETH, increasing to 861,251 ETH as of November 9, 2025. As of September 30, total crypto assets amounted to approximately $3 billion, cash balance was $11.1 million, and USDC stablecoin was worth $26.7 million.

Strategy's MSTR market capitalization is now lower than the net asset value of its BTC holdings.

According to data from Strategy's official website, MSTR's latest market capitalization is approximately $65.36 billion, while its holdings of 641,692 Bitcoins correspond to a net BTC value of approximately $65.488 billion, resulting in a "market capitalization lower than the net BTC value" in the holdings. Meanwhile, the price of BTC is approximately $102,054, and the price of MSTR stock is $227.45, down 1.68% on the day.

A major whale increased its holdings by approximately 24,000 ETH, worth $65.13 million.

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