Today's top news highlights:
CryptoQuant CEO: Only when Bitcoin falls below $94,000 can a bear market be confirmed.
Sui ecosystem's Meme coin HIPPO experienced a brief 70% drop, hitting a low of $0.00167.
Bitcoin spot ETFs saw a total net outflow of $870 million yesterday, the second highest in history.
Macro
Spanish ACS Group and BlackRock's GIP reach $26.8 billion data center cooperation agreement
According to Spanish media outlet Expansion, the Spanish ACS Group is close to reaching a $26.8 billion (approximately €23 billion) cooperation agreement with BlackRock's Global Infrastructure Partners (GIP) for data center development. The agreement includes GIP joining ACS's Digital & Energy division with a 50% stake, comprising €5 billion in incremental capital injections and €18 billion in debt. Digital infrastructure valuations have reached new highs amid surging AI computing demand and limited power capacity. ACS previously planned to increase the valuation of its data center business to €3 billion to €5 billion by 2030.
Antminer S19 and some Whatsminer M60 and below miners have reached shutdown price.
According to Antpool data, under current Bitcoin mining difficulty and an electricity cost of $0.08 per kilowatt-hour, the Antminer S19 series and Whatsminer models below the M60 (including M53S++ and M56S++) have reached their shutdown price in Bitcoin; while the shutdown price for the Whatsminer M60 and M66 series is close to $93,000. Furthermore, high-hashrate models such as the Antminer U3S23H and Antminer S23 Hyd have shutdown prices above $44,000.
DerivaDEX, managed by the DAO, has obtained a license from the Bermuda Monetary Authority.
According to The Block, DEX Labs CEO Aditya Palepu revealed that DerivaDEX, managed by a DAO, has received a license from the Bermuda Monetary Authority (DMA), marking the first DAO-related license issued by the DMA. DerivaDEX is reportedly a decentralized derivatives trading platform focused on institutional users and is expected to launch before the end of the year. The protocol was designed by veterans from DRW and Consensys and is backed by venture capital firms such as Dragonfly, CMS Holdings, Electric Capital, and Polychain.
According to Bloomberg, the Financial Accounting Standards Board (FASB) will meet on November 19 to discuss whether to develop guidelines on how companies should report cryptocurrency transfers in their financial statements. The board plans to focus on adding a project related to the accounting treatment of crypto asset transfers to its technology agenda. At the meeting, the board will discuss several possible implementation paths, including expanding the scope of its 2023 guidelines, clarifying guidance on the derecognition of crypto asset transfers, or taking both measures simultaneously. It is worth noting that this meeting comes just weeks after the FASB added a new technology project on the classification of stablecoins.
Musk posted on the X platform that X has launched new communication features, including encrypted messaging, audio and video calls, and file transfer, and X Money will be launched soon.
According to Cryptopolitan, VanEck, a well-known ETF issuer, has filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) for its Solana cash ETF. This filing typically indicates an upcoming product launch. The form is usually filed shortly before a new asset is launched. This filing follows the S-1 form filed at the end of October.
According to Cryptobriefing, Luxembourg's Finance Minister Gilles Roth stated on Thursday that although the country's intergenerational sovereign wealth fund (FSIL) has the right to invest in other crypto assets, it has decided to allocate 1% of its portfolio specifically to Bitcoin. Speaking at the 2025 Amsterdam Bitcoin Conference, he said the fund's decision to invest solely in Bitcoin reflects its long-term commitment. Last month, the Luxembourg Ministry of Finance announced that the FSIL is the first European sovereign wealth fund to invest in Bitcoin, allocating 1% to crypto assets such as Bitcoin through an ETF. Roth emphasized that cryptocurrencies, especially Bitcoin, are part of Europe's competitive strategy, and digital assets have become central to global policy discussions. He believes Bitcoin can enhance European competitiveness and is a "never-ending" system, with more and more European political leaders beginning to study it. He also pointed out that crypto assets are not hype, but rather a bridge between code and capital; while the economy will not shift to the Bitcoin standard, it will become part of the future of finance.
According to Bloomberg, the head of the Federal Deposit Insurance Corporation (FDIC) stated that the agency is developing guidelines for tokenized deposit insurance to help financial institutions expand their digital asset business. Acting Chairman Travis Hill stated that the shift of deposits from the traditional financial world to the blockchain or distributed ledger world should not change their legal nature. Hill made these remarks amidst a debate about how fintech companies not directly insured by the FDIC should fully compensate consumers if their funds are lost. Many fintech companies partner with FDIC-insured banks to offer products covered by "look-through deposit insurance," but this protection can be challenged if the third party goes bankrupt, failing to effectively safeguard consumer rights. The U.S. government's deposit insurance fund is a cornerstone of the financial system, designed to protect depositors in the event of bank failure.
Canary's pledged SEI ETF has been listed on the DTCC website under the ticker symbol SEIZ.
According to market sources, Canary's pledged SEI ETF has appeared on the website of the American Depository Trust and Clearing Corporation (DTCC) under the ticker symbol SEIZ.
Opinion
Nachi, a cryptocurrency trader who earned millions of dollars during the DeFi Summer, stated that Bitcoin has fallen below the key $100,000 level, and after a brief rebound, the market has broken below the key pivot range. Furthermore, the US stock market's momentum has weakened due to the reduced probability of a December rate cut and the postponement of the government shutdown, with investors inclined to take profits at year-end. Nachi points out that although there is still downside potential, the current crypto market has already undergone a significant correction, and it may be too late to short again. In contrast, strong crypto stocks like COIN (Coinbase) and HOOD (Robinhood) still have downside potential and offer a better risk-reward ratio, but shorting the market requires flexibility. He suggests that investors who are not skilled at shorting should increase their cash holdings and wait for better buying opportunities, and anticipates that the market will struggle to recover significantly before the end of the year.
Arete Capital partner McKenna stated that Bitcoin may face a market correction risk of up to 31% in the short term, but in the long term, institutional entry and capital inflows will drive prices to new highs in the coming years. He pointed out that Bitcoin's price has fallen below the 50-week moving average, potentially triggering further declines. Key potential support levels include $96,200 (a high-volume area), $93,300 (the opening price at the beginning of the year and the midpoint of the range), and $86,000-$91,000 (a worst-case price "gaps," which would represent a drop of approximately -31% if the price were to fill this area). He mentioned that Bitcoin has found support near $92,000 twice, which are typically good entry points. Despite predicting a short-term pullback risk, McKenna stated that he views potential declines as opportunities to buy spot Bitcoin. He expects Bitcoin may not reach a new all-time high in 2025, but the price will exceed $150,000 in the second half of 2026 and break $200,000 before the end of President Trump's term. He believes that continued institutional participation, increased holdings in Bitcoin ETFs, and new capital inflows in 2026 will be the main drivers of long-term growth.
CryptoQuant CEO: Only when Bitcoin falls below $94,000 can a bear market be confirmed.
Ki Young Ju, founder and CEO of CryptoQuant, stated in an article on the X platform that the average cost for Bitcoin investors who entered the market over the past 6 to 12 months is around $94,000. He said that a bear market cycle can only be confirmed when the price falls below this cost range, and it is not advisable to draw conclusions prematurely at present; it is better to remain on the sidelines and wait and see.
Trader Eugene Ng Ah Sio posted on his personal channel that Bitcoin's breach of the $100,000 mark was primarily due to two reasons. First, the 50-week moving average, the last line of defense for the bullish structure in this cycle, has now been officially broken, marking the first time this has happened in 22 years. Second, $100,000 is a very strong psychological level, having been breached 3 or 4 times previously; its breach this time will now become a new resistance level for further upward movement. Therefore, Eugene stated that he will not attempt to buy the dip at this time and will instead consider $90,000 as the next level to watch.
QwQiao, co-founder of Alliance DAO, posted on the X platform that despite macroeconomic indicators such as the Federal Reserve's quantitative easing suggesting an upward trend in the market, he intuitively feels that "it's all over." He described crypto assets as a "self-fulfilling asset class," emphasizing the inevitability of the four-year cycle prediction, which leaves the market at a frustrating crossroads. As a long-term optimist, he has felt uneasy about the crypto market since mid-September and has found that most savvy traders and long-term investors have turned bearish. Regarding US stocks, QwQiao believes that AI is the only key factor driving the cycle, with its influence far exceeding liquidity indicators and technical signals. He warns that if AI...
A recent report from Matrixport indicates that Bitcoin has entered a "mini" bear market phase, with multiple trends and on-chain models having previously issued warning signals. The report points out that the market lacks upward momentum, ETF inflows have weakened, institutional investors have reduced their exposure, and the macroeconomic environment lacks catalysts, leading to a significant decline in Bitcoin prices. Future price movements will heavily depend on the Federal Reserve's policy decisions. The market is currently at a critical juncture, and attention should be paid to whether structural levels and macroeconomic triggers will lead to a deeper correction or a bottoming-out phase.
Federal Reserve's Hamak: Monetary policy needs to remain tight to curb inflation.
According to Jinshi News, Federal Reserve official Hammark stated that while the dollar is not a core topic of discussion among central banks, its weakening this year does not seem alarming. Hammark said, "I think there has been a lot of discussion this year about the dollar and its weakening. But it's important to remember that we started with a very strong dollar, so this year's weakness largely just brings the dollar closer to its theoretical fair value, making it more reasonable compared to other currencies." Hammark also stated that interest rate policy should remain restrictive to exert downward pressure on the still-concerning inflation level. She noted, "Given the challenges facing the Fed's dual mandate on inflation and employment, this is a difficult time for monetary policy." "But overall, I think we need to maintain a certain level of tightening to continue putting downward pressure on inflation and bring it back to our target level."
Project Updates
Binance Futures will delist RUNEUSD coin-margined perpetual contracts.
Binance Futures will automatically liquidate the RUNEUSD coin-margined perpetual contracts at 17:00 (UTC+8) on November 19, 2025, and will delist the aforementioned perpetual contract trading pair after the liquidation is completed.
Astria founder: Decision made to shut down Astria's development company
Josh, founder of the shared sorting network Astria, announced on the X platform that he has decided to shut down Astria's development company. Previously, in July 2024, Astria completed a $12.5 million funding round, led by dba and Placeholder VC.
Crypto analyst Specter published an article stating that on-chain investigations indicate BTX Capital and its founder Vanessa Cao may have been involved in price manipulation of multiple tokens on Hyperliquid, including POPCAT and TST, profiting through their substantial financial advantage. On November 12th, the attackers placed a buy order wall worth approximately $25 million at around $0.21 for POPCAT, using over 26 wallets to create the illusion of strong demand before cancelling the orders, leading to massive liquidations. The incident resulted in the attackers losing $4 million in collateral and HLP losing $4.9 million. Specter believes the attackers were able to absorb such huge losses because they shorted the token on centralized exchanges. On-chain fund flows further point to BTX Capital. Wallets involved in TST manipulation, the Bybit deposit wallet, and multi-signature addresses are all directly linked to BTX Capital's official wallet and Vanessa Cao's public wallet, vanessacao.eth. Fund flow data shows they could easily mobilize large sums of money for price manipulation. Specter points out that BTX Capital may have also manipulated tokens that have recently experienced abnormal fluctuations, such as ZEREBRO, JELLYJELLY, and HIFI, and suspects that similar methods may have been applied to ZEC.
According to official news, GAIB, the AI computing economic layer, announced the launch of the GAIB Foundation and the release of the GAIB token economics. The GAIB Foundation is an independent, non-profit, and ownerless entity responsible for supporting the long-term development and decentralization of the GAIB ecosystem. The total supply of GAIB tokens is capped at 1 billion, serving as the core coordinating and security asset of the GAIB ecosystem, supporting protocol governance, validator participation, and long-term synergy among all parties. In terms of token distribution, early supporters and funders account for 19.82%, core contributors 20.7%, the community 40%, and growth and ecosystem 19.48%. The GAIB economic layer is designed to directly link the token's utility value to actual network activity and AI infrastructure productivity: protocol revenue comes from tokenization fees and is periodically converted into GAIB tokens; the total token supply is fixed, and the incentive mechanism has shifted from early release-based models to a sustainable model where real network activity funds validators and rewards the community, avoiding inflationary issuance. Previously, in July of last year, the RWAiFi project GAIB completed a $10 million funding round, led by Amber Group.
NFT marketplace Magic Eden announced on its X platform that, effective immediately, 30% of its secondary market revenue will be used for buybacks; 15% will be used for on-chain ME token buybacks, and the remaining 15% will be used for NFT buybacks, prioritizing NFTs on the Solana chain. Regarding the NFT buyback mechanism, if a particular NFT's transaction volume on Magic Eden reaches 10,000 SOL, then 15% of the fees generated from that transaction will be used to buy back the relevant NFT on Magic Eden. The buybacks will be automated, so once sufficient funds are generated to purchase a single NFT, the buyback will proceed immediately. This mechanism will be rolled out across all chains in the coming weeks.
Drop Protocol, the liquidity staking protocol within the Cosmos ecosystem, announced that due to the current ecosystem direction and market conditions, its sustainable development path is no longer feasible, and it will be shut down in an orderly manner after evaluation. The shutdown process will be responsible and transparent, taking into account the interests of all parties. Some Drop assets are still actively used in the DeFi field, and efforts will be made to ensure service continuity in high-adoption areas. Meanwhile, Drop will no longer pursue token generation events (TGE) and airdrops related to the Droplets program, and is exploring distributing protocol revenue to participants in these programs as a form of reward; specific distribution methods and application details will be announced separately. Currently, Drop is in a smooth transition phase, with all dAssets included. dTIA and deINIT will gradually cease service, withdrawals will be reopened with a timeline announced in advance, and dATOM and dNTRN will continue to receive support. Previously, in October of last year, Drop Protocol completed a $4 million seed round of financing, led by CoinFund.
MoonPay will issue and manage stablecoins on behalf of its clients.
According to Bloomberg, cryptocurrency payments company MoonPay Inc. will begin issuing and managing stablecoins on behalf of its clients. Zach Kwartler, MoonPay's newly appointed head of stablecoin business, stated in an interview that the New York-based company will leverage its existing money transmission license to offer the service across U.S. states. Kwartler said that issuing its own stablecoins will help MoonPay's clients better manage their payment operations. In a statement released Thursday, MoonPay said the issuance service will target enterprise clients in the U.S., Asia, and Latin America, and will cover multiple blockchains.
Stable, a stablecoin public chain, stated on the X platform: "In the Stable network, USDT serves as the native gas token to ensure that transaction fees remain predictable under any network conditions, thereby eliminating volatility in the payment process. This design choice lays the foundation for reliable settlement and everyday payments. The mainnet is about to launch."
Important data
Sui ecosystem's Meme coin HIPPO experienced a brief 70% drop, hitting a low of $0.00167.
According to Binance Alpha market data, Sui ecosystem Meme coin HIPPO experienced a short-term plunge of 70%, falling to a low of $0.00167, and is currently priced at $0.0021.
According to Onchain Lens monitoring, the whale/institution "7 Siblings" has continued to buy ETH during this market correction. They have spent 7 million USDS to purchase 2,211 ETH, with an average transaction price of $3,166. Since November 4, the alliance has cumulatively purchased 44,008 ETH for $152.99 million, with an average cost of $3,477.
According to Lookonchain monitoring, the "whale that previously borrowed to short sell 66,000 ETH" has bought another 16,937 ETH, worth $53.91 million. Its cumulative purchases have reached 422,175 ETH, with a total value of $1.34 billion.
According to SoSoValue data, Ethereum spot ETFs saw a total net outflow of $260 million yesterday (November 13th, Eastern Time). The Ethereum spot ETF with the largest single-day net outflow was BlackRock ETF ETHA, with a net outflow of $137 million. ETHA's historical total net inflow is currently $13.622 billion. This was followed by Grayscale Ethereum Trust ETF ETHE, with a single-day net outflow of $67.9099 million. ETHE's historical total net outflow is currently $4.881 billion. As of press time, the total net asset value of Ethereum spot ETFs is $20.296 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 $13.31 billion.
Bitcoin spot ETFs saw a total net outflow of $870 million yesterday, the second highest in history.
According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $870 million yesterday (November 13th, Eastern Time). The Bitcoin spot ETF with the largest single-day net outflow was the Grayscale Bitcoin Mini Trust ETF (BTC), with a net outflow of $318 million. BTC's historical total net inflow has reached $1.672 billion. This was followed by the BlackRock ETF (IBIT), with a single-day net outflow of $257 million. IBIT's historical total net inflow has reached $64.252 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $130.536 billion, with an ETF net asset value ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.67%. The historical cumulative net inflow has reached $59.344 billion.
According to on-chain analyst Yu Jin, Ma Ji (Huang Licheng) withdrew 3.437 million USDC from Binance between yesterday afternoon and early this morning to go long on ETH on Hyperliquid. ETH subsequently plummeted from $3,550 yesterday afternoon to $3,150. Therefore, his initial investment of $3.437 million has now dwindled to only $1.9 million. His total losses have reached $17.5 million.
According to The Block, Eric Balchunas, senior ETF analyst at Bloomberg, stated that Canary Capital's XRP ETF (ticker symbol XRPC) opened for trading on Thursday morning with a first-day trading volume of $58 million, setting a new record for the highest first-day trading volume for an ETF this year among nearly 900 newly listed ETFs. Balchunas earlier stated on the X platform that XRPC had a trading volume of $26 million in its first hour. Previously, this record was held by Bitwise's Solana ETF (ticker symbol BSOL), which had a first-day trading volume of approximately $57 million, with a surge to $72 million on its second day. Balchunas commented on the launch of XRPC and BSOL this year, saying they are in a class of their own because the third-ranked fund's trading volume is more than $20 million behind them.
Investment and Financing/Acquisition
According to the Wall Street Journal, artificial intelligence startup Cursor (which helps engineers write code) has raised $2.3 billion in a new funding round, valuing the company at $29.3 billion. Cursor can analyze a programmer's actions and suggest the next few lines of code. It also offers a chatbot where users can ask questions related to code. This valuation is staggering for a startup valued at less than $10 billion just months ago, highlighting the continued and strong investor interest in all things AI-related. Advances in generative AI have driven up the valuations of an entire generation of coding companies utilizing the technology, such as Replit, Sweden's Lovable, and Cognition. But the challenge they face, like many AI products, is cost. AI coding companies must pay to build or access AI models to power their applications. Some venture capitalists expect these costs to decrease and customers to be willing to pay a premium for AI applications that deliver more value.
Bitcoin mining company Bitfarms achieved $69 million in recurring revenue in Q3 2025 and successfully completed a $588 million convertible bond issuance. The company is accelerating its transformation from Bitcoin mining to a North American AI/HPC infrastructure provider, planning to upgrade sites in Washington, Panther Creek, Pennsylvania, and Sharon to data centers supporting Nvidia's next-generation Vera Rubin GPUs, with deliveries expected to begin in 2026. Furthermore, the company's total liquidity reached $814 million in Q3, with 1,827 BTC held.
Acurast raises $11 million to advance its mobile secure computing mainnet
Acurast announced it has raised $11 million and plans to launch its mainnet on November 17th, simultaneously issuing its token ACU. The project claims to achieve verifiable, confidential, and tamper-proof computation on consumer smartphones, using hardware key proofs to allow only manufacturer-certified devices to connect. Its network data shows nearly 150,000 phones have joined, processing approximately 494 million transactions and deploying approximately 94,200 services. Investors include Ethereum co-founder and Polkadot founder Gavin Wood. The project responded to security concerns by stating that devices with invalid certificates cannot obtain valid and trusted proofs and are therefore denied access.
Zero-knowledge identity protocol Self raises $9 million in seed funding and launches points program.
Self, a knowledge-based identity and "proof-of-humanity" protocol, announced the completion of a $9 million seed funding round. Investors include Greenfield Capital, SoftBank's Startup Capital Ventures x SBI Fund, Spearhead VC, Verda Ventures, Fireweed Ventures, and several angel investors. Self provides privacy-focused identity verification using zero-knowledge proofs and verifiable credentials. It is integrated with Google, Aave, and Velodrome, supporting biometric passports, country IDs, and Indian Aadhaar verification, and is used for anti-Covenant airdrops and OFAC-compliant token distribution. The company also launched a points program to reward users who complete identity verification and interact on partner platforms.
LISA raises $12 million to advance AI-native on-chain security systems.
LISA, a Web3 AI security agent project, announced the completion of a $12 million funding round to build an Agentic Security OS that combines AI and blockchain. This round of funding was led by Redpoint, UOB Venture Management, Signum Capital, NGC Ventures, and Hash Global, among others. LISA aims to improve the security of smart contracts and decentralized applications by using AI to detect complex, multi-step logic vulnerabilities that are difficult to detect with traditional auditing tools.
Institutional holdings
A suspected Bitmine address has acquired another 9,176 ETH, worth $29.14 million.
According to Lookonchain monitoring, Bitmine continues to buy ETH despite the market downturn. A new address, 0x9973 (likely related to Bitmine), just received 9,176 ETH, worth $29.14 million, from the Galaxy Digital OTC wallet.
Anchorage Digital has received 4,094 BTC in the past 9 hours, worth $405 million.
According to Lookonchain, Anchorage Digital has received 4,094 BTC, worth $405 million, from Coinbase, Cumberland, Galaxy Digital, and Wintertermute in the past 9 hours.
According to The Block, Upexi, a Nasdaq-listed financial company based in Solana, has become the latest digital asset finance company to announce a share buyback program. The company's board of directors approved a $50 million buyback program to acquire outstanding common stock. Notably, Upexi's latest quarterly report showed total revenue of $9.2 million, compared to $4.4 million in the same period last year; net income was $66.7 million, compared to a net loss of $1.6 million in the same period last year. The company launched its SOL acquisition strategy in April and currently holds over 2.1 million SOL tokens.
