Today's top news highlights:
1. Macroeconomic Outlook for Next Week: US CPI May Be Absent for the First Time, Gold Awaits New Catalyst
2. The U.S. Treasury Department provides tax breaks to private equity, cryptocurrency, and other companies without legislation.
3. Analyst: Whales who have held Bitcoin for over 7 years began cashing out in large quantities last November, and this trend has intensified this year.
4. Stables Labs announced the launch of its USDX recovery program and opened the application registration window.
5. Coinbase: The October sell-off is not the end of the cycle, but rather a necessary adjustment.
6. Binance Alpha will launch JCT and ALLO airdrops on November 10th and 11th.
7. Early Bitcoin investor Owen Gunden deposited 600 BTC into Kraken.
Macro
Over the past week, market risk appetite has cooled significantly due to the ongoing US government shutdown, a private sector jobs report indicating a cooling labor market, and signs of a cracking AI valuation bubble. In the coming week, the market will continue to focus on developments related to the US government shutdown and the prospect of further interest rate cuts by the Federal Reserve. The continued government shutdown may mean further delays in the release of economic data. The following are key points the market will be focusing on in the coming week:
At 22:20 on Wednesday, Williams, a permanent voting member of the FOMC and president of the New York Federal Reserve, will deliver a speech;
At 23:00 on Wednesday, Paulson, a 2026 FOMC voting member and president of the Philadelphia Federal Reserve, will speak on financial technology.
At 1:15 AM on Thursday, Atlanta Fed President Bostic, a 2027 FOMC voting member, will deliver a speech.
To be determined on Thursday are the US October unadjusted CPI and core CPI year-on-year rates, seasonally adjusted CPI and core CPI month-on-month rates, and the number of initial jobless claims in the US for the week ending November 8.
At 1:15 a.m. on Friday, St. Louis Fed President Musaleem, a 2025 FOMC voting member, will speak on monetary policy.
At 1:20 p.m. on Friday, Cleveland Fed President Hammark, a 2026 FOMC voting member, will participate in a fireside chat.
At 22:20 on Friday, Atlanta Fed President Bostic, a 2027 FOMC voting member, will deliver a speech.
At 23:05 on Friday, Schmid, a 2025 FOMC voting member and president of the Kansas City Federal Reserve, will speak on the economic outlook and monetary policy.
According to Hong Kong media outlet Wen Wei Po, Hong Kong police have prosecuted 16 people in connection with the JPEX cryptocurrency exchange case involving suspected fraud. The first case, involving eight defendants, has been adjourned to the High Court for further hearing on December 15th. Some defendants have been granted bail. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated that the JPEX case will prompt consideration of regulatory updates, with a proposed optimization of regulations in four areas: trading, stablecoins, custody, and digital asset dealers.
According to previous reports , Hong Kong police have charged 16 people in connection with the JPEX case, including core members such as Lam Tsz-chu and key opinion leaders (KOLs), while the mastermind remains at large.
According to a report by The New York Times cited by Jinshi, the U.S. Treasury Department has passed proposed regulations offering tax breaks to private equity firms, cryptocurrency companies, foreign real estate investors, and other large corporations. For example, in October, the Internal Revenue Service (IRS) released new proposed regulations that would provide incentives for foreign investors investing in U.S. real estate. In August, the IRS proposed relaxing regulations preventing multinational corporations from evading taxes by filing duplicate losses in multiple countries. These announcements have not yet made headlines, but have already attracted attention from accounting and consulting firms. Kyle Pomerleau, a senior fellow at the American Enterprise Institute, stated, “The U.S. Treasury Department has clearly been implementing tax cuts without legislation. Congress decides tax laws. The Treasury Department is asserting more power in the tax law structure than Congress has granted it, undermining this constitutional principle.”
Russian entrepreneur Roman Novak and his wife Anna were kidnapped and murdered in the United Arab Emirates. Novak had defrauded investors of millions of dollars through various cryptocurrency projects. In 2020, he was sentenced to six years in prison for fraud. Afterward, Novak moved to Dubai, where he created the cryptocurrency app Fintopio and allegedly raised hundreds of millions of dollars from new investors. In early October, Novak and his wife traveled to Hatta, near the border between the UAE and Oman, to attend a seemingly promising investor conference. However, they changed vehicles and disappeared without a trace.
After several days of silence, Roman Novak's relatives reported him missing to the police. Russian and UAE authorities launched an investigation, suspecting the couple had been lured to a rented villa under false pretenses, and what was supposed to be a business meeting suddenly turned into a kidnapping and ransom attempt. The kidnappers attempted to coerce Roman Novak into handing over a large amount of cryptocurrency, reportedly stored in wallets and accounts linked to his apps and past scams. The kidnappers failed, and tragedy struck: Roman Novak and his wife were both murdered.
Opinion
Michael Saylor posted "Buy Now" to support Bitcoin during a market downturn.
Michael Saylor, founder and executive chairman of Strategy (formerly MicroStrategy), posted "Buy Now (₿uy Now)" on the X platform to support Bitcoin during a market downturn.
Charles Edwards, co-founder of Capriole Investments, shared a chart on the X platform showing on-chain selling activity among Bitcoin OG holders (those who have held Bitcoin for seven years or more). In the chart: orange represents a sell-off of $100 million, and red represents a sell-off of $500 million. Charles Edwards stated that Bitcoin OGs are cashing out, and this sell-off began in November 2024 and will intensify in 2025.
In response to a chart shared on the X platform by Charles Edwards, co-founder of Capriole Investments, suggesting that Bitcoin OGs (Original Gold Holders) are cashing out , on-chain analyst Willy Woo tweeted that every move by OGs shouldn't be interpreted as a sell-off. He pointed out three key points often mistaken for sales but likely unrelated to price-driven liquidation:
- Address upgrade: Many OG holders are moving their tokens from traditional addresses to Taproot addresses for security (not for cashing out).
- Custody rotation: Tokens may be transferred to institutional custody (such as Sygnum Bank) to better protect against physical theft and lockpicking attacks, or used as collateral for lending without having to be sold.
- Participating Treasury: Some “OG” tokens are being transferred to equity packaging companies or treasury companies, enabling holders to leverage, borrow, or optimize their holdings without triggering taxable sales.
Woo points out that on-chain data only shows the "transfer" of tokens and cannot reflect the true intentions behind the transactions. Therefore, although the charts show that Bitcoin leaders are "selling," the resilience shown by the price during this large-scale sell-off highlights the market's absorption capacity.
In an interview with CNBC, Alex Thorn, head of research at Galaxy Digital, stated that optimism surrounding Bitcoin was far higher at the beginning of the year than it is now, but the cryptocurrency could soon regain its momentum. Thorn noted that investors have shifted their focus to areas such as artificial intelligence, nuclear energy, quantum technology, and gold. "There are many other areas that could yield returns this year, which is hindering investor allocation to Bitcoin." While Thorn remains bullish on Bitcoin in the long term, he lowered his year-end price target for Bitcoin from $185,000 to $120,000.
Coinbase: The October sell-off is not the end of the cycle, but rather a necessary adjustment.
In its monthly outlook report, Coinbase Institutional stated that while the crypto market remains shrouded in panic, the liquidations in October are more likely to signal a strong medium- to long-term rebound rather than weakness, laying a solid foundation for a fourth-quarter rally. However, a full market stabilization could take several months, and currently, a slow, steady rise is more probable in the medium term than a surge to all-time highs.
The report notes that while leverage levels have improved, liquidity gaps persist. Capital is rotating, with savvy investors converging around EVM chains, RWAs, and yield protocols—indicating selective risk reinvestment rather than withdrawal. Macroeconomic risks remain, but structural demand is strengthening. Coinbase ultimately concludes that this is a bottoming phase before the next upward move, not a cyclical top.
Project Updates
Stables Labs stated on the X platform that due to recent market liquidity conditions and liquidation dynamics, the market price of USDX has deviated from its reference value. USDX's stabilization mechanism is supported by collateralized positions and hedging strategies; however, adjustments to these mechanisms may lag under extreme market conditions. A recovery path based on a $1 value will be provided to affected holders. This arrangement is voluntary and does not constitute any form of guarantee, redemption obligation, deposit-taking, or pooled investment product. To ensure transparency and verifiability, the balances of affected holders in the application registration window will be determined through on-chain snapshots. The phased recovery progress will be publicly and verifiably disclosed.
MLM: The Hyperliquid team is testing a protocol called BLP.
According to an article posted by MLM on the X platform, the Hyperliquid team is currently testing a protocol called BLP on the Hypercore testnet. It's speculated that BLP stands for BorrowLendingProtocol, seemingly a native lending market on Hypercore, offering lending, borrowing, and withdrawal functions. Currently, this market on the testnet only offers USDC and PURR cryptocurrencies. Perhaps they will introduce an underlying lending layer to securely implement multi-margin trading. However, this is all speculation and cannot be confirmed at this time.
Re7 Labs released a report on the impact of xUSD de-pegging, stating that over $13 million in funds were affected by Stable Labs. The report points out:
1. Stream-xUSD: Stream's CEO has assured that the company's financial situation is stable and unaffected by market events. Stream has already partially repaid its lending positions on Plasma and $7 million worth of USDC held in Re7 Labs' vault on Worldchain. Meanwhile, to prevent further risk exposure, Re7 Labs has transferred all funds from the Earn vault out of the xUSD market. Furthermore, the cap on the xUSD market has been set to 0, and it has been removed from the Euler Earn vault's supply queue.
2. Elixir-deUSD and sdeUSD: After discovering last week that borrowers using deUSD and sdeUSD as collateral appeared to be associated with Stream, they began to reduce their risk exposure to Stream and Elixir. Specific measures included lowering investment limits and moving funds out of markets that included xUSD, deUSD, and sdeUSD. Currently, all borrowing positions using sdeUSD as collateral have been fully repaid on Plume.
3. Stable Labs-USDx and SUSDx: We communicated with Stable Labs CEO Flex this week and found that he may be in trouble. We have asked him to deposit liquidity so that users can close their positions. The funds affected by Stable Labs are approximately $13,114,000 and we have not yet received a response.
Re7 Labs stated that it is seeking legal advice and will develop appropriate legal and strategic responses after a comprehensive assessment of all aspects of the incident.
Binance Alpha will launch JCT and ALLO airdrops on November 10th and 11th.
According to the official announcement, Binance Alpha will launch airdrops of Janction (JCT) and Allora (ALLO) on November 10th and November 11th respectively. Eligible users can claim the airdrops using Binance Alpha Points on the Alpha event page after trading opens on Alpha. Further details will be announced separately.
Binance: Hold more than 231 Alpha Points to claim a 960 TIMI token airdrop.
According to the official announcement, Binance Alpha MetaArena (TIMI) trading will begin on November 9th at 21:00 (UTC+8). Users holding at least 231 Binance Alpha Points can claim a token airdrop. Claim 960 TIMI tokens via the Alpha event page. If the event continues, the point threshold will automatically decrease by 5 points every five minutes. Claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm their claim within 24 hours via the Alpha event page; otherwise, they will be considered to have forfeited their airdrop.
Euler: Euler DAO Treasury will be migrated to a new multisignature address.
Crypto lending protocol Euler announced on the X platform that the Euler DAO Treasury will be migrating to a new multi-signature address. This is because the current Treasury multi-signature address serves a dual role in holding DAO funds and executing protocol governance, and failing to separate these functions poses operational risks. The new multi-signature address has reportedly been created, and assets in the existing Treasury multi-signature address will be transferred to the new address, excluding protocol revenue, which will be temporarily retained for easier tracking during the transition. The new Treasury multi-signature address will be dedicated to asset management and allocation.
Important data
Bitwise CEO: Total inflows into the Solana ETF have exceeded $500 million.
Bitwise CEO Hunter Horsley posted on the X platform that the Bitwise Solana ETF (BSOL) saw inflows of $30 million yesterday. Since its launch, it has seen inflows every day for the past eight days, and the total inflows into BSOL to date have exceeded $500 million.
Early Bitcoin investor Owen Gunden deposited 600 BTC into Kraken.
According to Onchain Lens, early Bitcoin investor Owen Gunden deposited an additional 600 bitcoins, worth $61.17 million, into his Kraken account. Owen Gunden currently holds 6,050 bitcoins, worth $618.78 million.
According to CryptoSlam data, the NFT market transaction volume fell 9.22% to $85.31 million in the past week. The number of NFT buyers dropped 96.75% to 20,349, while the number of sellers decreased by 95.05% to only 23,241. The number of NFT transactions decreased 4.21% to 1,405,561.
Ethereum network transaction volume reached $33.42 million, down 14.97% from the previous week. Base network transaction volume reached $7.25 million, down 27.35%. Mythos Chain network transaction volume reached $7 million, down 11.3%.
This week's high-value deals include:
- CryptoPunks #8295 sold for $196,275.14 (54.69 ETH).
- CryptoPunks #5361 sold for $173,369.70 (45 ETH).
- CryptoPunks #5295 sold for $165,743.73 (49.99 ETH).
- CryptoPunks #9537 sold for $160,023.86 (41.5 ETH).
- CryptoPunks #2845 sold for $151,059.23 (39 ETH).
