Today's top news highlights:

Macro

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 Hong Kong police, the "Greenstone Digital Asset Platform" (JPEX) is under investigation for operating without a license. The Commercial Crime Bureau launched an operation in September 2023, arresting 80 people, including 14 core members of the criminal syndicate. Today (November 5), police, for the first time, charged 16 people under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, including Lam Tsz-yin. The case will be heard tomorrow morning at the Eastern Magistrates' Courts. Among those charged, 6 are core members of JPEX, involved in crimes such as conspiracy to defraud, money laundering, and inducing others to invest in virtual assets; 7 are individuals associated with over-the-counter exchanges and key opinion leaders (KOLs); and 3 are holders of dummy accounts.

US Senator Lummis: Strategic Bitcoin Reserves are the Only Solution to National Debt

U.S. Senator Lummis stated that a strategic Bitcoin reserve is the only solution to our national debt and supports the Trump administration's push for a strategic Bitcoin reserve (SBR).

The ICBA has requested that Coinbase be denied a banking license, to which Coinbase accuses it of protectionism.

The Independent Community Bankers Association (ICBA) has written to the Office of the Comptroller of the Currency (OCC), urging the rejection of Coinbase subsidiary Coinbase National Trust Co.'s application for a national trust banking license. The ICBA argues that the application fails to meet statutory standards and, if approved, would set a dangerous precedent for the structure of the U.S. banking system. In response, Coinbase Chief Legal Officer Paul Grewal stated, "Imagine someone opposing a regulatory license simply because they prefer cryptocurrency to be unregulated. That's the ICBA's position. This is yet another example of banking lobbying groups attempting to protect their interests by building regulatory moats."

The U.S. Treasury Department has sanctioned a money laundering network linked to North Korea, involving 54 cryptocurrency addresses.

According to Chainalysis, the U.S. Treasury Department's OFAC has designated several North Korean-related individuals and entities involved in money laundering, cybercrime proceeds, and IT outsourcing funds. The list includes Korea Mangyongdae Computer Technology Corporation and 54 cryptocurrency addresses linked to Cheil Credit Bank (which was sanctioned in September 2017). This designation aligns with the conclusions of the U.S. Treasury Department's MSMT report on North Korean cyber activities last month, which also released preventative recommendations and key points.

Gemini enters the prediction market, planning to launch event contracts.

According to Bloomberg, Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is planning to launch prediction market contracts, joining the growing prediction market arena. Gemini applied to the U.S. Commodity Futures Trading Commission (CFTC) in May to establish a Designated Contract Market (DCM) and is considering listing prediction-based derivatives contracts on the platform. The application is currently under review and is expected to face further delays due to the government shutdown.

The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 69%.

According to CME's "FedWatch": the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 69%, and the probability of keeping rates unchanged is 31%. The probability of the Fed cutting rates by a cumulative total of 25 basis points by January next year is 55.1%, the probability of keeping rates unchanged is 19.7%, and the probability of a cumulative rate cut of 50 basis points is 25.2%.

Following the U.S. GENIUS Act, Canada is considering legislation to regulate fiat-backed stablecoins.

The Canadian government announced plans in its 2025 federal budget to introduce stablecoin regulatory legislation, requiring fiat-backed stablecoin issuers to maintain adequate reserves, develop redemption policies, and implement risk management measures, including mechanisms to protect personal and financial data. This plan follows the GENIUS Act, the stablecoin regulatory law passed in the United States in July. The Bank of Canada will allocate a budget of CAD 10 million starting in the 2026-2027 fiscal year to ensure the smooth implementation of regulations, with an expected annual expenditure of CAD 5 million, borne by stablecoin issuers regulated under the Retail Payments Activities Act. Coinbase Canada CEO Lucas Matheson expressed optimism about the proposal, believing it will revolutionize how Canadians use money and the internet. Currently, the stablecoin market is worth $309.1 billion and is projected to grow to $2 trillion by 2028. In addition, Canadian payment platform Tetra Digital has raised $10 million to create a digital version of the Canadian dollar, with investors including Shopify, Wealthsimple, and the National Bank of Canada. It is worth noting that Canada abandoned its plans to issue a central bank digital currency (CBDC) in September 2024.

Japanese and South Korean stocks closed sharply lower, with South Korea's KOSPI index falling nearly 3%.

The Nikkei 225 index closed down 1284.93 points, or 2.50%, at 50212.27 on Wednesday, November 5th, after falling more than 4% intraday and breaching the 50,000-point mark. The South Korean KOSPI index closed down 117.32 points, or 2.85%, at 4004.42 on Wednesday, after falling more than 6% intraday. Data shows that foreign investors net sold 2.52 trillion won worth of South Korean KOSPI stocks on Wednesday, the largest single-day net selling since August 13, 2021.

SoftBank and OpenAI jointly launch a joint venture, "SB OAI Japan".

SoftBank and OpenAI have launched a joint venture, "SB OAI Japan." The joint venture with OpenAI is expected to exclusively promote Crystal Intelligence in Japan, with a planned IPO in 2026. Sam Altman stated that this joint venture with SoftBank is an important step that will accelerate their vision of bringing advanced artificial intelligence to some of the world's most influential companies, starting in Japan.

Entering its 36th day, the US federal government shutdown has broken historical records for length.

According to the White House website, the U.S. federal government shutdown has entered its 36th day since midnight Eastern Time on the 4th, breaking the previous record of 35 days set at the end of 2018 and the beginning of 2019, making it the longest government shutdown in the United States.

Opinion

CryptoQuant: Holding above $101,000 for BTC would be considered a buying opportunity; a break below this level on the daily chart could undermine the bullish structure.

According to CryptoQuant analyst CryptoOnchain, after consolidating between $107,000 and $123,000 for 130 days, Bitcoin broke below the key support level of $107,000, with the price briefly dipping to $98,000, triggering massive deleveraging in the futures market. On-chain data shows that approximately $640 million in long positions were liquidated in the past 24 hours, marking the second-largest single-day long liquidation since June 2021. This wave of liquidations exacerbated the decline, forcing highly leveraged traders out of the market. However, after hitting a low of $98,000, buying quickly intervened, pulling the price back to the key $101,000 level. This position is not only a psychological barrier but also perfectly coincides with the bottom of the long-term upward channel that has defined the market's bullish structure since October 2023. The analysis points out that the current battle for $101,000 is crucial. If the bulls successfully hold this level, this decline may be seen as a deviation correction, presenting a buying opportunity. However, if the price fails to hold above this level and closes below it on the daily chart, it could severely damage the bull market structure and further exacerbate the risk of a market correction.

Arthur Hayes: The recovery in liquidity following the US government's reopening will drive up the prices of BTC and ZEC.

BitMEX founder Arthur Hayes tweeted that since the US debt ceiling was raised in July, Bitcoin's price has fallen by 5%, while market liquidity has decreased by 8%, mainly due to the accumulation of funds in the Treasury General Account (TGA). He predicts that once the US government shutdown ends, the decline in the TGA balance will lead to a rebound in liquidity, driving up the price of BTC, while ZEC's gains may be even more significant.

Delphi Digital analyst: If the market continues its bullish trend, $98,900 could be the November low.

Delphi Digital market analyst @that1618guy points out that historical Bitcoin data shows November often serves as a turning point in market structure, with the timing of its monthly lows revealing market conditions. During bull market cycles (such as 2020, 2023, and 2024), Bitcoin typically bottomed out in the first week of November, followed by a strong rebound of an average of 32.9%. In bear markets or transitional phases (such as 2021 and 2022), lows usually occur at the end of the month, accompanied by deeper declines (average -8.2%). If the market continues its bullish pattern, $98,900 may be the low for this month, requiring confirmation of a higher low in the coming weeks to maintain the upward trend. If Bitcoin continues to make new lows, November may exhibit bearish characteristics, potentially related to liquidity pressures and market uncertainty. The analysis also mentions that the EMA indicator suggests a potential bearish crossover in mid-November, warranting caution regarding the risk of further price declines. Related reading: Trading Moment: Bitcoin Falls Below $100,000, Exacerbating Bull-Bear Divergence, Ethereum Gives Back Year-to-Date Gains

Analysis: Bitcoin is approaching oversold territory; signs of stabilization still need to be observed.

According to Matrixport analysis, Bitcoin is currently approaching oversold territory, a region historically prone to rebounds. However, technical indicators show no clear signs of a bottom yet, and whether the market has entered a correction phase remains to be seen. Furthermore, Bitcoin's price has retraced to the previously indicated risk zone, making it attractive for buying on dips, but continued upward movement still requires positive macroeconomic catalysts. Some technical indicators, such as the RSI, have shown signs of stabilization and recovery, but the market may still need to undergo a deleveraging and clearing process driven by spot trading to complete its bottoming process.

Project Updates

Upbit will launch trading pairs for TRUST (Korean Won), BTC, and USDT.

According to an Upbit announcement, the digital asset Intuition (TRUST) will be listed for trading today, supporting KRW, BTC and USDT markets, and based on the Base network.

Timefun will shut down its existing platform and move towards new products and a new brand.

Timefun has announced the closure of its existing platform, transitioning to a new product and brand. The official statement indicates that points earned by users on Timefun will be migrated to the new application, and no new points will be issued. The platform will retain the sale and withdrawal of creator tokens for several months; users are advised to withdraw their funds and export their keys as soon as possible. The new application will not involve creator tokens, will focus on new social primitives, and will remain a crypto application in the long term. A snapshot of points has already been taken, and the final allocation will be retained and carried over to the new application. Creator tokens are SPL tokens and will persist on-chain.

Ether.Fi's $50 million buyback program has been approved, with a trigger price of $3.

According to the Snapshot page, the Ether.Fi DAO has passed the "ETHFI Buyback" proposal, authorizing the foundation to conduct buybacks on the open market or designated on-chain venues when the current price of ETHFI is below $3, with a total limit of $50 million. The buyback is effective immediately and will continue until the limit is reached, the foundation declares its end, or a subsequent governance vote adjusts it. The foundation may increase the proportion of protocol revenue used for buybacks while the price is below $3, and all transactions will be recorded on-chain and published on the Dune dashboard. Voting results: 99.32% in favor (approximately 5.1 million votes), 0.68% against (approximately 34,700 votes), quorum 512%.

The Berachain Foundation has confirmed that all stolen funds have been recovered. BEX functionality will be temporarily restricted to ensure user security.

The Berachain Foundation announced early this morning that approximately $12.8 million in funds stolen in the BEX/Balancer V2 vulnerability has been fully recovered and returned to the foundation's deployed wallet. The team expressed gratitude to the white-hat hackers who assisted in recovering the funds and plans to remove the malicious label from their addresses, and is considering issuing a bounty as a token of appreciation. Currently, all BEX functions (including exchange, withdrawal, and deposit) remain restricted, while the minting and redemption of HONEY have resumed. Due to the suspension of BGT and incentive distribution over the past 24 hours, on-chain APR displays may show anomalies. Regarding the allocation of affected funds, the Berachain core team is developing a system to assign and distribute funds to the original user addresses one by one. BEX deposits unaffected by the vulnerability are currently also inaccessible; the team stated that this is out of caution and they are closely monitoring Balancer's follow-up investigation to ensure all user funds are safely returned as soon as possible.

The Jupiter community voted to approve a proposal to burn 130 million JUP tokens, representing approximately 4% of the circulating supply.

The Jupiter DAO voting page shows that the Jupiter community has passed the "Burning the Litterbox" governance proposal, which proposes to burn approximately 130 million JUP (about 4% of the circulating supply) currently stored in the "Litterbox Trust".

Important data

Formula announced its smart money earnings on Binance's live trading platform, with $16.21 million and $11.18 million ranking it among the Top 4 and Top 6 respectively.

According to ai_9684xtpa, the Equation proprietary trading account recently released its performance data on Binance Smart Money live trading. Among them, "Equation Proprietary Trading 2" ranked Top 4 in the all-day performance ranking with a total profit of $16.21 million; "Equation 1 Proprietary Account" ranked Top 6 with a profit of $11.18 million.

The "7 Siblings" address borrowed another 61 million USDC to buy over 18,000 ETH, bringing its total purchase to nearly 38,000 ETH in two days.

According to Onchain Lens data, address "7 Siblings" has been continuously increasing its ETH holdings over the past two days. Today, it borrowed another 61 million USDC to buy 18,053 ETH, with an average purchase price of approximately $3,515. To date, this address has used a total of 133.49 million USDC to purchase a cumulative 37,971 ETH over the past two days.

The once "100% win rate" whale account was eventually liquidated, accumulating losses of approximately $39.91 million, with its win rate dropping to 77.7%.

According to Ai Yi, the whale with the previously "100% win rate" liquidated all its remaining long positions about two hours ago, incurring a single loss of approximately $39.37 million. Affected by the morning's market movements, BTC briefly fell below $100,000 and ETH touched approximately $3,057, quickly reaching its liquidation threshold. Since initiating its long positions on October 24th, the whale has accumulated losses of approximately $39.906 million, bringing its total losses in the HL account to approximately $30.02 million, with its win rate dropping to 77.7% (14 wins out of 18 trades).

Ethereum spot ETFs saw a net outflow of $219 million yesterday, marking the fifth consecutive day of net outflows.

According to SoSoValue data, on November 4th (Eastern Time), the Ethereum spot ETF saw a net outflow of $219 million, marking the fifth consecutive day of net outflows. Specifically, BlackRock's ETHA saw a net outflow of $111 million, and Grayscale's ETH saw a net outflow of $68.64 million. The current total net asset value is $21.125 billion, with a cumulative net inflow of $14.014 billion.

The US Solana spot ETF saw net inflows of $14.83 million yesterday.

According to SoSoValue data, the US Solana spot ETF saw a net inflow of $14.83 million on November 4, marking the sixth consecutive day of net inflows. Among them, Bitwise BSOL saw a net inflow of $13.16 million, and Grayscale GSOL saw a net inflow of $1.67 million, bringing the historical cumulative net inflow to $284 million.

Bitcoin spot ETFs saw a net outflow of $578 million yesterday, marking the fifth consecutive day of net outflows.

According to SoSoValue data, on November 4th (Eastern Time), Bitcoin spot ETFs saw a net outflow of $578 million, marking the fifth consecutive day of net outflows. Fidelity FBTC saw the largest net outflow at $357 million, followed by ARKB at $128 million. The current total net asset value of Bitcoin spot ETFs is $134.529 billion, with a cumulative net inflow of $60.422 billion.

A smart money fund has shifted its position to long ETH, BTC, SOL, and UNI, and has made a profit of $23.7 million since October.

According to Lookonchain monitoring, the savvy trader "0x9263" on the Hyperliquid platform has closed out his short positions and switched to long positions in ETH, BTC, SOL, and UNI. Since October 1st, he has completed 20 trades, all of which have been profitable, with a total profit of $23.7 million.

The "anti-CZ whale" has switched from shorting Ethereum to going long, and currently holds approximately $109 million worth of ETH long positions.

According to Lookonchain monitoring, the "anti-CZ whale" has switched from shorting Ethereum to going long, currently holding 32,802 ETH (approximately $109 million) in long positions. In addition, its current positions also include 58.27 million ASTER (approximately $59.7 million) in short positions, 1.99 billion kPEPE (approximately $11.3 million) in short positions, and 130,566 DOGE (approximately $21,500) in long positions.

Financing/Acquisition

Bitcoin lending platform Lava announced it has raised $200 million in new funding through venture capital and debt financing.

Bitcoin lending platform Lava announced it has raised an additional $200 million to build its suite of Bitcoin financial instruments. The funding comes from global capital partners, including venture capital and debt financing, with angel investors Anthony Pompliano and Eric Jackson participating in this round. Previously, on October 2nd, Lava reportedly completed a $17.5 million funding round and launched a USD-yielding product, with former Visa and Block executives participating.

Propanc Biopharma plans to acquire a digital asset finance company with a market capitalization below its net asset value.

According to Globenewswire, digital asset finance company Propanc Biopharma (NASDAQ: PPCB) has announced a strategic plan to acquire digital asset management (DAT) companies whose current market capitalization-to-net-asset ratio (MNAV) is lower than that of their potential acquisitions. The company's management believes that acquiring undervalued digital asset technology (DAT) companies presents an excellent opportunity to strengthen Propanc's balance sheet, diversify its assets, and create long-term shareholder value. These DAT companies typically hold significant amounts of mainstream digital assets such as Bitcoin and Ethereum on their balance sheets. Propanc's board of directors and executive team are currently evaluating potential acquisitions.

Zynk, a payment company that supports stablecoins, has completed a $5 million seed funding round, with participation from Coinbase Ventures and others.

According to The Block, Zynk, a cross-border payment infrastructure company supporting stablecoins, has completed a $5 million seed funding round led by Hivemind Capital, with participation from Coinbase Ventures, Alliance DAO, Transpose Platform VC, Polymorphic, Tykhe Ventures, and Contribution Capital. The new funds will primarily be used to expand its transaction channel coverage, enhance its liquidity, technology, and compliance infrastructure, and establish partnerships with leading global payment service providers. Zynk provides payment companies with instant cross-border settlement services that require no pre-deposit funds by integrating fiat and stablecoin settlement channels. Zynk's co-founder and CEO stated that its core technology lies in embedding liquidity directly into the network, eliminating the need for pre-deposit funds in traditional payments. Currently, the platform supports instant cross-border settlements in six major currencies, including USD, EUR, and Indian Rupee, and has achieved an average monthly growth of 70% since its quiet launch in April. The team comprises fintech experts from institutions such as Amazon Pay India and Morgan Stanley.

Institutional holdings

Riot Platforms: Mined 437 bitcoins and sold 400 bitcoins in October.

According to Globenewswire, Bitcoin mining company Riot Platforms (NASDAQ: RIOT) released its October 2025 production and operations update. The company produced 437 Bitcoins that month, a 2% decrease month-over-month and a 14% decrease year-over-year; and sold 400 Bitcoins. The company holds a total of 19,324 Bitcoins, with a total deployed hashrate of 36.6 EH/s. Riot's net proceeds from Bitcoin sales in October were $46 million.

CleanSpark: Mined 612 bitcoins in October and sold 589.88 bitcoins.

According to PR Newswire, Bitcoin mining company CleanSpark released its October 2025 Bitcoin mining update, reporting a total of 612 Bitcoins produced that month, with a peak daily output of 20.42 Bitcoins. The company held a total of 13,033 Bitcoins at the end of the month. During the same period, the company's average hashrate was 46.6 EH/s, with a peak hashrate of 50 EH/s. It sold 589.88 Bitcoins at an average price of approximately $110,000. The company currently has a total contracted power capacity of 1.31 GW and actual power consumption of 808 MW.

The Tenerife government plans to sell 97 bitcoins it purchased in 2012, expecting a 1000-fold profit.

According to Protos, the Tenerife government is in talks to sell 97 bitcoins purchased by the island's Institute for Technology and Renewable Energy (ITER) in 2012 for only €10,000, with the current asking price estimated at $10 million. Juan José Martínez, a member of the Tenerife parliament responsible for overseeing ITER, revealed that his department is in discussions with a Spanish financial institution regarding the purchase of the bitcoins. The parliament reportedly previously attempted to sell the cryptocurrency but failed due to a series of regulatory hurdles and concerns about the asset's high volatility. Nevertheless, Martínez hopes to complete the sale within the next few months. The potential buyer has not yet been officially announced, but is reportedly an institution dually accredited by the Spanish Banking Commission and the National Securities Market Commission. Blockworks researcher Fernando Molina points out that ITER's wallets were inaccessible for eight years before it sought a buyer. Since the purchase, the price of the bitcoins has increased 1000-fold.

The board of directors of SOL Treasury Company Forward Industries approved a new $1 billion stock buyback program.

According to Businesswire, Nasdaq-listed SOL Treasury company Forward Industries announced that it has filed a supplemental filing with the U.S. Securities and Exchange Commission (SEC) regarding a resale prospectus, based on a valid registration statement on Form S-3 filed earlier this year. The filing registers the resale of a portion of the company's previously issued common stock in its September 2025 private placement (“PIPE”), and becomes effective automatically upon filing. In addition, Forward Industries' board of directors approved a share repurchase program on November 3, 2025, under which the company can repurchase up to $1 billion of its outstanding common stock. This authorization expires on September 30, 2027.

TAO Synergies makes its initial $750,000 investment in Yuma Asset Management's Bittensor sub-fund.

According to official sources, TAO Synergies Inc. (NASDAQ: TAOX) announced that it has made an initial investment of $750,000 in the Bittensor subnet fund under Yuma Asset Management, thereby strengthening the company's investment in the Bittensor ecosystem subnet sector.

Solana Finance's Upexi announced an increase of 88,750 SOL tokens, bringing its total holdings to over 2.1 million SOL tokens.

According to The Block, Upexi, a Nasdaq-listed financial company based in Solana, reported that as of October 31, its holdings of SOL tokens increased by 4.4% to 2,106,989, an increase of 88,750 from the previous month. Based on SOL's end-of-month price of $188.56, the company's treasury assets were valued at $397 million. The total purchase cost of these tokens was $325 million, or $157.66 per SOL, implying unrealized gains of $72 million, including price increases, staking rewards, and discounts on locked SOL. However, market data shows that after a general decline in the crypto market on Monday, the price of SOL subsequently fell by 15%.

SharpLink earned 459 ETH through staking rewards last week.

SharpLink, a publicly listed company, announced on the X platform that it earned 459 ETH through staking rewards last week. Since implementing this strategy on June 2, 2025, SharpLink's total staking rewards have reached 6,575 ETH.

Stewards completes $10 million PIPE funding round to establish DOLO digital asset treasury

According to Globenewswire, Stewards, a U.S. over-the-counter publicly traded company, announced a $10 million token-for-equity financing deal with the Dolomite Foundation. The deal is a private equity investment (PIPE) transaction, and the funds will reportedly be used to support Stewards in building a digital asset treasury for Dolomite's native token, DOLO.

MetaPlanet borrows $100 million against Bitcoin for additional cryptocurrency purchases and business expansion.

MetaPlanet completed a $100 million funding round on October 31, using its Bitcoin holdings as collateral. The funds will primarily be used to purchase additional Bitcoin, expand its revenue-generating business, and conduct share buybacks. As of October 31, MetaPlanet held 30,823 Bitcoins, and this loan represents approximately 3% of its total holdings. The company stated it will avoid excessive leverage and will only borrow within sufficient collateral capacity during periods of significant price declines. Additionally, some funds will be used for its revenue-generating business, which sells cash-backed Bitcoin options to generate stable income while holding Bitcoin. This business is projected to generate 2.44 billion yen in revenue in the third quarter of 2025, representing a 3.5-fold year-on-year increase. Previously, MetaPlanet announced a share buyback program to improve capital efficiency and maximize BTC returns.

Cronos and AWS partner to enhance the availability of on-chain data and AI tools

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