Today's top news highlights:
US media: The US Senate has reached an agreement to end the federal government shutdown.
Ethereum spot ETFs saw net outflows of $508 million last week, the third highest on record.
Bitcoin spot ETFs saw net outflows of $1.22 billion last week, the third highest on record.
Macro
According to Nikkei, Japan's Financial Services Agency (FSA) is considering new regulations requiring digital asset custody and trading management service providers to register with the authorities before offering services, and restricting cryptocurrency exchanges to using only services from registered providers. This move aims to address security vulnerabilities in current regulations regarding third-party service providers and prevent losses due to system errors or hacker attacks. The proposal was discussed at a working group meeting of the Financial System Council on November 7, with a majority of members expressing support. Background to the proposal includes the 2024 incident where the DMM Bitcoin exchange suffered a loss of approximately $312 million due to a security vulnerability in its outsourcing partner, Ginco. The FSA plans to compile a report as soon as possible and submit an amendment to the Financial Instruments and Exchange Act during a regular Diet session in 2026. Furthermore, the FSA has recently accelerated the development of local stablecoin projects, including approving the first yen-denominated stablecoin, JPYC, and supporting a stablecoin pilot project by the three major banks. Previously, it was reported that the FSA supported a stablecoin plan jointly launched by the country's major banks.
According to Red Star News, Chen Zhi, founder of Prince Group, was allegedly double-crossed by David Wong, the sole head of a Singapore-based family office. David Wong was reportedly dismissed in July 2021, and Chen Zhi filed multiple lawsuits against him between 2021 and 2022, accusing him of embezzling S$5.84 million (approximately RMB 31.91 million) from his bank accounts. More than 80 legal documents were related to this. Furthermore, the Singapore government has currently suspended tax incentives for two family offices affiliated with Prince Group.
The U.S. Senate formally passed a new continuing appropriations bill.
According to Jinshi News, the U.S. Senate has formally passed a new continuing appropriations bill, which will provide government funding until January 30 to end the government shutdown. All votes have been counted: 60 in favor and 40 against.
US media: The US Senate has reached an agreement to end the federal government shutdown.
According to Xinhua News Agency, citing US media reports, the US Senate has reached an agreement to end the federal government shutdown. Furthermore, according to Jinshi News, the US Senate is conducting a test vote on the plan to end the government shutdown, which requires 60 votes to pass.
According to Cryptobriefing, five spot XRP ETFs launched by Franklin Templeton, Bitwise, Canary Capital, 21Shares, and CoinShares have appeared on the American Depository Trust and Clearing Corporation (DTCC) website. These include the Franklin XRP Trust (XRPZ), the 21Shares XRP ETF (TOXR), the Bitwise XRP ETF (XRP), the Canary XRP ETF (XRPC), and the CoinShares XRP ETF (XRPL). The market expects them to potentially list in the US later this month.
Opinion
According to CryptoQuant analyst Shayan Markets, Ethereum's average spot order size metric shows a brief surge in whale activity (green clusters) when the market recently fell to $3,200. This pattern historically appears at local bottoms and early accumulation phases. The analysis suggests that large market participants may be re-establishing positions in the discount range, while retail traders remain cautious. Historical cycles show that the shift from whale accumulation to retail selling typically marks a consolidation phase before a trend reversal or a significant rally. If this behavior continues, and the $3,000 to $3,400 area provides structural support, Ethereum may enter a low-volatility accumulation phase, building momentum for a potential bull run to $4,500 to $4,800.
Andy, founder of the well-known cryptocurrency podcast The Rollup, tweeted that he is optimistic about the future development of Starknet, NEAR, and ZEC (the privacy coin Zcash). He pointed out that these teams have been working on core crypto challenges for nearly a decade and emphasized his optimism about zero-knowledge proofs (ZK), intent-driven design, and privacy technologies, calling for the industry to return to fundamentals. According to OKX market data, STRK rose 35% in the last 24 hours, and NEAR rose 11.4% in the last 24 hours. Binance market data shows that ZEC rose 16.5% in the last 24 hours. Previously, it was reported that Near Intents' cumulative trading volume exceeded $4.5 billion, with a nearly 7-day trading volume of $1.1 billion.
CZ: Do not buy accounts I follow. If I find them being sold, I will unfollow them immediately.
Binance founder CZ stated on social media that he advises users not to buy accounts he follows, and emphasized that he will unfollow any accounts found to be being sold. He also urged community members to report any such activity via private message, tweet, or by notifying the team. CZ further mentioned that the accounts he follows are usually random, primarily those of supportive, informative, and positive individuals within the community.
Project Updates
According to Token Terminal data, NEAR Protocol's multi-chain financial product protocol, Near Intents, has accumulated a trading volume of $4.5 billion and accumulated fees of $8.2 million, becoming a significant engine for the NEAR ecosystem's recovery. Since the beginning of 2025, both trading volume and fees have shown rapid growth. Notably, the trading volume in the past 7 days reached $1.1 billion, and the monthly trading volume of the Near Intents platform reached $2.5 billion in the past 30 days. It is understood that NEAR Intents, through its intent-driven transaction execution framework, supports cross-chain native transactions, ultra-fast settlement, and AI-friendly features, attracting a large influx of users and funds. Furthermore, driven by the strong performance of Intents, the NEAR token price has risen by over 50% in the past 7 days, currently trading at $3.
The Allora Foundation, an AI and blockchain infrastructure project, announced its mainnet airdrop and Allora Prime rewards program. 9.3% of the total supply (93 million ALLO) will be allocated to the community and ecosystem, with 5% airdropped to eligible participants at mainnet launch on November 11th. Allora Prime is a limited-time staking rewards program designed to incentivize contributions and support to the network. Rewards are distributed based on fairness, contribution, and influence, covering network builders, core community members, ecosystem users, and early partners. Users can verify their eligibility and claim rewards through the official portal, which will be open for two weeks after the mainnet launch. Previously, Binance Alpha announced that JCT and ALLO airdrops would be available on November 10th and 11th.
Stablecoin protocol River issued a statement on the X platform stating that the price of RIVER has experienced extremely volatile fluctuations over the past few days (since November 7th). This event was not ordinary market volatility. It was an organized and premeditated attack targeting the River ecosystem and its River Points (Pts) redemption mechanism. Malicious short sellers manipulated the market by placing large short orders and concentrating on redeeming River Points. To prevent systemic collapse, the team temporarily suspended Pts redemptions and implemented a market buyback operation. After the suspension, the attackers quickly closed out their short positions. We are upgrading the mechanism, releasing data, and will be holding an AMA to share our follow-up plans.
Hourglass announced on its X platform that the second phase of KYC verification for the Stable pre-deposit vault is now available, representing over 24,000 wallets with approximately $1.74 billion in deposits that have successfully passed wallet screening. Frequently Asked Questions: 1. Each user must complete KYC verification by 7:59 AM Beijing time on November 12th (11:59 PM UTC on Tuesday, November 11th). 2. Users who previously failed to complete KYC verification can do so during this period. If you have deposited but have not received the KYC verification link, it means your wallet has not passed the Chainalysis wallet screening, and you can withdraw USDC directly from the contract at any time. 3. The KYC verification link is only accessible through the Hourglass frontend in your user dashboard. Do not trust links sent from other places. KYC vs. KYB: KYC applies to individuals; KYB applies to businesses and entities. 4. If your KYC verification is rejected, do not resubmit immediately. Hourglass Discord will publish a resubmission process for users who may have been rejected due to errors.
Important data
According to on-chain data monitoring, the "top ZEC long position on HyperLiquid" has been continuously adding about 20,000 ZEC in the past 24 hours. Currently, its 5x leveraged ZEC long position has increased to 60,000 ZEC, with a position value of about $39.468 million and a floating profit of over $6.2 million. The liquidation price is $530.6331. At the same time, this whale also placed 19 sell orders in the range of $474.72-$551.08, each order containing 1,000 ZEC.
Ethereum spot ETFs saw net outflows of $508 million last week, the third highest on record.
According to SoSoValue data, Ethereum spot ETFs saw a net outflow of $508 million last week (November 3rd to November 7th, Eastern Time). The Ethereum spot ETF with the largest net inflow last week was the Invesco ETF QETH, with a weekly net inflow of $2.59 million, bringing its historical total net inflow to $23.9 million; followed by the 21Shares ETF TETH, with a weekly net inflow of $519,000, bringing its historical total net inflow to $18.76 million. The Ethereum spot ETF with the largest net outflow last week was the BlackRock ETF ETHA, with a weekly net outflow of $297 million, bringing its historical total net inflow to $13.87 billion; followed by the Fidelity ETF FETH, with a weekly net outflow of $109 million, bringing its historical total net inflow to $2.58 billion. As of press time, the total net asset value of the Ethereum spot ETF is $22.66 billion, the ETF net asset ratio (market capitalization as a percentage of Ethereum's total market capitalization) is 5.42%, and the historical cumulative net inflow has reached $13.86 billion.
Bitcoin spot ETFs saw net outflows of $1.22 billion last week, the third highest on record.
According to SoSoValue data, Bitcoin spot ETFs saw a net outflow of $1.22 billion last week (November 3rd to November 7th, Eastern Time). The Bitcoin spot ETF with the largest net inflow last week was the Grayscale Bitcoin Mini Trust ETF (BTC), with a weekly net inflow of $21.61 million, bringing its historical total net inflow to $1.97 billion. This was followed by the Bitwise ETF (BITB), with a weekly net inflow of $4.69 million, bringing its historical total net inflow to $2.32 billion. The Bitcoin spot ETF with the largest net outflow last week was the BlackRock ETF (IBIT), with a weekly net outflow of $581 million, bringing its historical total net inflow to $64.32 billion. This was followed by the Fidelity ETF (FBTC), with a weekly net outflow of $438 million, bringing its historical total net inflow to $12 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $138.08 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.67%, and a historical cumulative net inflow of $59.97 billion.
According to Lookonchain monitoring, James Wynn has been liquidated 12 times in the past 12 hours due to the market rebound. After suffering 45 liquidations in the past two months, James finally had a profitable trade—but instead of taking profits, he continued to add to his position, ultimately leading to another liquidation. His account now has only $6,010 left.
Investment and financing/acquisition
According to Chainwire, Nanyang Technological University (NTU) in Singapore and decentralized AI infrastructure company Zero Gravity (0G) announced a collaboration, investing S$5 million to jointly establish a decentralized AI technology research center. This collaboration aims to promote the development of blockchain-based AI technology and achieve more transparent, secure, and accessible AI systems. This is 0G's first collaboration with a global university, and research areas include decentralized AI training, blockchain integration model alignment, and useful proof-of-work consensus mechanisms. The research center plans to support developers, institutions, and the community in participating in, verifying, and auditing AI through an open ecosystem, driving the shift from traditional closed models to more open ones.
Sources say Tether-backed Rumble and Northern Data are close to reaching a merger agreement.
According to Bloomberg, sources familiar with the matter revealed that Rumble Inc. is pushing forward with its plan to acquire German data center company Northern Data AG in an all-stock transaction, valuing the target company at less than its $894 million market capitalization. Both companies are backed by stablecoin issuer Tether and are expected to announce the agreement in the coming days. If successful, the deal would help Rumble become a cloud computing service provider. It is understood that Northern Data shareholders will receive a smaller stake compared to the initial proposal. Rumble is considering reducing the share exchange ratio, proposing to exchange one Northern Data share for approximately two Rumble shares, down from the 2.319 shares offered in August. As part of the deal, Tether will relinquish most of its €575 million loan to Northern Data and may assume its potential tax liabilities, and may also provide a power supply commitment. The original plan was to create a merged entity with a market capitalization of approximately $4.5 billion, with Northern Data shareholders holding one-third of Rumble's shares; however, due to the recent sharp drop in share price, the new entity's market capitalization will fall to $2.9 billion at current prices.
Financial Times: Ledger is considering an IPO or fundraising in New York.
According to the Financial Times, hardware wallet maker Ledger is preparing to raise more funds, likely next year. Ledger CEO Pascal Gauthier stated that the company is considering an IPO in New York or a private funding round and is actively expanding its operations in the city. The fundraising plans come as Ledger is experiencing its best year to date, with revenues reaching hundreds of millions of dollars so far in 2025. The company was previously valued at $1.5 billion after raising funds from investors including 10T Holdings and Singapore's True Global Ventures in 2023.
According to The Block, Acting Chair Caroline Pham of the U.S. Commodity Futures Trading Commission (CFTC) confirmed that the agency is in direct talks with regulated exchanges about spot cryptocurrency trading products with leverage, which could launch as early as next month. Pham has already met with designated contract market exchanges under CFTC regulation, including CME, Cboe Futures Exchange, and ICE Futures, as well as Coinbase Derivatives, Kalshi, and Polymarket US, to discuss launching spot cryptocurrency trading products involving margin, leverage, and financing. Instead of waiting for congressional action to explicitly grant the CFTC regulatory authority over the spot crypto market, Pham is utilizing existing provisions of the Commodity Exchange Act, which requires that retail commodity trading involving leverage, margin, or financing must be conducted on regulated exchanges. Trump has nominated SEC official Mike Selig to replace Pham, but due to the government shutdown, it is unclear when Selig will receive Senate confirmation. Pham is expected to join MoonPay after being appointed as the replacement.
Institutional holdings
According to Cointelegraph, Trump Media Technology's Bitcoin holdings are insufficient to support its balance sheet as rising costs led to a $54.8 million loss in its third-quarter earnings report. The company revealed on Friday that its net loss for the third quarter widened from $19.3 million in the same period last year. The company reported revenue of $972,900 for the quarter, down more than $1 million from a year ago. Trump Media's stock closed down 1.73% on Friday at $13.10, before recovering slightly in after-hours trading to $13.20. Trump Media reported holding 11,542 bitcoins (then valued at $1.3 billion) as of September 30. The company first announced its Bitcoin purchases in late July and revealed plans to further increase its holdings in its earnings report, while also considering "acquiring other similar cryptocurrencies." Trump Media realized $15.3 million in gains from its Bitcoin options investments and recorded $33 million in unrealized gains from holding over 746 million Cronos.
