Today's top news highlights:
1. US stocks ended a three-week winning streak, with Coinbase and Circle rising more than 3% in a single day.
2. Several cryptocurrency treasury companies are under pressure, with Bitmine facing a $2.1 billion unrealized loss on its ETH holdings.
3. JPMorgan Chase stated that it holds $343 million in BlackRock IBIT, a 64% increase from the previously disclosed figure.
4. Hourglass: The second phase of deposits at the Stable Vault has closed, with total deposits of approximately $1.8 billion.
5. Hong Kong's first financial "influencer" sentenced to imprisonment for operating an unlicensed, paid social media group to provide investment advice.
6. Trump Media Technology Group realized $15.3 million in gains in Q3 from Bitcoin-related securities options premiums.
7. Coinbase releases a video hinting at the possible launch of its Launchpad platform on November 10th.
Macro
According to Bloomberg, Kazakhstan is using assets seized and recovered from overseas to establish a national cryptocurrency reserve fund with a size between $500 million and $1 billion. Timur Suleimenov, Governor of the Central Bank of Kazakhstan, stated that the fund's investments will include ETFs and stocks of companies involved in digital currencies. In an interview with Bloomberg in London on Wednesday, he said the fund will be "very cautious about direct investments in cryptocurrencies." He added, "I think we can have this fund operational by the end of this year, or in January next year; all parties are ready."
Previous reports indicated that Kazakhstan launched a national cryptocurrency reserve fund, with its first investment in BNB ; the Central Bank of Kazakhstan is also considering using its gold and foreign exchange reserves to purchase cryptocurrencies .
According to Jinshi News, U.S. stocks closed on Friday with the Dow Jones Industrial Average initially rising 0.16%, but down 1.21% for the week; the S&P 500 rose 0.13%, but down 1.63% for the week; and the Nasdaq Composite fell 0.21%, down 3.04% for the week, ending a three-week winning streak for all three major indexes. Coinbase (COIN) rose 4.72%; Circle (CRCL) rose 3.13%; and Strategy (MSTR) rose 1.99%.
Bloomberg ETF analyst Eric Balchunas tweeted that 21Shares has filed a new Form 8(a) with the U.S. Securities and Exchange Commission (SEC) to launch its XRP spot ETF. The application is subject to a 20-day review period.
According to Hong Kong media outlet Hong Kong 01, the Eastern Magistrates' Courts in Hong Kong ruled that financial influencer Chow Pak-yin illegally created and managed a subscription-based chat group and provided investment advice without a license, and sentenced him to six weeks in prison. This is reportedly the first case in Hong Kong to result in imprisonment for providing investment advice without a license. The Hong Kong Securities and Futures Commission stated that Chow Pak-yin earned a total of HK$43,680 by charging chat group members, and will continue to crack down on illegal activities by financial influencers and pursue their legal responsibility.
Opinion
Arthur Hayes: ZEC is now the second most liquid holding in Maelstrom's portfolio.
BitMEX co-founder Arthur Hayes wrote that due to the rapid rise in ZEC's price, ZEC has now become the second largest liquid holding in his family office Maelstrom's portfolio after BTC.
Columbia University study: Nearly 25% of Polymarket's trading volume may be fraudulent.
According to Coindesk, a recent study by Columbia University suggests that nearly 25% of Polymarket's trading volume may be fraudulent, involving users rapidly buying and selling contracts—typically to themselves or with colluding accounts—to inflate trading activity metrics without altering its net market position.
The study found that fraudulent trading peaked in December 2024, accounting for nearly 60% of weekly trading volume, and continued until October 2025. The sports and election markets were most affected. In some weeks, over 90% of the trading in these categories appeared to be fraudulent. Researchers suggest that the purpose of fraudulent trading may have been to manipulate future incentive mechanisms rather than for profit.
CZ: I'm surprised by the pardon; it has nothing to do with the Trump family.
Binance founder CZ, in an interview with Fox News, expressed surprise at the amnesty and denied any connection to the Trump family.
Project Updates
Strategy: The perpetual preferred stock STRE raised €620 million from €350 million.
According to official sources, Strategy has announced that the fundraising amount for its perpetual preferred stock STRE has increased from €350 million to €620 million (approximately US$715.1 million). The issuance and sale of STRE shares are scheduled to close on November 13, 2025, subject to customary closing conditions.
Two sources familiar with the matter revealed that Lantern Ventures, a London-based proprietary trading firm founded by some former members of Alameda Research (SBF's, Sam Bankman-Fried), is gradually liquidating its funds after seven years of operation. The company is returning funds to investors and closing its external funds, and several employees may lose their jobs. It is understood that the company has been in talks with potential buyers, and other options include a reboot with a family office structure. At its peak, Lantern, managed by cryptocurrency trader and former Alameda co-founder Tara Mac Aulay, managed over $600 million in assets. Mac Aulay declined to comment. Many say the cryptocurrency market crash of October 10th has made it more difficult for institutions to raise funds today.
Crypto payment card provider Dupay announces it will cease operations.
According to Mobile Payment Network, encrypted payment card provider Dupay recently announced its shutdown, stating that due to unresolved compliance issues and obstacles to fund flow, it will officially terminate all services and shut down its servers on November 30, 2025. The announcement mentioned that a large sum of funds previously frozen has not yet been unfrozen, and Dupay has already advanced the funds. Users who have not yet completed withdrawals should do so as soon as possible before the server shutdown; after that, they can still apply for manual processing via email.
Coinbase has included Aster (ASTER) in its listing roadmap.
According to an official announcement, Coinbase has added Aster (ASTER) to its asset launch roadmap.
Balancer tweeted that it sent an on-chain message on Wednesday (November 5) to all known addresses involved in the attack, providing the hackers with a way to contact them and return the funds.
"Balancer hopes to resolve the issue without escalating the process. If you are willing to cooperate, please reply to this message and contact us before 5:00 AM (UTC+8) on November 9th. Failure to reply by then will be considered an unwillingness to assist in compensating liquidity providers for their losses, and the process will be escalated." "Balancer proposes: Returning funds to the DA0 multisignature address in exchange for a bounty. Specific details will be negotiated privately. Balancer will not take legal action or investigative measures after confirming that the returned funds meet the relevant standards. If this proposal is not accepted or a timely response is not received, Balancer will use all technical, on-chain, and legal means to identify and hold the attacker accountable. In this case, the bounty will be used to reward verified informants who help identify and ultimately prosecute the attacker."
Previous reports indicated that Balancer's losses from the attack had risen to $116.6 million .
Payment infrastructure Pieverse has released the tokenomics model for its native token, PIEVERSE. The $PIEVERSE token is Pieverse's native utility and governance token, launched by the foundation. Its primary uses include reducing transaction fees, staking, participating in governance, and payments.
The total supply of PIEVERSE is 1 billion tokens, distributed as follows: Community Development (27.6%), Ecosystem Building and Marketing (27.4%), Team and Advisors (20%), Investors (15%), and Foundation (10%). All allocations to team members, advisors, investors, and core contributors are subject to a 12-month lock-up period, after which they will be distributed proportionally.
Previously, on October 24th , Pieverse, a Web3 payments and compliance infrastructure startup, announced the completion of a $7 million strategic funding round. This round was co-led by Animoca Brands and UOB Venture, with participation from 10K Ventures, Signum Capital, Morningstar Ventures, and others. On October 30th , Pieverse announced it had received $3 million in funding from CMS Holdings, which will support x402b's expansion on the BNB Chain. This brings its total funding, including seed and strategic round investments, to $10 million.
Hourglass: Stable vault phase two deposits closed, total deposits approximately $1.8 billion.
Hourglass tweeted that the second phase of deposits at the Stable Vault is now closed, with total deposits of approximately $1.8 billion and about 26,000 participating wallets. KYC links will be issued in the coming hours. Once the links are active, each wallet will have 72 hours to complete verification.
Binance Alpha and Binance Futures will launch Janction (JCT) on November 10th.
According to an official announcement, Binance Alpha will launch and open trading of Janction (JCT) on November 10th at 18:00 (UTC+8). In addition, Binance Futures will launch JCTUSDT perpetual contracts on November 10th at 18:30 (UTC+8), with leverage up to 40x.
Coinbase released a video hinting at the possible launch of its Launchpad platform on November 10th.
Coinbase released a video on its X platform with the caption, "It doesn't have to be this way." The video repeatedly mentioned terms like "Launchpool" and "Launches," seemingly hinting at the upcoming launch of a Launchpad platform. When asked by users if anything was happening on November 10th, Coinbase responded, "It seems so."
Important data
According to PR Newswire, American Bitcoin Corp. (Nasdaq: ABTC) has added approximately 139 bitcoins since October 24, 2025. As of November 5, 2025, the company holds approximately 4,004 bitcoins, acquired through bitcoin mining and strategic purchases, including bitcoins held in custody or pledged for miner purchases under an agreement with Bitmain.
CryptoQuant, in an article on its X platform, stated that Bitcoin is under pressure, and so are treasury firms holding Bitcoin assets. Not only are Bitcoin-holding treasury firms affected, but those holding altcoins are also suffering. For example, Evernorth's XRP position has incurred $78 million in unrealized losses, despite only being in the market for 2.5 weeks. Furthermore, Strategy's stock price has fallen 53%, and is currently trading near the lower end of its MSTR price range ($221) based on its Bitcoin holdings. Metaplanet holds 30.8 Bitcoins at an average purchase price of $106,000; its unrealized losses are approximately $120 million, and its stock price is down about 80% from its all-time high. Since the market crash on October 10th, Bitmine has added 442,000 Ethereum to its portfolio, but they still face approximately $2.1 billion in unrealized losses.
ZEC briefly touched $750, and is currently up nearly 39% in the last 24 hours.
Market data shows that ZEC briefly touched $750 and is currently trading at $721.91, a 24-hour increase of 38.93%.
According to on-chain analyst Ember, a new wallet withdrew 2.5 million $TRUMP (US$18.85 million) from Binance in the last 12 hours, becoming the largest holder of $TRUMP (excluding project-locked contracts, liquidity pools, and CEX addresses).
According to on-chain data monitoring, the short positions of Bitcoin and ZEC held by the "Whale with a 100% win rate" were closed this morning. The ZEC short position ended in a loss, while the BTC short position made a small profit. The overall position has suffered a loss of approximately $40.764 million in the past week.
According to SoSoValue data, the Ethereum spot ETF saw a total net outflow of $46.6245 million yesterday (November 7th, Eastern Time).
The Ethereum spot ETF with the largest single-day net inflow yesterday was the BlackRock ETF ETHA, with a single-day net inflow of $34.4326 million. The total historical net inflow of ETHA has now reached $13.87 billion.
The second largest inflow was into the Invesco ETF QETH, with a net inflow of $2.5899 million in a single day. The total historical net inflow for QETH is currently $23.903 million.
The Ethereum spot ETF with the largest single-day net outflow yesterday was the Fidelity ETF FETH, with a single-day net outflow of $72.228 million. The current total historical net inflow for FETH is $2.577 billion.
As of press time, the total net asset value of the Ethereum spot ETF is $22.664 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 $13.861 billion.
According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $558 million yesterday (November 7th, Eastern Time).
The Bitcoin spot ETF with the largest single-day net outflow yesterday was the Fidelity ETF FBTC, with a net outflow of $257 million. The total historical net inflow of FBTC is currently $12.003 billion.
The second largest outflow was from Ark Invest and 21Shares' ETF ARKB, with a net outflow of $144 million in a single day. ARKB's total historical net inflow has reached $1.905 billion.
As of press time, the total net asset value of Bitcoin spot ETFs was $138.082 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 $59.966 billion.
Financing/Acquisition
According to Fortune magazine, Tempo, a payment blockchain jointly launched by Stripe and Paradigm, has completed its first strategic investment, leading a $25 million funding round for crypto infrastructure company Commonware. As part of the agreement, the Stripe-backed project will collaborate with Commonware to develop faster methods for processing blockchain payments.
The founder of Commonware revealed that the valuation in this funding round is a significant increase from the $63 million seed round. This profitable company, founded in 2024, has only seven employees and already boasts four clients through its open-source software services, with each client generating over a million dollars in revenue annually. Its open-source technology helps other companies quickly deploy customized blockchains.
Institutional holdings
According to JPMorgan Chase's 13F-HR filing with the U.S. Securities and Exchange Commission, as of September 30, JPMorgan held a total of 1,974,144 shares of Ethereum reserve company BitMine Immersion Technologies, which were worth $102 million at the time and are now worth approximately $79.41 million, representing a loss of about 22%.
According to Bitcoin Magazine, JPMorgan Chase disclosed that it holds 5,284,190 shares of BlackRock's Bitcoin ETF "IBIT" (worth $343 million), a 64% increase from the previously disclosed figure.
Forbes: Trump's ill-timed Bitcoin purchase caused his personal wealth to shrink by $490 million.
According to Forbes, Bitcoin just fell below $100,000 today, and Forbes published an article jokingly commenting on Trump: "Buying, especially at high prices, doesn't necessarily make you richer." The article mentions that Trump, who was once skeptical of cryptocurrencies, has now become a "leading cryptocurrency advocate." This summer, he invested $2 billion in Bitcoin through Trump Media, with an estimated cost of $115,000 per coin, and initial performance was decent. However, in the past month, the price of Bitcoin has fallen by 17%, and Trump Media's stock price has plummeted by 24%, indirectly causing Trump's personal wealth to shrink by $490 million.
According to Jinshi News, Trump Media Technology Group (DJT.O) had $3.1 billion in financial assets at the end of the third quarter, realizing $15.3 million in gains from option premiums on Bitcoin-related securities. The company generated $13.4 million in interest income from other financial investments in the third quarter, with operating cash flow of $10.1 million and a net loss of $54.8 million for the quarter.
