Goldman Sachs partner John Flaherty pointed out that after Nvidia's strong earnings report, the US stock market experienced significant fluctuations, with the S&P 500 index recording its largest intraday volatility, and market sentiment shifted towards risk aversion. Investors are focusing on hedging risks, with increased shorting activities; analysts believe the market may rebound in the short term.

JPMorgan pointed out that if MSCI removes the Bitcoin giant MicroStrategy, it could lead to a capital outflow of up to $2.8 billion, with total outflows from other indices such as Nasdaq and Russell potentially reaching $11.6 billion. Analysts believe that the decline in MSTR's stock price is mainly due to market concerns about its removal, rather than a drop in Bitcoin prices. MSCI is evaluating the exclusion of companies primarily holding Bitcoin as an asset, with a decision to be announced by January 15 next year.

Odaily News Vice President Vance stated that the government shutdown will definitely cause some losses, but I believe the losses will be small. The prosperity of the U.S. economy will take some time to manifest, and job opportunities will flow to citizens born in the United States. (Jin10)

According to Jinse Finance, a recent poll reported by CCTV News shows that the American public is increasingly dissatisfied with Trump's economic policies, and overall economic sentiment has significantly worsened. In the survey, 76% of respondents believe that the economic situation in the United States is "poor," up from 67% in July. The majority of respondents indicated that living costs, including medical and housing expenses, continue to rise. Only 15% of respondents believe that Trump's economic policies have had a positive effect, while 46% believe these policies have worsened the economic situation.

BlockBeats news, on November 20, Bridgewater founder Ray Dalio stated, "I hold a small amount of Bitcoin, almost always have, about 1% of my portfolio. My view on Bitcoin has always been the same. I believe the problem with Bitcoin is that it will not become a reserve currency for major countries because it is traceable, and theoretically, it could be controlled by Quantum Computing, attacked by hackers, and risks like that."

Odaily News Wall Street investment bank JPMorgan stated that the market performance of Bitcoin treasury company Strategy has been relatively poor recently, and the recent market decline has led to increasing concerns that index provider MSCI may remove the company from key stock indices on January 15, 2026. Analysts believe that if MSCI removes Strategy, it could further impact the crypto market and exacerbate fluctuations, while losing the status as a major index component will also damage Strategy's reputation and raise doubts in the market about its financing capabilities in the stock and bond markets. (CoinDesk)

Odaily News Bridgewater founder Dalio said: I believe the United States is facing a debt problem. (Jin10)

Adam, a macro researcher at Greeks.live, pointed out that there is a clear divergence in the market direction. Long positions believe that $88,500 is the bottom and expect a Rebound, while short positions are bearish on the market and emphasize the moving average resistance. The key is whether the low point is the true bottom and the effectiveness of the support level. The market is expected to experience significant Fluctuation tonight.

Jin10 reports that a Reuters survey shows: 53% of economists believe that the Bank of Japan is expected to raise interest rates to 0.75% in December. Economists unanimously agree that the Bank of Japan is likely to raise interest rates to at least 0.75% by the end of the first quarter of next year. The expected wage increase in next year's labor negotiations is 4.90%, lower than this year's 5.25%.

PANews, November 20 news, NVIDIA (NVDA.O) has just announced its Q3 fiscal performance, with chip sales at the core of the AI boom growing faster than Wall Street expectations. The company also provided a strong revenue forecast for the quarter, leading investors to believe that the AI investment frenzy will continue. Its Q3 financial report shows that the company's revenue in the third quarter was $57 billion, a year-on-year increase of 62%. Among them, data center revenue was $51.2 billion, exceeding the expected $49 billion. Additionally, its revenue outlook for the fourth quarter is about $65 billion, far higher than the analysts' average estimate of $61.6 billion. After the financial report was released, NVIDIA (NVDA.O) saw its stock price rise over 4% in after-hours trading. NVIDIA CEO Jen-Hsun Huang stated, "Blackwell's sales are off the charts, and cloud GPUs are completely sold out." Previously, Huang had downplayed concerns about an AI bubble.

Golden Finance reports that the Fed's meeting minutes show that "several" officials indicated that a rate cut in December is "very likely" appropriate, while "many" officials believe that a rate cut in December may not be appropriate. "Many" officials support a rate cut in October, "some officials" do not support it, and "some" of those supporting a rate cut in October may also support holding steady.

BlockBeats news, on November 20, according to CNBC reports, Bitwise CEO Hunter Horsley stated, "The encryption world is going to see an ETF feast. I believe there will be more than 100 products launched. We will see a large number of single-asset encryption trading platform products (ETPs). However, what excites me the most is the rise of index-based encryption ETPs." Despite the challenging market, he still believes that index ETPs will be one of the most important stories in the encryption field next year and will ultimately become one of the largest categories of interest for investors. Hougan added, "This industry will be ten times larger in the future than it is now." Bitwise launched on October 28.

Golden Finance reports that Tim Scott, Chairman of the U.S. Senate Banking Committee, stated on Tuesday that he plans to have the committee vote on the Crypto Assets market structure bill next month. Scott said: "By the end of this year, which is next month, we believe we can complete the bill revisions in two committees and initiate voting, and submit it to the full Senate for a vote early next year, so that President Trump can sign this bill." The structure bill for the Crypto Assets market needs to obtain dual approval from the Senate Banking Committee and the Agriculture Committee, as the content of the bill involves both securities regulation and commodity regulation. Scott stated that the bill will help strengthen the United States' dominant position as "the strongest economy in the world for the next century" while protecting consumer rights. The Republican senator had previously attempted to push the bill through before September this year, but was unsuccessful.

Latest data shows that the cash balance of the U.S. Treasury has significantly declined for the first time, dropping from $959 billion to $925 billion. JPMorgan traders pointed out that this is related to pressures in the repurchase market and believe that market Liquidity is expected to improve.

ChainCatcher news, ActivTrades analyst Carolane De Palmas stated that Bitcoin's recent price movement is increasingly dependent on the Fed's interest rate cut outlook, and the market remains fragile. Due to the U.S. government shutdown and the potential inability to release various data, the Fed may have to formulate policies with limited data. This information gap weakens market liquidity expectations and exerts pressure on speculative assets, leading to a further fall in Bitcoin's price.

According to ChainCatcher news and Jin10 reports, a survey of global fund managers by American Bank shows that 54% of respondents believe that the "Big Seven" in the US stock market is the most crowded trade currently, while 45% of respondents think that the AI bubble is the biggest tail risk.

Tether is rapidly increasing its gold reserves, currently reaching 12.9 billion USD, with a growth rate exceeding that of most Central Banks, while acquiring mining rights to gold mines to build a complete industrial chain. Analysts believe that Tether's strategy aims to hedge against the fluctuation of the dollar through gold, thereby enhancing the credibility of USDT.

According to Jinse Finance, Raphael Bostic, president of the Atlanta Federal Reserve Bank, hinted that while he supports the recent two rate cuts, he has not yet decided whether to approve another rate cut next month. Bostic stated at an event in Seattle on Friday: "I can accept the first two rate cuts, as for the next one, we will have to wait and see. I want to judge what kind of policy is most appropriate based on the data." Federal Reserve officials currently have serious disagreements on whether to continue cutting rates next month. So far this year, the Fed has cut rates by a total of 50 basis points. According to futures market pricing, investors currently believe that the probability of a 25 basis point cut at the December 9-10 meeting is slightly below 50%. Bostic pointed out that the current situation is challenging, as "we are not making progress towards our goals in either aspect of our dual mandate (i.e., employment and inflation)." Earlier this week, he stated that inflation remains a "more clear and pressing risk" in the economy.

Golden Financial reports that Mizuho Securities maintains a "underperform" rating on Circle stock, with analysts lowering the fundamental target price from $84 to $70. Circle's stock (ticker symbol CRCL) traded around $82 on Friday, down nearly 40% over the past month. Mizuho Securities analysts stated in a research report: "We believe the company's valuation fails to adequately reflect the major risks facing its mid-term earnings." The analysts also pointed out that potential risks include "upcoming interest rate cuts and relatively stagnant economic growth." High (and rising) circulation costs, as well as increasingly fierce competition among stablecoins.

Golden Finance reports that due to the sluggish market, on November 14, the Crypto Fear and Greed Index fell to 16, entering the extreme fear zone. André Dragosch, Head of European Research at Bitwise, posted on X stating that when the Crypto Fear and Greed Index is below 20, Bitcoin's subsequent average performance is: 1 day +0.9%; 2 days +1.8%; 5 days +4.1%; 1 week +5.2%; 2 weeks +9.3%; 1 month +19.9%; 2 months +44.2%; 3 months +62.4%; 6 months +48.5%. He noted that many analysts believe the Crypto Assets Fear and Greed Index is just noise, but in fact, this index has historically continued to signal excess returns.

Bitcoin broke below $100,000 amidst deteriorating macro sentiment, falling to a low of $98,000 and re-entering a Bear Market. The adjustment was triggered by weakened expectations of Fed interest rate cuts and a dumping of tech stocks. Analysts believe that if it falls below $80,000-$85,000, the risk of further decline increases, and it is advised to flexibly allocate across multiple markets using USDT.

BlockBeats news, on November 14, Liquid Capital (formerly LD Capital) founder Yi Lihua stated: "Due to the decrease in the expectation of interest rate cuts in December, the US stock market and cryptocurrency experienced a big dump, but I still firmly believe that the best buy the dip opportunity is between $3000 and $3300. We are consistent in our actions and words. Previously, Ethereum fell to $2700 due to a black swan event, but we still insisted on maintaining our borrowing leverage. However, the psychological pressure was immense, causing insomnia every day, which led us to unload leverage early when Ethereum was above $3000. This time, we are buying the dip in the spot market without leverage, adhering to the strategy of increasing the position when there is a pullback, and patiently waiting."

After Bitcoin fell to $98,000, MSTR's stock price dropped another 6.6%, with a year-to-date decline of 30%, returning to the level before Trump was elected last year. Despite the company holding $63.2 billion worth of Bitcoin, its enterprise value is trading at a nearly 20% premium, analysts believe the common stock price is higher than the actual value of the Bitcoin holdings.

Golden Finance reports that Fed's Mousalem reiterated on Thursday that he believes the current monetary policy is closer to neutral rather than slightly tightening. This means that there is limited room for further easing of the monetary policy without becoming overly loose. Mousalem stated, "Looking ahead, we need to proceed with caution." He pointed out that the inflation rate is too high, reaching 3%. He added, "I believe we need to continue to apply pressure on inflation that is above the target while providing some support for the labor market."

Odaily星球日报讯 Greeks.live 宏观研究员 Adam 发布中文社区简报，其中指出：群组对市场方向存在明显分歧，部分交易者担忧币圈进入熊市，有社区成员认为 9.6-9.8 万美元或是今年比特币的底部，山寨币底部抬高释放积极信号。关键分歧在于当前位置是顶部还是底部，有交易者指出“下去就是熊”，但各种信号显示“很难相信目前就是市场顶部”。

Odaily Planet Daily reports that J.P. Morgan analysts currently rate COIN, MARA, and RIOT stocks as Overweight, meaning they believe these stocks will outperform the market. The relevant ratings are as follows: COIN – Overweight Current Price: $305.84, Target Price: $399; MARA – Overweight Current Price: $14.68, Target Price: $20; RIOT – Overweight Current Price: $16.05, Target Price: $19.

Jin10 Data, November 12th: Japanese Finance Minister Shōzō Katayama stated on Wednesday that recent attention has been drawn to the unilateral and rapid fluctuations in the exchange rate. Authorities are closely monitoring currency movements with a high sense of urgency. Although the yen's weakness has somewhat contributed to cost-push inflation, she does not deny that the depreciation of the yen does more harm than good. Justin Low, an analyst at InvestingLive, commented that Katayama's remarks could be seen as some verbal interventions aimed at trying to appreciate the yen. The USD/JPY exchange rate fell from a high of around 154.75 in the early trading session to approximately 154.53 but still maintains a supportive stance. Analysts believe that, as always, such verbal interventions often serve more as "speed bumps" rather than substantive obstacles.

As the US government shutdown is expected to be resolved, market sentiment improves, and the cost of euro credit default protection decreases. Analysts believe that upcoming data releases could support the Federal Reserve's rate cuts, boosting demand for risk assets. Related credit default swap indices have declined.

Jin10 Data, November 10th — BlueBay Asset Management's Chief Investment Officer Mark Dowding pointed out in a research report that the structural demand for bond duration has weakened globally, which could lead to persistent high term premiums. He stated that fixed income investors are currently more focused on obtaining substantial returns through spreads in areas such as credit bonds. "Therefore, we believe that the term premium will remain high, which will incentivize and attract investors to extend their duration risk exposure." The term premium refers to the additional yield investors require to hold long-term bonds compared to short-term bonds.

Jin10 Data, November 9th: Analysts say that technology giants are extremely concentrated in benchmark markets in the Asia-Pacific region. The top five stocks in the Nikkei 225 index account for about 38% of the total weight. "If there are any issues with the AI or semiconductor boom, the Nikkei index will plunge immediately," said Takehiko Masuzawa, Head of Stock Trading at Phillip Securities Japan. "I do believe we will continue to see more corrections and increased volatility."

Golden Ten Data, November 6 — According to informed sources, SoftBank Group considered acquiring U.S. chip manufacturer Marvell earlier this year. If the deal had gone through, it would have been the largest semiconductor industry merger and acquisition in history. Reports indicate that SoftBank founder Masayoshi Son has viewed Marvell as a potential target for years, as part of its strategic focus on artificial intelligence hardware. Several months ago, SoftBank engaged in discussions with Marvell, but the two sides could not reach an agreement on the terms. Sources say that SoftBank originally planned to merge Marvell with Arm, the chip design company controlled by SoftBank. Although there are no current substantial negotiations underway, some believe SoftBank may revisit its interest in the future. Marvell's stock has fallen 16% this year, with a market value of approximately $80 billion. In contrast, Nvidia, Broadcom, and Arm have all seen significant stock price increases this year, with Arm's current valuation around $170 billion.

BlockBeats News: On November 6th, Ripple CEO Brad Garlinghouse addressed the growing partisan divide in cryptocurrency during the Swell 2025 conference. He stated, "I believe many Democratic leaders realize that technology shouldn't have a partisan bias. Regulation should focus on outcomes, not the technology itself. Politicization is a cliff."

Jin10 data, November 5th – Monex Europe analysts stated in a report that the euro has rebounded against the dollar, but due to fluctuations in global risk sentiment, the rise may still be limited and short-lived. They pointed out that the risk aversion sentiment following the stock market sell-off and concerns over the ongoing U.S. government shutdown drove the earlier rise of the dollar. In addition, the divergence among Fed officials on interest rate issues has also suppressed short-term rate cut expectations. Given that the European Central Bank advocated for keeping interest rates unchanged last week, analysts believe the euro will fluctuate between 1.14 and 1.16.

Jin10 data reported on November 5th, this week, the Reserve Bank of Australia decided to keep the Benchmark Interest Rate unchanged and predicted that inflation risks will persist until next year. Some economists are beginning to believe that the easing cycle that started in February may have ended. JP Morgan economist Tom Kennedy stated that the number of sub-items with still high inflation levels is concerning, posing the first substantial challenge to the "inflation slowdown" narrative that the Reserve Bank of Australia has adhered to over the past few quarters. He added that the easing cycle is likely coming to an end, and the cash rate may remain at 3.6%.

BlockBeats news, on November 5th, Chinese encryption analyst Banmuxia stated, "Regarding Bitcoin, many people still underestimate the complexity of the upcoming market situation. I believe that this small Bear Market will most likely end around 84,000 USD, but that doesn't mean it will continuously decline smoothly to 84,000 USD; this time it will likely be a complex horizontal adjustment. Currently, it seems that there may be a slight decline to around 94,500 USD, and then it will probably enter an exceptionally complex oscillation market, with a rebound potentially reaching above 116,000 USD, before slowly falling back to the 84,000 USD and below 6-8% range."

Odaily News Timefun announced that it will gradually shut down its existing creator Token platform, and the platform will only retain fund withdrawal and asset transfer functions in the future to complete the transition to a new product form. Timefun founder Kawz stated that the new application will completely abandon the creator Token model and instead build a next-generation social platform based on encryption technology. He pointed out that although the team still sees long-term potential in creator Tokens, the current market user activity and transaction demand are obviously insufficient, making it difficult for the model to support the sustainable development of the product. Kawz further stated that the new social platform will be designed around "on-chain identification and social incentives," aiming to allow users to naturally generate on-chain assets and credit systems during social interactions, rather than relying on speculation-driven token issuance. "We believe that social is the long-term mainline of encryption, and Timefun's new chapter will focus on building real relationships and

According to ChainCatcher news, The Block reported that Julio Moreno, research director at the on-chain analysis company CryptoQuant, stated that if Bitcoin fails to hold the $100,000 support level, the price could fall to $72,000 within 1-2 months. Currently, Bitcoin has dropped below $100,000, trading at approximately $100,800, with a decline of over 5.2% in the past 24 hours. Since the largest liquidation event in crypto history occurred on October 10 (over $20 billion in leveraged positions were liquidated), market demand has continued to shrink, U.S. ETF fund flows are negative, and overall market sentiment has turned bearish. Despite short-term pressure, analysts believe that the long-term trends of ETF inflows and institutional adoption remain strong.

Jin10 reported on November 4, local time on the evening of November 3, former U.S. Vice President Dick Cheney passed away at the age of 84. Cheney's family stated in a statement that he died from complications of pneumonia and cardiovascular disease. Cheney served as Vice President during the administration of former President George W. Bush from 2001 to 2009. External observers believe that Cheney played an important role in the decisions to launch the Iraq War and the Afghanistan War.

Odaily News The Fed's Goolsbee stated that I believe the final stable level of interest rates will be significantly lower than the current level, and a "soft landing" for the economy is still possible. (Jin10)

Odaily News Last week, the market capitalization of ZEC surpassed XMR for the first time. Analysts believe this indicates a shift in the Privacy Coin market landscape. A key distinction between Zcash and Monero is its optional privacy mode. Users can choose between transparent transactions and shielded transactions, while Monero does not offer this capability. Zcash provides flexibility and can activate the optional privacy feature when needed, allowing institutions to maintain compliance and reporting space, making ZEC an asset acceptable to regulators. (CoinDesk)

PANews, November 1, according to MarcoMicro data, the current production cost of Bitcoin has reached $112,084. Historical data also shows that the production cost of Bitcoin peaked at $115,098.12 on October 9. Analysts believe that the recent rise in Bitcoin production costs indicates that most Bitcoin mining companies will face challenges in sales and administrative expenses, and will need to drop costs to maintain profitability.

The market performance of Bitcoin during the Halving period is significantly different from the past, with the current volatility below 2%, reaching a historic low. Analysts believe that this phenomenon marks the collapse of the rule of thumb, suggesting that a steady bull run may continue.

The NEAR protocol launched a network upgrade on October 30, reducing the annual token inflation rate from 5% to about 2.4%, with an expected decrease of nearly 60 million newly minted tokens each year. However, the related community governance vote did not meet the required standards, and it was forcibly included in the upgrade by the core team, leading to criticism from validators who believe this move jeopardizes the integrity of the protocol's governance.

The Imperial Database of Japan released a survey indicating that in November, 143 types of food will rise in price. This number is lower than the same period last year and is the minimum record for the number of price increases in a single month in 2025. Analysts believe that after the price surge in October, the momentum for price increases has entered a temporary pause period. It is expected that in 2026, over 500 types of food will rise in price, and the trend of price increases may slow down.

Jin10 data reported on October 30th, with the support of the dollar's pullback and the Fed's interest rate cuts, gold prices rebounded on Thursday. Capital.com analyst Kyle Rodda stated, "Aside from the technical rebound, there are no other catalysts driving gold higher. There are many unfavorable factors for gold this week. Trade agreements have weakened the bullish impacts of trade and geopolitical issues, and the Fed's hawkish interest rate cuts and the reduced likelihood of another cut in December are also unfavorable for gold. I believe that under this situation, gold may continue to pull back. However, in the long run, the trend for gold is upward."

PANews, October 30 news, according to Cointelegraph, in the trial of the MEV Bots case involving an amount of 25 million USD, U.S. prosecutors rebutted arguments concerning monetary policy, claiming that digital asset policy should be established by Congress rather than adjudicated by the courts. This could set a precedent for cryptocurrency-related cases.

Analysts believe that Japan's Prime Minister Fumio Kishida's tenure may continue the loose monetary policy, but economic indicators suggest a need for a hawkish stance. Bank of Japan Governor Kazuo Ueda remains cautious, expecting the central bank's meeting to keep interest rates unchanged while following the inflation pressure brought by the depreciation of the yen.

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Nvidia has become the first company with a market capitalization exceeding $5 trillion, consolidating its dominant position in the global AI sector. Although tech giants are striving for alternatives, analysts believe this will not fundamentally change Nvidia's advantage. However, investor confidence in AI investments also faces the risk of overvaluation.