Author: Ada, Deep Tide TechFlow
After the major shakeout on October 11, the crypto market did not experience a retaliatory rebound. Instead, it continued to plummet in November. Bitcoin fell below the $90,000 mark, and Ethereum also dropped to around $2,800.
But for the seasoned crypto veterans, none of this is a big deal. They’ve experienced even greater volatility, gone through more brutal shakeouts, and even fallen into deeper pits. Those who have weathered many storms have only a casual “What’s the big deal?” for such markets.
However, when talking about the past, no one is left unmoved. Some have experienced exchange collapses, some have been burned by so-called insider tips, and some have been wiped out by people they thought they could trust...
Let’s listen to their stories and see what kinds of memorable loss-making experiences veteran crypto traders have had in the industry.
Mike: Hit Hard by an Exchange Exit
I’m Mike, 2

Author: Zen, PANews
From forming a connection with poker and horse race betting to founding a quantitative trading company, billionaire Jeff Yass established Susquehanna International Group (SIG) in 1987. Starting with proprietary capital trading, SIG has now become one of the largest market makers for listed equity options in the United States, providing liquidity for stocks and derivatives in over 50 markets worldwide.
In the domestic market, SIG is well known largely because its fund SIG Asia Investments participated in ByteDance’s angel round in 2012 and remains one of its major shareholders to this day.
Whether in investment or trading, SIG is always forward-thinking. Over the past decade, SIG has gradually entered the crypto asset sector, first by participating in the spot and derivatives markets for Bitcoin, and then through its...

Author: Eli5DeFi
Compiled by: Tim, PANews
Editor's Note from PANews: On November 25, Google's total market value reached a historic high of $3.96 trillion. In addition to the newly released most powerful AI, Gemini 3, another factor driving the stock price is its self-developed chip, TPU. Beyond the field of AI, TPUs are also set to make a significant impact in blockchain.
The narrative of modern computing hardware has largely been defined by the rise of GPUs.
From gaming to deep learning, Nvidia’s parallel architecture has become the industry standard, gradually relegating CPUs to a supporting role.
However, as AI models encounter scaling bottlenecks and blockchain technology advances towards complex cryptographic applications, a new contender—the Tensor Processing Unit (TPU)—has emerged.
Although TPUs are often discussed within the context of Google’s AI strategy, their architecture unexpectedly aligns with the next milestone in blockchain technology: post-quantum.

Today's Top News:
The UK has officially included cryptocurrencies and other digital assets under legal protection, recognizing them as a new form of personal property.
Trump strongly hints at Hassett as the next Federal Reserve Chair.
The probability of a 25 basis point Fed rate cut in December is 89.2%.
CME launches a Bitcoin Volatility Index, similar to the VIX in the stock market.
Binance co-founder He Yi appointed as co-CEO; platform users near 300 million.
Jupiter launches DTF platform; the first project, HumidiFi (WET), will start its token sale tonight.
Bank of America recommends its wealth management clients allocate 1%–4% to crypto assets.

At Binance Blockchain Week in Dubai, Saylor introduced MicroStrategy's latest capital structure:
The company holds $6 billion in BTC and has about $800 million in debt, with very low leverage;
As long as Bitcoin appreciates at an annualized rate of 1.36%, the company can pay dividends perpetually and create value.
He revealed that this week they added $1.44 billion in cash reserves, enough to cover 21 months of dividends. "Even if the capital markets close, we can hold out for 21 months."

After undergoing market cycles, Flow has announced its transformation into a consumer-grade DeFi platform, aiming to enhance ease of use for ordinary users. Its launched liquidity sharing protocol and financial application, Peak Money, are designed to attract new users, despite facing challenges such as liquidity bootstrapping and market competition. Flow needs to break away from its NFT label and prove its adaptability in the DeFi space through successful use cases.

Summary
Recently, market expectations for a rate hike in Japan have intensified, making “a stronger yen, changes in global liquidity, and volatility in the crypto market” the new focus of discussion. Over the past decade, Japan has moved from extreme monetary easing toward gradual normalization, with each policy turning point accompanied by a global reallocation of capital. Rising yen interest rates not only signal a tightening of carry trades but also suggest that the crypto market may experience short-term volatility, liquidity rebalancing, and a temporary pullback in risk appetite. At the same time, the crypto market is in a transitional phase of a new cycle, making it more sensitive to macro events and prone to amplified sentiment swings. Yen policy is once again becoming part of the crypto narrative, with its impact reflected more in “liquidity structure” and “shifts in risk appetite.”
1. Event Background and Market Reaction
In early December, the policy direction of the Bank of Japan became the focus of global attention. After years of ultra-loose monetary policy, Bank of Japan Governor Kazuo Ueda publicly stated

Anthropic announced tests of AI autonomously attacking smart contracts, with results showing that in simulated environments, AI successfully generated 507 usable exploit scripts and simulated the theft of $550 million. The tests indicate that autonomous AI attack technology is feasible and may have a significant impact on blockchain security in the future, prompting developers to accelerate vulnerability patching.

Daily Market Key Data Review and Trend Analysis, produced by PANews.
1. Market Watch
The market is closely watching the future direction of US monetary policy. US President Trump has made it clear that he plans to nominate a new Federal Reserve Chair at the beginning of 2026, and has hinted that National Economic Council Director Kevin Hassett is his preferred candidate. Trump has long criticized current Chair Powell for being slow to cut rates and hopes the successor will take a more aggressive approach to easing policy. Although the final nominee must be confirmed by the Senate and the candidate list also includes senior figures such as Christopher Waller and Michelle Bowman, the market's focus has already shifted to the potential policy shift in the future.
Meanwhile, Amazon's cloud computing division AWS unveiled the next-generation AI chip, Trainium 3, at its annual conference and previewed Trainium 4, which will support Nvidia's NVLink. A

We examined DeFi star projects with "real yield"—Ethena (ENA), Pendle (PENDLE), and Hyperliquid (HYPE)—and raised a core question: as their token prices decline, do their fundamentals remain strong, or is the yield itself under pressure?
The answer is mixed:
ENA generates massive fees, but almost all fees are recycled as subsidies to maintain TVL, so the protocol's actual "surplus" is minimal.
PENDLE's fundamentals have deteriorated along with its price. As TVL has plunged to around $3.6 billion, the current sell-off is not a divergence between price and value, but rather a rational market response to a shrinking business.
HYPE is a huge money printer, generating over $1.2 billion in annualized revenue, almost all of which is used for token buybacks—but

Original Authors: Mao Jiehao, Liu Fuqi
Introduction: From HTTP 402 to the Dawn of the Machine Economy
In 1996, the designers of the HTTP protocol reserved the "402 Payment Required" status code, but due to the lack of supporting payment infrastructure, it became the "ghost code" of the Internet era.
Thirty years later, the x402 protocol, initiated and promoted by Coinbase, has awakened this dormant status code into a "digital cash register" for AI autonomous transactions. When meteorological AI robots automatically purchase global weather data and self-driving cars pay road tolls in real time, the traditional payment logic of "account opening-authentication-authorization" is being dismantled—x402, through the closed loop of "HTTP request-402 response-on-chain payment-service delivery," has, for the first time, enabled atomic transactions between machines without human intervention.
Behind this transformation is the rise of the "machine economy"

Organized & Compiled: Deep Tide TechFlow
Speaker: Taiki Maeda
Podcast Source: Taiki Maeda
Original title: I Made $578,000 Shorting ETH. What I’m Doing Next.
Release date: November 26, 2025
Key Points Summary
After only two months of trading in a bear market, Taiki Maeda earned $578,000 through short selling. In this episode of the podcast, he delves into the potential trends in the cryptocurrency market over the coming months and advises investors to prioritize preserving their principal rather than chasing high returns. Additionally, he shares the stablecoin and airdrop mining strategies he is currently involved in, providing listeners with more practical investment ideas.
Summary of Key Insights
I have been shorting ETH for the past two months.

Author: Louis, Trendverse Lab
In life, there are always some things that inexplicably linger in our hearts: a song we've listened to countless times, a movie that accompanied a certain summer, a flavor from a particular year, or a sudden decision made by someone. These things are as light as air, yet at certain moments, they make us feel that their value runs deeper than we can accurately articulate.
Strangely, the things that can touch people the most have not belonged to us for a long time. The future of music belongs to record companies, the success of movies belongs to capital, the vintages of wine belong to wineries, and a person's most private and vulnerable future choices belong only to them. We fill our lives with them, yet we have never truly owned even a little bit of their value.
Until certain stories occur, the flow of value begins to quietly change. In those corners forgotten by time, the first seam of value being redistributed is hidden.

Author: jk
The on-chain data platform Nansen's newly launched 7-day protocol revenue tracking feature shows that among the many public chains claiming to be the "next generation", only 10 have exceeded $100,000 in protocol revenue over the past week. Moreover, apart from the recently launched Monad, other high-funded public chain projects like Movement, Berachain, and Somnia, which have gone live since the end of last year, now earn less than four digits in daily revenue.
Let's take a look at the detailed data.
The head concentration effect is obvious.
According to the new public chain dashboard launched by the Nansen platform, the protocol revenue ranking over the past 7 days shows an extreme concentration of top performers. Tron leads with a weekly fee income of 6.56 million dollars, despite its fee growth rate being only 0.4%, maintaining a firm position at the top. It can be seen that Tron is stable in the stablecoin transfer.

Author: J.A.E, PANews
With its unique Delta neutral hedging strategy, USDe has become a censorship-resistant, scalable synthetic dollar that can capture perpetual contract funding rate yields, driving the issuer Ethena to rapid rise, with the TVL (Total Value Locked) once approaching the $15 billion mark, being regarded by the industry as a key force challenging the duopoly of traditional centralized stablecoins USDT and USDC.
However, entering October 2025, Ethena's situation took a sharp turn for the worse, facing severe structural challenges. In just two months, the protocol suffered a series of blows, including a halving of USDe TVL and the unexpected termination of incubated ecological projects. These events prompted the market to begin reflecting: Is Ethena's core mechanism vulnerable to external environmental influences? Is the high-growth model of the protocol in its early days sustainable? And where is its second growth curve?

Author: Lauris
Compiled by: ShenChao TechFlow
Welcome to the era of "Post-Crypto Twitter"
The "Crypto Twitter" (CT) mentioned here refers to the Crypto Twitter as a market discovery and capital allocation engine, rather than the entire crypto community on Twitter.
"Post-Crypto Twitter" does not mean the disappearance of discussions, but rather that Crypto Twitter, as a "mechanism for coordination through discourse," is gradually losing its ability to repeatedly generate significant market events.
A single culture cannot continue to attract the next wave of new participants if it can no longer produce enough significant winners.
The "significant market event" mentioned here does not refer to a situation where "the price of a certain token has tripled," but rather to the case where most liquidity market participants' attention is focused on the same thing.

Today's news highlights:
The six major banks have stopped offering 5-year large-denomination time deposits, and the duration of large-denomination time deposits has obviously become "short-term".
Coinbase executives and director Marc Andreessen are being sued by shareholders for alleged insider trading of $4.2 billion.
The probability of the Federal Reserve lowering interest rates by 25 basis points in December is 87.6%.
Grayscale: Bitcoin may hit a new high in 2026, questioning the four-year cycle theory
F2Pool Data: With the network difficulty running at a high level, most older Bitcoin mining machines have fallen below the shutdown price.
Strategy Update on FY2025 Profit Expectations: If BTC is between $85,000 and $110,000 by the end of the year, revenue could reach $7 billion to $9.5 billion.
Kalshi is bringing thousands of prediction markets on-chain to Solana.
macroeconomic
The six major banks have stopped issuing 5-year large denomination time deposits, and the duration of large denomination time deposits has clearly become "short-term."
According to the Financial Times, multiple Chinese

Conclusion first: The next three years will be a major bull run led by institutions, representing the official full entry of crypto and Blockchain technology into Wall Street's balance sheets, with mass adoption ultimately achieved through a top-down revolution.
The mass adoption of crypto will not be the de-centralization revolution that Satoshi Nakamoto originally envisioned, but rather a top-down upgrade of global financial infrastructure.
Retail investors are the tide, institutions are the sea.
The tide may recede, but the sea will not.
Looking back at 2025: Why is this bull run the "Year of Institutions"?
The reason is mentioned first: Almost all BTC/ETH funds come from institutions, while retail investors have gone to trade meme coins and altcoins.
In 2025, all mainstream coins will hit all-time highs: btc 126k, eth 4953, bnb 1375,