Core Viewpoint - Bitcoin experienced a short-term surge, rising over 2% and surpassing $103,000, positively impacting cryptocurrency-related stocks in the U.S. market [1] Group 1: Bitcoin Performance - Bitcoin's price increased by more than 2%, returning to above $103,000 [1] Group 2: Cryptocurrency Stocks Performance - Bitmine Immersion Technologies (BMNR.US) rose over 6% - Iren Ltd (IREN.US) increased by over 8% - Mara Holdings (MARA.US) gained over 4% - Coinbase (COIN.US) saw an increase of over 2.7% - Robinhood (HOOD.US) rose over 2% - Circle (CRCL.US) increased by over 1.8% - Strategy (MSTR.US) gained over 1.6% [1]

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin falling below $100,000 for the first time since May 2025, driven by a combination of cooling market sentiment and leveraged positions being liquidated [3][7]. Market Performance - On November 5, Bitcoin dropped to a low of $99,075.89, marking a decline of over 20% from its historical high of $126,080 on October 6 [4][5]. - Ethereum also saw a substantial drop, with a 24-hour decline exceeding 15%, nearing the $3,000 mark, and a total decrease of nearly 35% from its peak of $4,946.05 on August 24 [5][7]. - By the afternoon of November 5, Bitcoin's price slightly recovered to $101,905, with a 24-hour decline of 1.7%, while Ethereum was at $3,307.12, down 5.4% [5]. Causes of the Downturn - Analysts attribute the Bitcoin crash to a combination of market sentiment cooling and the unwinding of leveraged positions. The overall risk appetite in the market has decreased, influenced by a drop in U.S. stock indices [7][8]. - The cryptocurrency fear index has reached a six-month low of 20, indicating heightened fear among investors, leading to a withdrawal from more volatile assets like cryptocurrencies [8]. External Influences - The Federal Reserve's recent interest rate cut and the ongoing U.S. government shutdown have added to the uncertainty in the cryptocurrency market [8]. - As of November 5, over 438,736 traders were liquidated, with a total liquidation amount of $1.719 billion, primarily from long positions [9]. Market Dynamics - The current market situation reflects a typical chain reaction of price breakdowns, insufficient margin, and forced liquidations, leading to further price declines [9]. - The overall market is undergoing a concentrated adjustment due to liquidity tightening, and it is expected that once the leverage is cleared, market sentiment may gradually improve [9].

Core Insights - BlackRock has deposited 34,777 Ethereum into Coinbase, valued at nearly $115 million [1] Group 1 - The transaction indicates a significant investment by BlackRock in the cryptocurrency market [1] - The value of the deposited Ethereum reflects the growing interest of institutional investors in digital assets [1]

经历了"红色十月"后，比特币价格再次跌破关键支撑位。 11月5日，周三凌晨，比特币价格直线下行，一度下探至99008美元/枚，是6月末以来首次跌破10万美元 大关。短短一个月内，比特币的价格已经重挫超18%，单枚比特币的价格跌超22400美元。 抛售的压力依然高企。Coinbase数据显示，比特币的总市值月内已经缩水超2.62%，相当于一个月内蒸 发了约600亿美元的市值。 比特币以外，其他加密货币则以更快的速度下泄。最近一个月，以太坊作为总市值排名仅次于比特币的 第二大加密货币，月跌超29%，XRP下挫超25%。 刚过去的10月，币圈还意外终结了七年连涨神话。从2018年开始，比特币在每年10月都会出现必涨行 情，但几周前一波大清算危机后，10月从"Uptober"变成了"Downtober"，现在比特币已经基本抹除夏季 的全部涨幅。 一般而言，加密货币还会在四季度迎来一年来的最佳行情。市场能在年底找回看涨的信心吗？ 逃离风险资产 当地时间11月4日，美国三大股指全线收跌，"恐慌指数"VIX波动率指数大幅上涨，风险资产出现剧烈 抛售，万得美国科技七巨头指数跌1.93%，高盛和摩根士丹利的分析师双双警告未来两 ...

Core Viewpoint - The global cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping below the psychological threshold of 100,000 USD, which poses a serious pressure test for Japan's recently optimistic crypto market [1] Market Dynamics - Japanese investors' cryptocurrency assets reached over 5 trillion JPY (approximately 33.16 billion USD) by the end of July, marking a 25% increase from the previous month, reflecting a peak period of market enthusiasm [1] - By the end of September, this asset size slightly decreased to 4.9 trillion JPY, indicating the initial effects of market cooling [1] - The current inflation rate in Japan is outpacing wage growth, leading to a heightened risk appetite among investors for high-risk investments [1] Regulatory Environment - Industry players are actively preparing for market growth, with discussions around regulatory adjustments that may lower cryptocurrency tax rates and ease restrictions on leveraged trading and asset securitization [2] - The Financial Services Agency (FSA) in Japan is refining regulatory proposals, which are expected to be submitted to the Diet for review, potentially coming into effect by 2026 or 2027 [8] Industry Growth Potential - The number of individuals with securities accounts is approximately three times that of cryptocurrency accounts, indicating significant growth potential in the market [4] - The CEO of Bitbank noted that the supportive stance of the Trump administration towards cryptocurrencies has influenced Japan's regulatory approach to be more favorable [5] New Product Launches - Established exchanges are launching new products and services in anticipation of regulatory changes, including potential tax reforms that could stimulate trading activity [8] - Coincheck has partnered with Mercari to offer a wider range of cryptocurrency options to its user base, which has seen significant growth in accounts [8] Investor Behavior - Retail investors are increasingly pursuing high returns, with some allocating over 90% of their assets to cryptocurrencies, driven by the desire to diversify away from low-yield assets [11] - The volatility of cryptocurrency prices poses significant risks to new investors, with industry experts advising caution and suggesting that cryptocurrencies should be viewed as alternative assets rather than core holdings [11][12]

Core Insights - Bitcoin price has dropped below the critical support level of $100,000 for the first time since June, with a decline of over 18% in just one month, equating to a loss of more than $22,400 per Bitcoin [1][2] - The total market capitalization of Bitcoin has shrunk by over 2.62% in the same month, resulting in a loss of approximately $60 billion [1] - Other cryptocurrencies, such as Ethereum and XRP, have experienced even steeper declines, with Ethereum down over 29% and XRP down over 25% [1] Market Dynamics - The cryptocurrency market typically sees strong performance in the fourth quarter, but current market conditions raise questions about whether bullish sentiment can be restored by year-end [2] - A significant sell-off in the U.S. stock market has led to increased volatility, with over 438,000 liquidations in the cryptocurrency market amounting to $7.3 billion [2] - The recent downturn in Bitcoin's price represents a shift in market sentiment, influenced by macroeconomic factors such as U.S. tariff policies and inflation pressures, which have led to a flight to safer dollar assets [3][4] Investor Behavior - The massive liquidation event on October 11 has altered market sentiment towards cryptocurrencies, with many investors adopting a more cautious approach [5][6] - Institutional demand for Bitcoin has reportedly fallen below the rate of new coin mining, indicating a retreat from large buyers and a shift towards risk aversion [5][6] - The market is currently experiencing a trust crisis, with reduced trading activity and a shift in strategies towards defensive positions among institutional traders [6] Future Outlook - Key support levels for Bitcoin are critical, with analysts suggesting that maintaining a price above $98,000 is essential to avoid further declines into the $70,000-$90,000 range [7] - The market may face a prolonged period of consolidation, with the potential for recovery dependent on the restoration of investor confidence and capital flow [7] - Despite the current challenges, some analysts remain optimistic about Bitcoin's long-term performance, citing the ongoing interest from compliant institutions and the potential for a recovery in market dynamics [7]

Core Insights - On November 5, a total of $797 million was withdrawn from U.S. Bitcoin and Ethereum spot ETFs during a market downturn, indicating a significant shift in institutional holdings [1] Group 1: Market Movements - The net outflow from spot Bitcoin ETFs reached $577.74 million, marking the largest single-day outflow since August 1 [1] - Fidelity's FBTC fund experienced an outflow of $356.6 million, while ARK and 21Shares' ARKB saw a withdrawal of $128 million, and Grayscale's GBTC had an outflow of $48.9 million [1] Group 2: Institutional Behavior - The continuous outflow over five days signifies a decisive change in institutional positions, reflecting a portfolio rebalancing [1] - The revaluation of risk assets is closely tied to the performance of technology stocks, which are currently putting pressure on cryptocurrencies [1] Group 3: Market Correlation - The excessive expansion of AI trading could lead to a decline in industry valuations, potentially impacting the cryptocurrency market through its correlation with the Nasdaq [1]

以下文章来源于科创日报 ，作者周子意 科创日报 . 科创圈都在关注的主流媒体，上海报业集团主管主办，《科创板日报》出品。 比特币再度经历暴跌，但这次导致市场崩溃的并非杠杆作用，而是来自于"比特币巨鲸"（指的是那些持有1000至10000枚比特币的实体） 的积极抛售。 比特币价格在周二（11月4日）美国交易时段内一度下跌了7.4%，自6月以来首次跌破10万美元大关。与一个月前创下的历史最高价相比， 其价格已跌超20%。截至周三（11月5日）亚洲早盘，比特币虽有收复部分跌幅，但仍难以企稳。 这波跌势与去年10月的暴跌不同，那次暴跌是由杠杆爆仓引发的连锁性抛售行为，而此次下跌则是由现货市场持续的抛售压力所导致的。 10x Research公司的负责人Markus Thielen指出，过去一个月里， 一些比特币长期持有者已售出约40万枚比特币，总计撤出资金约450亿 美元，导致市场出现失衡。 与此同时，根据CoinGlass的数据， 过去24小时内，约有20亿美元的加密货币仓位被平仓，这一数字与上个月暴跌期间的190亿美元强制 平仓规模相比似乎相对温和。 由于杠杆作用相对减弱，人们的注意力已转向那些选择出售的长期投资 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Amid tariff policies and geopolitical events causing global financial market volatility, the value of gold as a traditional safe - haven asset is increasingly prominent. Blockchain technology has spurred the rise of cryptocurrencies and given birth to gold - backed stablecoins, which combine gold's safe - haven nature with the high liquidity and decentralization of cryptocurrencies, offering new investment and risk - management tools for the traditional gold market and creating new buyers for gold [1][7]. - The report analyzes tokenized gold models represented by Pax Gold and Tether Gold, as well as the PGI scheme proposed by the World Gold Council in September 2025, and explores the differences and complementarities among the traditional gold market, tokenized gold models, and the PGI model [1][7]. - Gold - backed stablecoins, represented by XAUt and PAXG, have advantages such as low investment thresholds and low fees, with relatively low margin occupancy, but also face regulatory compliance issues due to decentralization and currently have a small scale. The PGI scheme shows the ambition to combine compliance and flexibility, with unique advantages in pledge and lease convenience, but its specific performance and market impact need further observation after implementation [3][45]. Summary According to the Directory 1. Blockchain and Cryptocurrency Basics: The Technological Foundation for Understanding Gold - Backed Stablecoins 1.1 Core Features of Blockchain - Blockchain has two core features: non - tamperability and decentralization. Non - tamperability means that each transaction record on the blockchain is stored in a chained manner through encryption algorithms. To modify a historical transaction record in a block, one must modify a series of blockchain records and their cryptographic proofs, making the transaction records on the blockchain non - tamperable and non - forgeable [8]. - Decentralization means that the entire blockchain network has no single centralized server but consists of numerous nodes with equal rights, connected peer - to - peer. Transaction records are broadcast to the whole network, and all nodes can verify and store the complete transaction ledger, which helps build a trust mechanism and makes the network more secure and stable [11]. 1.2 Classification of Cryptocurrencies and the Positioning of Gold - Backed Stablecoins - Cryptocurrencies can be classified into three categories based on value anchoring: native cryptocurrencies (e.g., Bitcoin and Ether), stablecoins (e.g., USDT), and real - world assets (RWA). Gold - backed stablecoins are positioned between stablecoins and RWA, mainly as "convenient on - chain gold investment products" rather than "on - chain currencies" [15][17][18]. 2. Overview of Mainstream Gold - Backed Stablecoins: Pax Gold and Tether Gold 2.1 Pax Gold (PAXG): A Compliance Benchmark with Priority on Regulation - PAXG is an ERC - 20 standard gold token issued by Paxos in September 2019 on the Ethereum blockchain, with excellent compatibility. Paxos actively seeks higher - level financial regulation. Each PAXG token corresponds to 1 ounce of LBMA - certified physical gold stored in London vaults, and token holders can trace the corresponding gold. PAXG can be redeemed for legal tender, other cryptocurrencies, or physical gold. As of late October 2025, its market value has increased by 153.16% in the past year to about $1.35 billion, and the number of investment gold ounces has grown from 196,700 ounces to 332,000 ounces [22][24][25]. 2.2 Tether Gold (XAUt): A Late - Comer Dominator Backed by Tether - XAUt is issued by Tether, the issuer of the largest US dollar stablecoin USDT. It has become the leader in the gold - backed stablecoin market. Technically and in terms of reserves, it is similar to PAXG, but its compliance process is relatively slow. Tether is not a licensed financial institution, and its financial compliance risk is more uncertain. As of late October 2025, its market value has increased by 215.61% in the past year to about $2.14 billion, and the number of investment gold ounces has grown from 246,300 ounces to 521,800 ounces [27][28][29]. 2.3 Price Difference between Gold - Backed Stablecoins and Spot Gold - The quotes of mainstream gold - backed stablecoins represented by XAUt and PAXG are basically the same as the London gold spot price, but there are still price differences, with the premium or discount fluctuating within ±$100 per ounce [30]. 3. The World Gold Council's PGI Scheme: A Revolutionary Framework Combining Law, Technology, and Regulation 3.1 Background of the PGI Proposal - The traditional physical gold investment market has two trading models: allocated and unallocated gold models, both of which have pain points. The allocated gold model has a high investment threshold, poor liquidity, and holding costs, while the unallocated gold model has prominent counter - party risks. The PGI scheme is designed to address these issues [37]. 3.2 Core Design of PGI - The core design of PGI includes legal, technological, and regulatory aspects. Legally, it solves the legal difficulty of "divisible ownership" of physical gold, defining PGI as an "intangible movable property" with an account - isolation - like risk - control mechanism. Technologically, it is "technology - neutral", does not require physical delivery, and supports a minimum trading unit of one - thousandth of an ounce, with high liquidity. In terms of regulation, it meets the requirements of mainstream financial regulatory regulations in the US and Europe and can be used as a compliant collateral [38]. 4. Comparison of Gold Investment Tools - In terms of investment thresholds, gold - backed stablecoins and PGI have significantly lower thresholds. Gold - backed stablecoins have an advantage in holding costs. In terms of regulation, gold - backed stablecoins are weakly regulated due to decentralization, while PGI tries to balance blockchain technology and regulation. In terms of market scale, gold - backed stablecoins currently have a small scale, and the performance of PGI remains to be seen [43][44][45].

2025年资本市场的热度中，IPO融资飙升、制造业回流争论与加密货币涨价构成三大焦点议题。投资者在热潮中亟需厘清认知：哪些是值得把握的机会， 哪些是需要规避的陷阱，这决定了在市场波动中的生存能力。 IPO热潮并非散户的"快车"，而是市场情绪的"晴雨表"。2025年前三季度中国IPO融资额达359亿美元，较2024年同期增长近两倍，欧洲市场亦不乏重磅发 行案例。但企业上市时机的选择始终倾向卖方——在市场上涨后以高估值募资，为创始人和早期投资者兑现收益，却常让后期入场者面临定价过高风险。 值得庆幸的是，当前全球1101亿美元的IPO总额虽同比增长41%，却远低于2021年同期4460亿美元的狂热水平，这种"升温未狂热"的状态恰是市场健康的 体现，提示投资者无需恐慌但需保持审慎。 加密货币的涨价狂欢背后是高风险陷阱。2025年比特币价格的飙升，并未改变其缺乏基本面支撑的本质——无工业用途、无盈利回报、无收益率数据，波 动完全受制于市场情绪。历史早已警示风险：2017至2018年比特币跌幅达83%，2021至2023年再度暴跌77%，这种剧烈波动远超普通投资者的风险承受能 力。更值得警惕的是，行业充斥的欺诈与洗钱活动 ...