Market Performance - US stock market opened lower but turned positive, with the Dow Jones up 0.01%, S&P 500 up 0.01%, and Nasdaq up 0.07% as of 23:16 [1] - Major tech stocks showed mixed performance, with Micron Technology rising over 5% to reach a new historical high, while Nvidia, Apple, and Amazon fell over 1% [2][3] Company Highlights - Berkshire Hathaway disclosed its Q3 13F report, marking Warren Buffett's last detailed stock portfolio disclosure before stepping down as CEO, revealing significant sales of Apple shares and purchases of Alphabet shares [2] - Google (Alphabet) stock rose over 4%, reaching a market value of over $3.5 trillion [2] Chinese Stocks - Nasdaq China Golden Dragon Index fell 0.04%, but some popular Chinese stocks like Alibaba, GDS, and JD.com saw gains of 3.6%, 3.3%, and 2.4% respectively [3] Precious Metals - Gold prices continued to adjust, with spot gold down 0.43% at $4062.56 per ounce, and COMEX gold futures down 0.49% at $4074.2 [3][4] Cryptocurrency Market - Most cryptocurrencies continued to decline, with Bitcoin down 1.32% and Ethereum and Solana dropping nearly 2% [5] - Over the past 24 hours, more than 160,000 traders were liquidated, with total liquidation amounting to $786 million [6] - Bitcoin's price fell below $94,000, erasing all gains for the year and dropping over 25% from its peak of $126,251 on October 6 [6][7] Market Sentiment - Analysts noted that the significant drop in Bitcoin's price is primarily due to tightening dollar liquidity and changing Federal Reserve policy expectations, leading to increased selling pressure on high-volatility assets [7] - A concerning trend observed is the simultaneous decline of risk assets like Bitcoin and traditional safe-haven assets like gold, indicating potential systemic liquidity issues in the market [7]

数据显示，上周加密数字货币ETPs资金外流17.3亿美元。最近一个月，投资者从加密货币ETPs撤回25.6 亿美元，最近一年仍然累计流入583亿美元。加密货币ETP资产规模1845亿美元。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - The cryptocurrency market, particularly Bitcoin, is experiencing significant downward pressure, erasing gains made earlier in the year due to a combination of macroeconomic expectations, liquidity issues, and trading sentiment [1][5][8]. Market Performance - Bitcoin's price fell to a low of $93,714, marking a nearly 2% decline in 24 hours and erasing all gains for the year [1]. - As of the latest report, Bitcoin rebounded slightly to $95,734.9, while Ethereum was priced at $3,199.91 [2][3]. - Major cryptocurrencies, including Ethereum, have seen significant declines, with Ethereum's 7-day drop reaching 11.38% [3][4]. Market Dynamics - The decline is attributed to multiple pressures, including fluctuating macroeconomic expectations regarding the Federal Reserve's policies and a tightening liquidity environment [5][6]. - Institutional investors have been redeeming their holdings, leading to a net outflow from Bitcoin spot ETFs since September [5]. - High leverage levels in the market have made it more susceptible to liquidity shocks, with over 230,000 accounts liquidated in a recent 24-hour period, totaling over $1 billion [7]. Investor Sentiment - There is a noticeable decrease in risk appetite among investors, influenced by recent losses in the market and a cautious trading environment [8]. - Historical patterns of Bitcoin's price volatility are causing some investors to preemptively reduce their positions to lock in profits [7][8]. Long-term Outlook - Despite short-term volatility, the long-term narrative for Bitcoin as a hedge against inflation and geopolitical risks remains intact, but it requires time to mature as an asset class [9]. - Key variables influencing future market direction include the development of ETF channels, clarity in global regulatory environments, and sustained demand in on-chain finance and cross-border payments [9]. - Analysts suggest that while recent declines may correct excessive risk-taking and valuation discrepancies, the structural vulnerabilities of the cryptocurrency market compared to traditional financial assets still pose significant risks [9].

兄弟们，你们有没有那种"当年要是买了比特币就好了"的痛心时刻？今天要聊的这位NBA巨星，他不仅买了，还因为一个让人哭笑不得的理由，被迫持有了 近十年——结果现在财富直接起飞！ 没错，主角就是凯文·杜兰特，那个在球场上死神般的存在，场外却上演了一出"忘记密码，暴富被动达成"的魔幻现实大戏。 从篮球天才到投资"小白" 杜兰特随后通过交易平台买入了比特币，当时单价约650美元。但买完之后……这位老哥居然把登录密码给忘了！账号一锁就是好几年，期间他们尝试了各 种方法，死活找不回。用现在的话说，就是"大脑内存已清空，密码随风而去"。 而就在他们"挣扎"的这几年，比特币坐上了火箭：2017年翻了几倍，2018年突破1万美元，2021年冲上6万美元高峰……杜兰特眼睁睁看着财富暴涨，却动不 了账户里的币，成了全网最"凡尔赛"的被动持有者。 "被迫信仰"的结果：收益暴涨180倍 克莱曼后来在采访中自嘲："当年没劝他多买点，是我的锅；但忘了密码，反而成了神来之笔。" 杜兰特，身高臂长，从小就是篮球场上的"天选之子"。高中时期就辗转各大学校疯狂练级，2006年直接登顶全国第二高中生，地位仅次于奥登。选秀时以榜 眼身份进入联盟，从此 ...

美国总统特朗普在8月下旬至10月上旬期间购买了至少8200万美元的公司债和市政债，其 中包括新增配置到一些受其政策支持行业的投资。上周六公开的金融披露文件显示了上述情 况。 根据美国政府道德办公室公布的文件，从8月28日到10月2日，特朗普进行了175笔以上的 金融资产购买。这些依据1978年《政府道德法》所要求披露的文件并未列出每笔交易的具 体金额，只给出了一个大致区间。 按照文件中的上限区间计算，这些债券买入的总金额最高超过3.37亿美元。 周六披露文件中列示的资产，大部分是由市政当局、州、县、学区以及其他与公共机构相关 实体发行的债券。 特朗普新购入的债券投资涵盖多个行业，其中包括那些已经从其政府的政策调整（例如金融 监管放松）中受益或正在受益的领域。 在美国政府（在特朗普主导下）入股英特尔之后，特朗普也买入了英特尔发行的债券。 特朗普买入的公司债包括博通、高通等芯片制造商发行的债券，Meta等科技公司发行的债 券，家得宝、CVS Health等零售企业发行的债券，以及高盛、摩根士丹利等华尔街银行发 行的债券。 与其前任不同的是，特朗普并未抛售资产或将其资产转入由独立监管人管理的" 盲目信 托"中。他庞 ...

Core Viewpoint - The recent decline in major cryptocurrencies, including Bitcoin and Ethereum, is attributed to multiple pressures from macroeconomic expectations, funding conditions, and trading sentiment, leading to a significant drop in risk appetite among investors [4][5][6]. Market Performance - On November 17, Bitcoin's price fell to a low of $93,714, erasing all gains made in 2023, with a market capitalization loss of approximately $600 billion since its peak in October [1][3]. - Ethereum also experienced a decline, dropping below $3,200, with a 7-day decrease of 11.38% [3][4]. - Other cryptocurrencies, such as XRP, BNB, and Solana, also faced varying degrees of decline [3][4]. Market Pressures - The decline is not due to a single event but rather a combination of macroeconomic uncertainties, funding pressures, and weakened trading sentiment [4][5]. - There is a lack of consensus regarding the Federal Reserve's policy direction, leading to fluctuating expectations for interest rate cuts, which has negatively impacted risk assets [4]. - The Bitcoin spot ETF, which had previously shown strong performance, has seen continuous net outflows since September, contributing to the decline in market liquidity [4][5]. Trading Environment - The market is experiencing heightened vulnerability due to a significant liquidation event on October 11, which has left investors cautious [5][6]. - High leverage levels and fluctuating investor sentiment have made the market more susceptible to liquidity shocks [5][6]. - Recent data indicates that over 230,000 trading accounts were liquidated in a 24-hour period, amounting to over $1 billion, primarily affecting Bitcoin and major altcoin contracts [6]. Long-term Outlook - Despite the short-term volatility, the long-term narrative for Bitcoin as a hedge against inflation and geopolitical risks remains intact, but it requires time to establish itself as a mature asset class [8]. - Key variables influencing future market direction include the improvement of ETF channels, clarity in global regulatory environments, and sustained demand for on-chain finance and cross-border payments [8]. - Analysts suggest that while recent declines may correct excessive risk appetite and valuation deviations, the structural vulnerabilities of the crypto market compared to traditional financial assets still pose significant risks [8].

Market Overview - US stock index futures show mixed performance with Dow futures down 0.02%, S&P futures up 0.09%, and Nasdaq futures up 0.2% [1] - European stock indices decline, with the Euro Stoxx 50 down 0.78%, FTSE 100 down 0.21%, CAC 40 down 0.46%, and DAX 30 down 0.65% [1] - WTI crude oil decreases by 0.15% to $60.0 per barrel, while Brent crude oil falls 0.14% to $64.3 per barrel [1] - Gold prices drop by 0.35% to $4080.0 per ounce [1] Economic Data and Forecasts - The end of the US government shutdown leads to an influx of data, with the September non-farm payroll report set to be released on Thursday, which may influence the Federal Reserve's interest rate decisions [1] - Internal policy disagreements persist within the Federal Reserve, with three voting members publicly opposing rate cuts, leading to a significant decline in precious metals [1] - Morgan Stanley predicts a potential 50 basis point rate cut by the Federal Reserve in the first half of 2026, with the 10-year Treasury yield possibly dropping to 3.75% [1] - The EU raises its 2025 economic growth forecast for the Eurozone from 0.9% to 1.3% [1] - Italy's harmonized CPI for October matches expectations at a year-on-year increase of 1.3% [1] Commodity and Cryptocurrency Updates - WTI crude oil briefly surpasses $60 per barrel, with a daily increase of 0.37%, while Brent crude oil rises 0.30% to above $64 [1] - Bitcoin and Ethereum prices increase, positively impacting cryptocurrency-related stocks in pre-market trading; the Singapore Exchange plans to launch Bitcoin and Ethereum perpetual futures on November 24, aimed at qualified institutional investors [1] Company-Specific News - Google (GOOGL) sees a pre-market increase of nearly 6% after Berkshire Hathaway builds a position of 17.85 million shares valued at approximately $4.34 billion, making it the tenth largest holding [1] - Tesla (TSLA) rises 1.2% in pre-market trading; Elon Musk warns Bill Gates about shorting Tesla for eight years, advising him to "stop soon" [1] - TotalEnergies invests €5.1 billion to acquire a 50% stake in EPH's flexible power generation platform, making EPH one of TotalEnergies' largest shareholders [1] - Emirates Airlines partners with Starlink to implement satellite internet on Boeing 777 aircraft by November 2025, with full fleet deployment expected by mid-2027 [1] - Nokia (NOK) enters a three-year 5G collaboration agreement with Telecom Italia to expand and upgrade 5G network coverage and capacity [1]

Core Viewpoint - Bitcoin has fallen below the $100,000 mark, raising concerns about its stability and potential further declines, with analysts warning of a possible retest of the $70,000 support level if the U.S. stock market continues to decline [1][4]. Market Dynamics - Bitcoin experienced a significant drop, erasing 30% of its gains for the year, with a peak of $126,000 on October 6, 2023, now down approximately 25% [1]. - Ethereum has also faced challenges, with a decline exceeding 35% from its August highs [1]. Liquidity Crisis - The recent downturn is characterized as a "two-phase decline," starting with macroeconomic risks and followed by a liquidity crisis that has led to increased volatility in the Bitcoin market [3]. - Following the October 10 crash, liquidity in the Bitcoin market has sharply decreased, causing even small trades to result in significant price movements [3]. Economic Environment - The macroeconomic environment is worsening, with reduced expectations for a Federal Reserve rate cut in December and a government shutdown impacting economic data releases, further dampening market sentiment [3]. - The tightening of liquidity is particularly affecting Bitcoin ETFs, which previously attracted over $100 billion but are now facing capital outflows [3]. Technical and Fundamental Pressures - Concerns persist that if the stock market experiences further profit-taking, cryptocurrencies may face a second wave of concentrated selling [4]. - Analysts warn that Bitcoin is still exhibiting characteristics of a risk asset, and further price declines are likely as uncertainties around AI valuations and interest rate cuts loom [4]. Historical Context and Investor Sentiment - There is apprehension among investors about a potential repeat of historical cycles, leading to preemptive market withdrawals to avoid significant downturns [5]. - However, some analysts believe the current sell-off is different from past crises, lacking systemic failures or credit contagion, and expect Bitcoin to reach new highs within 12 to 18 months once conditions stabilize [6]. Investment Strategies - Long-term investors are encouraged to view current price levels as attractive entry points, with some firms reporting record client investments in cryptocurrencies [6]. - Retail investors are advised to adopt dollar-cost averaging strategies and focus on understanding the fundamentals of Bitcoin and Ethereum rather than reacting to market headlines [6].

智通财经APP获悉，加密货币市场抛售潮毫无缓和迹象，市值最小、风险最高的代币正首当其冲。追踪 100种数字资产中50种最小市值币种的MarketVector数字资产100小盘指数，于上周日跌至2020年以来的 最低水平。 这一低点出现之际，最大加密货币比特币抹去了今年以来30%的涨幅，而就在几周前，它才刚刚创下历 史新高。被视为高风险投机情绪晴雨表的"山寨币"，在2025年的表现远远落后于其他市值更大的币种。 在以往的加密货币牛市中，受益于交易员对高风险、高回报押注的追捧，小盘代币指数往往跑赢大盘代 币指数。但去年美国批准比特币和以太币交易所交易产品(ETP)后，这一趋势发生逆转，这类产品成为 机构资金流的焦点。 过去五年间，加密货币小盘指数下跌近8%，而大盘指数飙升约380%，凸显出该板块已大幅失宠。 澳大利亚对冲基金Apollo Crypto的投资组合经理普拉蒂克·卡拉表示，散户交易员正从以往的市场周期 中吸取教训。"潮水涨起并非所有船只都能扬帆——只有优质资产才能受益，"他补充道。 整个加密货币市场仍未从10月10日的崩盘事件中恢复。该事件引发了约190亿美元的清算，所有代币的 总市值蒸发超过1万亿美元 ...

来源：喜娜AI 1、日本旅游相关股票下挫 资生堂重挫11% 日本旅游类股大幅下挫，资生堂股价下跌11%。日本航空一度下跌5.8%。日本其他消费品/零售股 方面，三丽鸥跌7.8%、亚瑟士跌6.6%、迅销跌6.9%。百货店经营商伊势丹三越控股公司股价下跌 12%。良品计画股价一度下跌12%，创2024年8月以来最大跌幅。 2、日本外务省高官今日访华 日本外务省亚洲大洋洲局局长金井正彰将于今天（11月17日）起访问中国，预计将与中国外交部亚 洲司司长刘劲松等人举行会谈。报道称，在会谈中，金井正彰将说明日本首相高市早苗近日的涉台发言 并未改变日方一贯立场，同时传达"即便双方存在立场分歧，也应避免影响人员交流"的立场。（CCTV 国际时讯） 3、周末要闻一览 1、比特币抹掉今年以来所有涨幅，加密货币熊市加剧。比特币跌1.8%，逼近93500美元，失守 2024年收盘位93714.04美元。2、新西兰于周日晚间对美国宣布取消其一系列农产品额外关税的决定表 示欢迎，这些农产品包括牛肉、内脏和猕猴桃；但新西兰同时表示，希望美国取消对所有新西兰商品征 收的额外关税。3、知情人士周日表示，在迪拜航展期间，空中客车公司有望击败波音 ...