Group 1 - The "Trump trade" is facing significant losses, particularly for assets directly associated with Trump and his family, with the Trump Media & Technology Group's stock down 75% since his inauguration [1] - The meme coins named after Trump and Melania have seen declines of 86% and 99% respectively since the inauguration, while another cryptocurrency project linked to the Trump family has dropped about 40% since its launch in September [1] - The sell-off of these assets coincides with a broader decline in speculative market enthusiasm, affecting various risk assets including Bitcoin and AI-related stocks [1][2] Group 2 - The decline in speculative sentiment is not limited to Trump-related assets; a basket of unprofitable tech stocks tracked by Goldman Sachs has fallen 21% from mid-October to November 21 after an earlier surge [3] - The Trump Media & Technology Group has a staggering price-to-sales ratio of 1240, indicating a significant market correction [4] - Despite the downturn in certain sectors, healthcare stocks have risen, and major Wall Street banks like Goldman Sachs have performed well, while regional banks lag behind due to economic slowdown concerns [5][6] Group 3 - Gold has emerged as a winner amid market turmoil, with prices around $4200 per ounce, reflecting a nearly 60% increase this year as investors seek safe-haven assets [6] - Bitcoin has faced a harsh sell-off, dropping 30% in less than two months after a strong rally, impacting the Trump business ventures heavily invested in the cryptocurrency [6] - The macroeconomic outlook remains mixed, with expectations of a potential interest rate cut by the Federal Reserve in December, which could stabilize market sentiment [10]

Investment Rating - The report maintains an optimistic outlook for the market performance leading up to the expected interest rate cut in December, but expresses caution regarding the market's performance in early 2026 [4][29]. Core Insights - The total market capitalization of cryptocurrencies reached $3.11 trillion this week, reflecting a 6.1% increase from the previous week, driven by rising expectations of a 25 basis point rate cut by the Federal Reserve [10][11]. - Bitcoin closed at $90,919, up 6.8% week-over-week, while Ethereum closed at $3,032, up 9.6% [10][11]. - The current sentiment in the cryptocurrency market is still considered overly pessimistic, despite a slight recovery in the fear and greed index, which stands at 20, indicating extreme fear [11][17]. Summary by Sections Industry Dynamics - The Federal Reserve's expected interest rate cut in December has increased the total cryptocurrency market capitalization to $3.11 trillion, with Bitcoin and Ethereum showing significant price increases [10][11]. - The fear and greed index indicates extreme fear, but there are signs of a potential market rebound in the coming month [11][17]. Global Policy and Industry News - Texas has become the first U.S. state to purchase Bitcoin, investing $10 million through BlackRock's IBIT ETF [22]. - The SEC is set to discuss governance and tokenization of equity securities in a public meeting scheduled for December 4, 2025 [24]. - Hong Kong is developing a regulatory framework for digital asset trading and custody services, with a market size of approximately $3 billion for tokenized products [22]. Company News - The CFTC has granted Polymarket a license to operate in the U.S., and the Intercontinental Exchange is considering a $2 billion investment in Polymarket [27]. - Robinhood has acquired 90% of the cryptocurrency derivatives exchange MIAXdx, expanding its presence in the prediction market [28]. - Cipher Mining issued $333 million in senior secured notes at a 7.125% interest rate to fund the construction of a digital center [28]. Investment Recommendations - The report suggests focusing on cryptocurrency mining companies with partnerships or potential equity relationships with Google, as well as companies with substantial power reserves [4][29].

· USDT 是极度受监管的中心化银行 继续阅读，查看第一部分的全部内容！ 来源：市场资讯 （来源：吴说） 作者：PolkaWorld 链接：https://mp.weixin.qq.com/s/zQ2hknVNLblNWRcN4Vt8wA 声明：本文为转载内容，读者可通过原文链接获得更多信息。如作者对转载形式有任何异议，请联系我们，我们将按照作者要求进行修改。转载仅用于信 息分享，不构成任何投资建议，不代表吴说观点与立场。 当人们还在争论 meme 币的叙事有多热，Ethereum 联合创始人、Polkadot 创始人 Gavin Wood 却在一次播客中抛出一个冷峻的判断："加密行业已经偏离了 最初的使命。"在 When Shift Happens 第 124 期中，Gavin 展开了一场漫长而深刻的反思：从治理机制的失效，到金融工具的复刻；从以太坊 L2 路线的质 疑，到对 JAM 系统的设计初衷；从"自由社会"的幻想破灭，到对赌场文化的尖锐批判。这不仅是一场访谈，更像是一份宣言：在加密行业走向庸俗化的 当下，我们是否还能重新拾起最初的理想？他并未给出答案，但提出了一个方向。PolkaWorld 正在通 ...

币界网11月29日讯，不到十年前，那些西装革履的传统金融老炮儿们还在对XBIT 推出的100倍杠杆永续合约嗤之 以鼻，称之为"大规模杀伤性武器"。如今，他们却争先恐后地拥抱这一曾被他们唾弃的工具——从新加坡交易所 到芝加哥期权交易所，无一不在2025年前竞相推出自己的永续合约产品。这就是加密货币世界的讽刺与真实：要 么适应，要么灭亡。 而今天，作为一名加密货币交易员，我们正站在又一个历史转折点上。监管的镰刀正在挥舞，流动性的洪水却在 奔腾，市场在撕裂中前行，而我们，正是这场风暴中的冲浪者。 一、监管的阴影：从白俄罗斯到香港 这意味着什么？意味着比特币正在从"边缘资产"跃升为"核心机构工具"。而对交易员来说，这意味着更丰富的衍 生品工具、更深的流动性、更稳定的市场结构——但也意味着，你面对的对手不再是隔壁的"韭菜"，而是贝莱 德、摩根大通这样的巨鳄。 三、风险的暗流：劳动力市场与美联储的博弈 然而，狂欢之下，暗流涌动。美国劳动力市场正显露出疲软迹象——10月份裁员人数达到15.4万，创20年新高。 这加剧了市场对美联储降息的预期，但也暴露了加密货币市场的脆弱性。 为什么？因为流动性。当订单簿清淡时，任何宏观经济 ...

Key Points The crypto market has been struggling since the flash crash in October. But performance from earlier in the year hasn't consistently been much better. Whatever comes next will go a lot better if you take some time to prepare for it. 10 stocks we like better than Bitcoin › Bear markets are usually defined as periods when a market is down by at least 20% from a recent high. With that benchmark in mind, over the last couple of months, a popular story has emerged, claiming that the crypto s ...

"从日赚1.2%到血本无归，一场披着"DeFi革命"外衣的百亿屠宰场。" 当暴富梦碎在区块链的谎言里，奥拉丁（Origin）就像一颗毒瘤， 结果全成了被无情收割的韭菜。 短短9个月，奥拉丁就像个贪婪的黑洞，吸走了30多亿资金，50万投资者血本无归。而背后的操盘手，早就脚底抹油，逃到了柬埔寨，逍遥法外， 留下了一群绝望的受害者在痛苦中挣扎。 更让人大跌眼镜的是，这个所谓的"创新项目"，代码居然是抄来的。就这么个毫无创新可言的东西，却被包装成"全球首个隐私匿名支付生态"， 大肆吹嘘用了"零知识证明+环签名"技术，甚至还伪造了CertiK审计报告，就为了增加项目的可信度。 说白了，这就是利用区块链领域的专业术语，把一个简单的诈骗伎俩包装成高大上的高科技项目，专门收割那些怀揣暴富梦想的韭菜。 奥拉丁的崩盘，就像一场毁灭性的灾难，让50万投资者的财富瞬间化为乌有。这里头，有拿着养老钱投资的老人，他们的晚年生活一下子陷入了 困境；还有的人，为了参与这个项目，借了高利贷，结果无力偿还，只能跑路，生活陷入了无尽的黑暗。 可即便奥拉丁的骗局已经明明白白摆在那儿了，还是有人执迷不悟，一看币价稍有波动，就心存幻想地问："币价反弹了 ...

Core Insights - The volatility of cryptocurrency prices creates a demand for more stable digital currencies, akin to cash [1][2] - Stablecoins are designed to maintain a stable value, typically pegged to real-world assets like the US dollar, providing benefits such as fast global payments and reduced price volatility [2][7] Types of Stablecoins - **Fiat-backed stablecoins**: These are backed 1:1 by actual money held in reserves, with Tether's USDT and Circle's USDC being prominent examples [4] - **Crypto-backed stablecoins**: These utilize cryptocurrency as collateral, often requiring overcollateralization to mitigate volatility, with DAI from MakerDAO as a notable example [5] - **Algorithmic stablecoins**: These rely on algorithms and incentives to maintain their value peg, but can fail under extreme market conditions [6] Importance of Stablecoins - Stablecoins have become essential in the crypto ecosystem, driven by their real-world utility rather than speculation, enabling users to conduct cross-border transactions quickly and earn yields in decentralized finance markets [7][8] - They serve as a financial lifeline for individuals in regions experiencing rapid currency depreciation or inflation [8][9]

Core Viewpoint - The cryptocurrency market is experiencing a significant rally, with Bitcoin surpassing $92,000, leading to strong performance in related stocks [1] Group 1: Market Performance - Cryptocurrency-related stocks such as Cleanspark, Riot Platforms, and Bitfarms have risen over 8%, while MARA Holdings and Circle have increased by more than 5% [1] - Other companies like 嘉楠科技 (Canaan Inc.) and Bit Origin saw gains exceeding 4%, and Coinbase and Strategy rose over 3% [1] Group 2: Institutional Influence - JPMorgan indicates that the cryptocurrency market is shifting from a venture capital-like ecosystem to one supported by institutional liquidity rather than retail speculation [1] - The participation of retail investors has significantly decreased, leading to a market that relies more on institutional investors to stabilize capital flows and reduce volatility [1] Group 3: Long-term Outlook - A speaker suggested that Bitcoin's price could potentially reach $240,000 in the long term, indicating significant growth potential over the years [1]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251128 工信部召开动力和储能电池产业座谈会，北 证 50 上涨 0.39% 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 2025 年 11 月 28 日 相关研究： 《央行逆回购 3105 亿元稳流动性北 证 50 下跌 1.4%》 2025-11-19 《北证 50 缩量下跌,广东印发数字经 济新三年方案》 2025-11-20 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）加密货币市场集体大涨，美联储主席人选 ...

Core Insights - The cryptocurrency market is experiencing significant turmoil, negatively impacting the stock prices of companies that hold substantial amounts of Bitcoin and other tokens, leading to increased investor concerns about this rapidly growing sector in 2023 [1][4] Group 1: Market Performance - At least 15 Bitcoin treasury companies are trading significantly below their net asset value (NAV) of held cryptocurrencies, with Strategy Inc. (MSTR.US) seeing a nearly 36% drop in stock price in November [1][6] - Strategy Inc.'s stock has plummeted over 60% since its peak in July, and over 70% since reaching record highs in November last year, despite a cumulative increase of over 1300% since Michael Saylor announced the first Bitcoin purchase in August 2020 [2][3] Group 2: Investment Strategies - Strategy Inc. has relied heavily on a model of issuing stock and convertible debt to finance further Bitcoin purchases, creating a recursive leverage effect that has now become unsustainable as the cryptocurrency market's total value has evaporated by over $1 trillion in November [4][6] - The mNAV of Strategy Inc. has dropped to just above 1.1, indicating that the previous support for its stock price is no longer functioning effectively [4] Group 3: Industry Trends - The digital asset treasury (DAT) sector holds approximately 4% of all Bitcoin and 3.1% of all Ethereum, suggesting that the performance of these companies could significantly impact overall cryptocurrency prices [5] - As the DAT sector becomes saturated, new entrants are diversifying into other cryptocurrencies like Ethereum and Solana, with some companies announcing plans to accumulate Ethereum, which can also be staked for rewards [8][12] Group 4: Alternative Strategies - Smaller DAT companies are expanding their holdings to include alternative cryptocurrencies like Solana and Ripple, while some micro-companies are venturing into more volatile assets like Dogecoin to enhance profitability [12][15]