来源：陕西法制网 币界网11月19日讯， Solana代币SOL本周遭遇剧烈抛售，一周内跌幅达25%，跌破140美元关键支撑 位。据XBIT去中心化交易所持仓数据显示，这轮暴跌导致Solana做多做空合约市场出现大规模清算， 其中多头头寸占据清算量的主要部分。在这轮下跌中，XBIT持仓数据进一步显示，24小时内，整个加 密货币市场清算金额超过4.6亿美元，其中3.2亿美元的多头头寸被清零 技术面全线失守，支撑位面临考验 币界网数据显示，SOL在过去一周的交易中跌破了所有主要移动平均线，目前在140.69美元附近徘徊。 技术分析表明，尽管SOL今年早些时候曾创下295美元的历史新高，但当前周线波动区间已收窄至126美 元至255美元之间。 短期持有者成为这轮抛售的主力军。币界网数据显示，短期持有者恐慌性抛售加剧，单日实现亏损飙升 至4.27亿美元，创下2022年11月以来的最高水平，已超过前两轮周期低点的亏损规模。 然而，市场研究机构Enflux和Bizantine Capital的报告显示，尽管比特币跌破9万美元，但并未引发典型 的山寨币抛售潮。交叉交易对保持坚挺，山寨币排名相对稳定，这表明加密货币市场正在从 ...

Market Overview - The cryptocurrency market is experiencing a significant downturn, with Bitcoin (BTC) dropping below $90,000, marking a seven-month low and erasing all gains for the year [2][3] - The total market capitalization of cryptocurrencies has plummeted by over $1.2 trillion in the past six weeks [2] Impact on Crypto Treasury Companies - Crypto treasury companies (DAT) are facing severe challenges as the prices of Bitcoin and Ethereum fall below their average acquisition costs, leading to losses [2] - The key metric mNAV (market value to BTC value ratio) for many DAT companies has dropped below 1, indicating a loss of premium on their holdings [2][6] Market Sentiment and ETF Outflows - The cryptocurrency fear and greed index indicates extreme fear, with a slight recovery from 11 to 15, but overall sentiment remains negative [3] - Bitcoin ETFs have seen significant outflows, with over $2.5 billion in net outflows in the past month, indicating reduced market support [4] Factors Contributing to the Downturn - The primary reasons for the current decline include macro liquidity tightening, structural leverage collapse, and persistent inflation data in the U.S. [3][4] - Large holders and "whales" are beginning to sell off their Bitcoin, contributing to the downward pressure on prices [4] Structural Issues in Crypto Treasury Companies - The crisis highlights the structural vulnerabilities in the transition of the cryptocurrency market from retail to institutional dominance, with traditional financial rules impacting asset pricing without adequate risk management frameworks [5] - The governance of crypto treasury companies is fundamentally flawed, lacking diversification and exposing investors to dual risks without corresponding risk premiums [7]

Core Viewpoint - The cryptocurrency market is experiencing significant turmoil, with a collective negative sentiment among investors leading to substantial capital outflows and price declines across various digital assets [3][5][6]. Market Overview - The total market capitalization of over 18,000 cryptocurrencies tracked by CoinGecko has dropped by 25% since the peak on October 6, resulting in a loss of approximately $1.2 trillion [5]. - Bitcoin's price has decreased by about 28%, reaching $91,700, nearly erasing all gains made in the year [5]. - Six of the top 20 cryptocurrencies by market capitalization have fallen over 40%, with three down approximately 60% [6]. Investor Sentiment - Matthew Hougan from Bitwise Asset Management noted that investor sentiment in the cryptocurrency market is extremely negative, with many opting to exit the market to avoid further losses [3]. - A report from CoinShares indicated that digital asset investment products, including Bitcoin ETFs, saw a capital outflow of $2 billion in the past week, marking the largest single-week outflow since February [6]. Market Dynamics - Tim Sun from HashKey Group highlighted that the unprecedented liquidation event on October 10 has had lasting impacts on the market, compounded by the longest government shutdown in U.S. history, tightening liquidity, and a hawkish shift in Federal Reserve interest rate expectations [6][10]. - The correlation between Bitcoin and U.S. equities is becoming more pronounced, with Bitcoin increasingly influenced by mainstream investors' risk appetite [6]. Broader Economic Context - Analysts suggest that the recent downturn in the cryptocurrency market is reflective of broader trends in global equity and commodity markets, with liquidity concerns driving investor behavior [8][10]. - The S&P 500 index has seen a decline of 19% since October 15, indicating a broader risk-off sentiment among retail investors [9].

10月币圈动荡余波 数据提供商CoinGecko追踪的18000多种加密货币的总市值自10月6日的市场峰值以来，已整体下跌 25%，总市值蒸发了约1.2万亿美元。同期，比特币价格下跌约28%，至91700美元，接近4月以来的最低 水平，几乎完全抹去了年内涨幅。除比特币外，今年市值最大的20种加密货币中有6种下跌了40%以 上，3种下跌了约60%。CoinShares的一份报告显示，包括比特币ETF在内的数字资产投资产品，上周流 出了20亿美元，是今年2月以来的最大单周规模。 HashKey Group的高级研究员孙（Tim Sun）对第一财经记者表示，加密市场10月10日史无前例的大清算 对市场的冲击远远没有结束。此外，又叠加了美国联邦政府史上最长期限的关门、市场流动性收紧和美 联储降息预期的鹰派转向，"多个风险共振，加剧了市场波动，同时也让市场情绪进一步受到打压，资 金开始从ETF流出，部分长期持有者开始获利了结，这些都加剧了盘面的脆弱。" "当前，比特币与美股的共振效应越发明显，越来越受制于主流资金的风险偏好。"孙称，"所以在宏观 市场利空频发的背景下，比特币也很难走出独立行情，同时由于其波动性本就较高， ...

（来源：吴说） 吴说获悉，据 @swishi_eth 数据，截至本日 16:00 UTC+8，Monad 在 Coinbase 预售的一天多时间内筹款 达 1.287 亿美元，完成了目标金额的约 68.57%；目前每小时新增 69.35 万美元资金。该公售将持续至 11 月 23 日 10:00，预计用户可能会在最后时刻大量投入，这也让前期进展较为缓慢。 来源：市场资讯 ...

Market Overview - The cryptocurrency market experienced significant volatility in November 2025, with Bitcoin dropping from a peak of $126,000 in October to a low of $89,000, marking a 29% decline [1] - Ethereum fell from $3,918 to $2,946, a monthly drop of 24.8%, while major altcoins like Solana and Cardano saw declines exceeding 30% [1] - The total cryptocurrency market capitalization decreased from $2.9 trillion at the end of October to $2.6 trillion, a loss equivalent to the market value of three Coinbase companies [1] Derivatives Market - A liquidation wave occurred in the derivatives market, with over 180,000 liquidations on November 15, amounting to $430 million, predominantly affecting long positions with leverage above 20x [1][3] - The futures open interest dropped from a peak of $68 billion to $41 billion, indicating an ongoing deleveraging process [4] Economic Factors - The Federal Reserve's policy shift was a key trigger for the market crash, as inflation rates exceeded expectations, leading to a reassessment of interest rate forecasts [3] - Trump's tariff threats on EU imports heightened market fears, prompting a flight to traditional safe-haven assets like the dollar and gold, resulting in a $1.2 billion outflow from Bitcoin on November 16 [3] Institutional Behavior - Institutional investors withdrew significantly, with a total of $2.6 billion exiting the Bitcoin ETF market over five weeks, including a record $420 million outflow from BlackRock's IBIT ETF [3] - Large holders, or "whales," sold off 23,000 Bitcoin in November, exacerbating market weakness and triggering a negative feedback loop of selling [4] Technical Indicators - Bitcoin's Relative Strength Index (RSI) dropped from 78 to 32.14, indicating a potential oversold condition, but the MACD remained in a deep negative zone, suggesting continued downward momentum [5] - A surge in social media discussions around Bitcoin's collapse and a fear index reading of 16 indicated extreme market fear, contributing to a collective sell-off [5] Market Sentiment and Future Outlook - The market is at a critical support level, with Bitcoin needing to hold above $95,000 to trigger a potential rebound; a drop below $89,000 could lead to further declines [7] - Attention is focused on the Federal Reserve's upcoming meeting on December 10, with a 44.4% probability of a 25 basis point rate cut, which could influence market sentiment positively [8] - Structural changes in the market are emerging, with practical cryptocurrencies gaining traction, while speculative tokens face outflows [9] Regulatory Environment - Regulatory uncertainties remain a significant concern, with the European Central Bank planning to launch a digital euro by 2029, potentially impacting the cryptocurrency landscape [10] - The market is showing signs of nearing a short-term bottom, with Bitcoin's MVRV ratio at 1.76, historically associated with rebounds [10]

智通财经APP获悉，在本周，将比特币列入法定货币行列的萨尔瓦多政府(El Salvador)将其持有的比特 币持仓规模增加了逾1亿美元价值，在币圈资深分析人士们看来，萨尔瓦多此举似乎是在比特币这一最 大市值加密货币价值经历新一轮严重暴跌之际"逢低买入"，或将是从历史最高点回撤近30%且刚刚跌破 9万美元大关的比特币开启"超级大反攻"的重大信号。 曾经在2024年精准预测比特币将于2024年底突破10万美元大关进而步入新一轮牛市曲线的渣打银行表 示，随着比特币周一亚盘中一度跌破9万美元，这一最大市值加密货币近期的调整基本上已结束。渣打 银行表示，本轮比特币价格下跌虽然下跌速度更快，幅度更大，但与当前周期中的第三次重大抛售浪潮 相吻合。 根据萨尔瓦多政府比特币办公室(Bitcoin Office)的官方说法，该政府于当地时间周一晚间向其储备中新 增了1090枚比特币。萨尔瓦多总统纳伊布·布克尔(Nayib Bukele)在社交平台X上发布了一张显示这一巨 额增持的图片，并配上一个单词的说明："Hooah!" 在萨尔瓦多，比特币等同于法定货币 据了解，萨尔瓦多早在2021年已经将这一加密货币与美元一起正式确立为法定 ...

Core Viewpoint - The article discusses the dramatic turn of events surrounding the "LuBian" Bitcoin mining pool hack, where a significant amount of Bitcoin was stolen and later seized by the U.S. government, raising questions about the legitimacy and motives behind the seizure [1][3]. Technical Vulnerabilities - The LuBian mining pool suffered from a critical flaw in its key generation process, using the Mersenne Twister (MT19937) algorithm, which allowed for the predictable generation of private keys, significantly reducing the difficulty of cracking them from 2^256 to approximately 2^32 [1][2]. - U.S. authorities exploited this vulnerability through systematic "weak chain attacks," identifying around 30% of small to medium platforms with similar security flaws, leading to the successful transfer of 127,426 Bitcoins [2]. Judicial Manipulation - The U.S. government strategically targeted the Cambodian Prince Group as a scapegoat to legitimize the seizure of the Bitcoins, diverting public attention from the original theft and focusing on the group's alleged illegal activities [3]. - The evidence presented in the judicial process was criticized for being weak and hastily assembled, indicating a rushed attempt to cover up the origins of the seized assets [3]. Strategic Intent - The operation was not merely a law enforcement action but part of a broader political and economic strategy to alleviate the U.S. federal debt, which exceeded $36 trillion by 2025, and to utilize cryptocurrency as a financial tool [4][6]. - The seizure of the Bitcoins is seen as a method to generate revenue with minimal costs, as the process involves technical hacking followed by legal proceedings for asset transfer [6]. Long-term Implications - The actions taken by the U.S. have undermined trust in the security of private keys, with a reported 62% decline in confidence among global cryptocurrency users following the LuBian incident [9]. - The U.S. has set a dangerous precedent by asserting jurisdiction over digital assets based on their connection to U.S. dollar transactions, impacting the global digital asset landscape and increasing volatility in the cryptocurrency market [9]. Conclusion - The fate of the 127,271 Bitcoins serves as a warning about the potential misuse of technology and legal systems in the digital age, highlighting the need for transparency and effective oversight to protect digital assets from similar future occurrences [10].

Core Viewpoint - Bitcoin's price has fallen below $90,000, continuing a downward trend for nearly a month, with the cryptocurrency market losing over $1 trillion in value during this period due to high tech stock valuations and uncertainty regarding U.S. interest rates [1][6]. Market Performance - Bitcoin's price dropped nearly 2.5% to $89,385, marking its first fall below the $90,000 threshold since April [1]. - The cryptocurrency market has seen a total market cap decline of approximately 25% since reaching a peak on October 6, equating to a loss of about $1.2 trillion [5]. - In the past 24 hours, over 180,000 traders were liquidated, with total liquidations exceeding $1 billion [3][4]. Historical Context - Bitcoin's performance in 2025 has erased all gains made earlier in the year, with a year-to-date decline of about 4% [4][5]. - The historical returns of Bitcoin from 2010 to 2025 show significant volatility, with notable declines in 2014, 2018, and 2022, alongside substantial gains in other years [5]. Market Sentiment and Analysis - Analysts indicate that Bitcoin's recent downturn is influenced by rising concerns over interest rate policies and high valuations in speculative markets [6]. - The market's skepticism regarding potential interest rate cuts by the Federal Reserve has intensified, impacting both Bitcoin and the U.S. stock market [6]. - The aftermath of the October 10 "liquidation disaster," which saw over $19 billion in forced liquidations, continues to affect market sentiment [7]. Correlation with Tech Stocks - There is a notable increase in the correlation between Bitcoin and U.S. tech stocks, with a 30-day correlation coefficient of approximately 0.80, the highest since 2022 [8]. - The performance of Bitcoin is increasingly resembling that of leveraged tech stocks, with some options traders betting on further declines [10].

24K-Production / Shutterstock.com The recent move we've seen in Bitcoin (CRYPTO:BTC) has truly brought about a level of concern in this sector I haven't seen in some time. Quick Read Bitcoin (BTC) has declined more than 30% from its peak amid broader risk asset selloffs. Bitcoin exhibits high correlation with tech-heavy indexes like the Nasdaq. The author sets a one-year Bitcoin price target of $75,000 with a potential range of $50,000 to $150,000. If you’re thinking about retiring or know someon ...