Core Viewpoint - The cryptocurrency concept stocks continue to decline, with significant drops observed in various companies, indicating a potential weak period for the cryptocurrency market [1]. Company Performance - OK Blockchain (01499) fell by 8.68%, trading at 0.221 HKD [1]. - OSL Group (00863) decreased by 5.08%, trading at 15.15 HKD [1]. - Boyaa Interactive (00434) dropped by 3.85%, trading at 4.25 HKD [1]. Market Analysis - On November 17, Bitcoin experienced a sharp decline, briefly falling below the 93,000 USD mark, erasing over 30% of its gains since the beginning of the year [1]. - Analysts suggest that the ongoing sell-off in the cryptocurrency market may be driven by capital withdrawal, indicating the market may be entering a fragile period [1]. - Patrick Munnelly from Tickmill Group noted that major investment funds, exchange-traded fund investors, and corporate treasury departments have retreated from Bitcoin, removing the key support that fueled this year's rebound, thus signaling a new phase of market vulnerability [1].

Core Viewpoint - Bitcoin recently fell below the critical $100,000 mark, driven by selling behavior from "whales" and long-term holders, which has significantly impacted the price [1][2] Group 1: Whale Selling Behavior - "Whales," defined as individuals or institutions holding 1,000 or more bitcoins, have accelerated their selling pace, which some analysts view as profit-taking rather than panic selling [1][3] - The selling behavior of long-term holders is not unique to the current cycle, with evidence suggesting that recent sales are driven by profit realization rather than fear [3][5] - The selling pattern of whales has shown regularity and consistency over time, indicating a planned asset allocation strategy [1][6] Group 2: Market Conditions and Price Pressure - The recent whale selling coincides with deteriorating market sentiment and a slowdown in buying, potentially putting further pressure on Bitcoin prices [2][7] - Bitcoin approached a low of approximately $19,400, marking its lowest level since May 6 [2] - The market's ability to absorb whale selling has changed, with significant outflows from Bitcoin ETFs indicating weak demand [7][8] Group 3: Psychological Price Levels - The $100,000 mark is viewed as a psychological threshold for profit-taking among early adopters, with many anticipating selling at this level [6][7] - Since Bitcoin first surpassed $100,000 in December 2024, the selling behavior of long-term holders has intensified [6] Group 4: Ongoing Accumulation - Despite the selling pressure, one of the largest Bitcoin whales, Michael Saylor, continues to accelerate purchases, holding over 640,000 bitcoins, which represents more than 3% of the total circulating supply [9]

Group 1 - Bitcoin price has experienced a significant drop, falling to $93,778.6, erasing its 30% year-to-date gain, with the current price at $94,886.2, down 0.2% [1] - The primary driver of this decline is the change in liquidity expectations due to higher-than-expected U.S. inflation data, leading to decreased confidence in a Federal Reserve rate cut in December, with the probability of a 25 basis point cut dropping to 44.4% [1] - Institutional outflows have intensified market pressure, with a noticeable slowdown in inflows to U.S. spot Bitcoin ETFs, indicating a weakening appetite for cryptocurrency among institutions [1] Group 2 - Morgan Stanley's latest report suggests that if the Federal Reserve maintains its current stance in December, the marginal tightening of dollar liquidity will suppress the performance of non-yielding assets, including Bitcoin [2] - Analysts warn that if Bitcoin remains below $100,000, it could trigger more aggressive sell-offs, with a potential target near $74,000, indicating about 30% downside from current levels [4] - Despite market volatility, some institutions are still entering the market, with Strategy Company recently purchasing 397 Bitcoins for approximately $45.6 million, bringing their total holdings to 641,205 Bitcoins at an average cost of $74,057 each [4]

过去一个月间，从交易所交易基金配置机构到企业财资部门，诸多大买家已悄然离场。这使市场失去了 资金流驱动的支撑力量——正是这股力量在今年早些时候将比特币推升至创纪录水平。 今年以来的大部分时间里，机构投资者一直是比特币合法性及其价格的核心支柱。彭博数据显示，ETF 阵营累计吸纳逾250亿美元资金，推动资产管理规模攀升至约1690亿美元。这些稳定的配置资金流帮助 重塑了该资产的定位，使其成为投资组合多元化工具——对冲通胀、货币贬值和政治动荡的避险选择。 但这个始终脆弱的叙事正在重新瓦解，使市场暴露于某种更隐蔽却同样具有破坏力的力量：资金撤离。 "这轮抛售是长期持有者获利了结、机构资金外流、宏观不确定性以及杠杆多头被清盘等多重因素叠加 所致。"链上分析平台Nansen高级研究分析师杰克·肯尼斯（Jake Kennis）分析道，"可以明确的是，市场 在经历长期盘整后暂时选择了向下突破。" 数字资产领域购买停滞的最鲜明例证之一，当属迈克尔·塞勒（Michael Saylor）的公司Strategy Inc.。这 家从软件企业转型为比特币储藏的机构，曾是企业财资配置加密资产的典范，如今其股价正徘徊于所持 比特币价值的平价 ...

Core Viewpoint - The Japanese Financial Services Agency is considering regulations to classify cryptocurrencies as financial products subject to insider trading rules and to lower their profit tax rate [1] Group 1: Regulatory Changes - The proposed regulations will apply to 105 cryptocurrencies currently in circulation in Japan, including Bitcoin and Ethereum [1] - Cryptocurrency exchanges will be required to disclose information regarding price volatility risks [1] - Banks and insurance companies will be permitted to sell cryptocurrencies to depositors and policyholders through their securities subsidiaries [1] Group 2: Tax Implications - The profit from cryptocurrency trading will be taxed at a rate of 20%, aligning it with the stock trading tax rate, significantly down from the current maximum rate of 55% [1] - The Financial Services Agency aims to pass the relevant legislation during the regular Diet session next year [1]

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping below $94,000, erasing all gains made this year, and a notable increase in negative sentiment among investors [1][3]. Market Performance - Bitcoin has fallen to $93,778.6, while Ethereum decreased by 1.93%, Cardano by 3.29%, and FIL by 3.44% [1][2]. - In the past 24 hours, approximately 160,000 traders faced liquidation, totaling $580 million, with long positions accounting for $410 million and short positions for $170 million [2]. Investor Sentiment - Analysts suggest that a withdrawal of funds from major investment funds, ETFs, and corporate treasuries has contributed to the market's vulnerability [3]. - Reports indicate a sharp rise in negative discussions surrounding Bitcoin, Ethereum, and XRP, leading to a significant drop in the positive/negative sentiment ratio [3][4]. Selling Pressure - Long-term holders are reportedly engaging in concentrated selling, with 815,000 Bitcoins sold in the past 30 days, marking the highest selling activity since early 2024 [5][6]. - "Whales" holding over 1,000 Bitcoins are selling at a rate exceeding 1,000 Bitcoins per hour, indicating a sustained and staggered distribution rather than a coordinated sell-off [6]. Psychological Threshold - The $100,000 mark has been identified as a psychological threshold for many early holders, who have long discussed this level as a point for profit-taking [6].

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping to $93,778.6, erasing all gains made this year, and other cryptocurrencies like Ethereum and Cardano also facing declines [1][2]. Market Performance - Bitcoin is currently priced at $94,659.0, down by $1,013.0 (-1.06%) [2]. - Ethereum is trading at $3,109.60, down by $61.30 (-1.93%) [2]. - Cardano is at $0.4868, down by $0.0166 (-3.29%) [2]. - FIL is priced at $1.96, down by $0.07 (-3.44%) [2]. - The total liquidation in the cryptocurrency market over the past 24 hours reached $580 million, with long positions accounting for $410 million and short positions for $170 million [2]. Market Sentiment - Analysts suggest that the ongoing sell-off in the cryptocurrency market is largely due to capital withdrawal, indicating a potential new phase of market vulnerability [3]. - Negative discussions surrounding Bitcoin, Ethereum, and XRP have surged, leading to a significant drop in the positive/negative sentiment ratio, indicating a prevailing negative sentiment among investors [3][4]. Selling Pressure - Long-term holders are reportedly engaging in concentrated selling, contributing to the market decline [5]. - The sell-off is particularly driven by "whales" (individuals holding over 1,000 Bitcoins) and long-term holders, with approximately 815,000 Bitcoins sold in the past 30 days, marking the highest selling activity since early 2024 [6]. - Many early holders view the $100,000 mark as a psychological threshold for profit-taking, which has accelerated selling since Bitcoin first surpassed this level in December 2024 [6].

Group 1 - Precious metals prices stabilized and rebounded after a significant drop, with international spot gold rising to $4100.420 per ounce, an increase of 0.45%, and spot silver reaching $50.863 per ounce, up 0.68% [1] - U.S. stock index futures opened lower but recovered, with Nasdaq 100 and S&P 500 futures turning positive [1] - The probability of a 25 basis point rate cut by the Federal Reserve in December dropped to 44.4%, down from over 70% previously, following comments from Fed officials [1] Group 2 - The decline in interest rate cut expectations, combined with waning enthusiasm for the Trump administration's support of cryptocurrencies and a cooling tech stock rally, led to a significant drop in the cryptocurrency market [1] - Bitcoin fell below the $95,000 mark, briefly dipping below $93,000, erasing over 30% of its gains since the beginning of the year [1]

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping to $93,778.6, erasing all gains made this year. Other cryptocurrencies like Ethereum, Cardano, and FIL also saw declines [1]. Group 1: Market Analysis - The ongoing decline in the cryptocurrency market is attributed to a withdrawal of funds, marking the beginning of a fragile period for the market. Major investment funds, ETFs, and corporate treasury departments have retreated from Bitcoin, removing key support that fueled this year's rebound [2]. - Sentiment analysis indicates a sharp increase in negative discussions surrounding Bitcoin, Ethereum, and XRP, with the positive-to-negative sentiment ratio dropping significantly, reflecting a prevailing negative sentiment in the market [2]. Group 2: Long-term Holder Behavior - Long-term holders are increasingly selling off their Bitcoin holdings, contributing to the market's decline. In the past 30 days, long-term holders have sold approximately 815,000 Bitcoins, marking the highest selling activity since early 2024 [3][4]. - Notably, "whales" (individuals holding over 1,000 Bitcoins) and long-term holders have been selling at a rate exceeding 1,000 Bitcoins per hour. This selling behavior is characterized by a continuous and staggered distribution rather than a sudden coordinated sell-off [4]. - Many early holders view the $100,000 mark as a psychological threshold for profit-taking, which has led to accelerated selling since Bitcoin first surpassed this level in December 2024 [4].

据美国消费者新闻与商业频道（CNBC）消息，截至美国东部时间11月16日17时44分，全球市值最大的 加密货币比特币下跌2.04%，至93500美元，抹去今年以来所有涨幅。 美东时间11月16日，比特币价格下跌超2% CNBC截图 报道指出，近日，在与人工智能相关的股票普遍回调的背景下，比特币自11月11日以来已连续数日下 跌。 由于吸引了众多此前大举投资大型科技股的投资者，这使得这两类交易紧密相连。上周，由于市场对硅 谷科技巨头在人工智能项目上的巨额投入重燃担忧情绪，多家大型科技企业的股价出现了下跌。 加密货币投资和区块链开发公司安拟集团（Animoca Brands）联合创始人萧逸（Yat Siu）表示，当前市 场流通资金趋紧，这就导致投资者不得不抛售部分资产，毕竟整体市场处于收缩态势，他们要借此应对 各类资金缺口与潜在风险。 萧逸称，当前加密货币市场周期可能与以往不同，尤其是因为机构资金近期才相对大量涌入数字资产领 域，机构通常不会像比特币的主要长期持有者那样，对这种代币四年一轮的价格周期抱有近乎 "宗教 式" 的信仰，这或许能帮助比特币及其他数字资产，在近期和即将到来的逆风期保持一定韧性。 "有观点认 ...