Market Overview - The cryptocurrency market experienced a widespread decline on November 14, with Bitcoin dropping by 2.51%, Ethereum by 5.86%, Ripple by 4.22%, and Dogecoin by 3.84% [1] - CoinGlass reported that nearly 200,000 individuals faced liquidation in the cryptocurrency market within the last 24 hours [4] Liquidation Data - Total liquidation in the last 24 hours reached approximately $760 million, with long positions accounting for $760 million and short positions for $600 million [5] - In the past month, the total sell-off of spot Bitcoin ETFs has reached around $2.8 billion, indicating a bearish sentiment in the market [6] Economic Indicators - Cleveland Fed President Loretta Mester emphasized the need for the Federal Reserve to maintain stable interest rates to combat persistent inflation, particularly affecting low- and middle-income families [10] - The probability of a 25 basis point rate cut in December stands at 51.6%, while the likelihood of maintaining current rates is at 48.4% [13] International Relations - South Korean President Yoon Suk-yeol announced an agreement with the U.S. regarding tariffs and security cooperation, including plans for South Korea to build nuclear submarines [16][17]

Core Viewpoint - Cryptocurrency-related stocks experienced a decline on November 14, with notable drops in several companies' share prices [1] Group 1: Company Performance - Boyaa Interactive (00434.HK) fell by 5.51%, trading at 4.46 HKD [1] - MStrategy (02440.HK) decreased by 3.74%, with a share price of 2.06 HKD [1] - OSL Group (00863.HK) saw a decline of 3.65%, priced at 16.38 HKD [1] - OKLink (01499.HK) dropped by 2.4%, trading at 0.244 HKD [1]

Group 1 - Cryptocurrency concept stocks have declined, with notable drops including Boyaa Interactive down 5.51% to HKD 4.46, MStrategy down 3.74% to HKD 2.06, OSL Group down 3.65% to HKD 16.38, and OKLink down 2.4% to HKD 0.244 [1][1][1] - The cryptocurrency market has been severely impacted, with Bitcoin falling below the USD 100,000 mark and Ethereum dropping below USD 3,200, experiencing a 24-hour decline of over 7% [1][1][1] Group 2 - Analysts suggest that the recent sell-off was catalyzed by cautious remarks from several Federal Reserve officials, indicating that interest rate cuts should be approached with caution [1][1][1] - According to CME data, the probability of interest rate cuts has sharply decreased from over 70% a week ago to around 50% [1][1][1] - Federal Reserve officials, including Kashkari, Musalem, and Harmack, expressed concerns about inflation remaining above the 2% target, advocating for a cautious approach to further rate cuts [1][1][1]

Investment Rating - Investment rating: None [4] Core Insights - The report emphasizes the strategic importance of civil nuclear energy in global energy transition and climate governance, highlighting its current contribution of approximately 9% to global electricity and 23% to low-carbon electricity. It notes that nuclear energy has avoided around 70 billion tons of CO2 emissions over the past 50 years and could potentially reduce an additional 90 billion tons by 2050 if development accelerates [4][16] - The International Atomic Energy Agency (IAEA) predicts a 2.5-fold increase in nuclear power capacity by 2050, positioning it as a core support for achieving "net zero emissions" goals. Currently, there are about 440 operational reactors across 31 countries, with over 60 under construction and 30 more planned [4][16] - The report also highlights the potential applications of innovative technologies such as Small Modular Reactors (SMR) and Advanced Modular Reactors (AMR) in hydrogen production, heating, and non-electric sectors, calling for stronger policy and financial support to drive a new growth cycle in the global nuclear energy industry [4][16] Market Performance Review - During the week of November 3 to November 7, 2025, technology stocks experienced a pullback, with the Hang Seng Tech Index closing at 5837.4, down 1.2%, underperforming the Hang Seng Index by 2.5 percentage points. The Philadelphia Semiconductor Index closed at 6947.4, down 3.9%, also underperforming the Nasdaq 100 and S&P 500 indices [7][9] - The AI energy sector saw declines influenced by earnings reports, with the top five gainers being COHERENT (+17%), 亚舍立科技 (+8%), 艾马克技术 (+8%), 美光科技 (+6%), and 百度集团-SW (+6%). Conversely, the top five decliners included NUSCALE POWER (-32%), DUOLINGO (-26%), ENERGY FUELS (-24%), 超微电脑 (-23%), and CENTRUS ENERGY (-20%) [9][4] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies decreased to $3.37 trillion as of November 7, 2025, down from $3.64 trillion the previous week. The total trading volume for cryptocurrencies was $166.74 billion, accounting for 4.95% of the total market cap [18][24] - The sentiment in the cryptocurrency market is currently in a state of panic, with the Fear and Greed Index at 21, indicating a fear-driven market environment [20] - The report notes that the core assets in the cryptocurrency market experienced significant price declines due to tightening liquidity and expectations of interest rate hikes, with major assets briefly falling below $100,000 [29][30]

Core Viewpoint - Bitcoin has fallen below the $100,000 mark amid deteriorating risk sentiment on Wall Street and significant sell-offs in tech stocks, leading to a loss of over $450 billion in market value since early October [1][3]. Group 1: Market Sentiment and Trends - The cryptocurrency market has entered a "confirmed bear market" phase, indicated by weakening ETF inflows, ongoing selling by long-term holders, and low retail investor interest [3]. - Bitcoin's next key support level is set at approximately $93,000, as identified by 10x Research [3]. - The correlation between Bitcoin and traditional assets has increased, contributing to its price decline in the absence of positive narratives for cryptocurrencies [3]. Group 2: Derivatives Market and Investor Behavior - There is a rising demand for put options with strike prices below $100,000, particularly around $90,000 and $95,000, indicating heightened hedging activity among investors [4]. - Despite Bitcoin's year-to-date increase of about 5% and a projected rise of over 40% post-2024 U.S. elections, its upward momentum has significantly slowed, with institutional interest waning [4]. - A pivotal moment occurred in early October when nearly $19 billion in crypto leverage positions were liquidated in a single day, triggering a chain reaction of price declines [4]. Group 3: Historical Context and Future Outlook - Historical data suggests that the current downtrend may not have reached its bottom, with previous bear markets in 2024 and early 2025 resulting in declines of 30% to 40% [4]. - Bitcoin has retraced over 20% from its 2025 peak, which is insufficient to signal a true bottom [4]. - The market is currently operating below key long-term moving averages, which have historically indicated turning points in the crypto cycle, suggesting ongoing momentum decay [4].

前言 2025 年 11 月 09 日中国国家计算机病毒应急响应中心发布了一份技术分析报告，指责美国窃取130亿美元比特币。 这起事件被区块链情报公司追溯认定为史上最大规模加密货币盗窃案的事件。 那么这起盗窃案到底是怎么回事？130亿美元比特币从何而来？ 技术神话的脆弱基石 比特币一直标榜着自己坚不可摧的安全性，但现实给了理想主义者一记响亮的耳光。 2020年12月，鲁比安矿池这个全球第六大矿场，在黑客面前显得如此不堪一击。 超过12万枚比特币被轻而易举地窃取，而原因竟然是如此低级的错误。 矿池使用了存在严重缺陷的伪随机数生成器来创建钱包私钥，这个业余级别的失误，让黑客的破解变得轻而易举。 更有意思的是，矿池在事发后并没有放弃希望，他们向黑客的钱包发送了数百笔小额交易，每笔都嵌入了信息，试图与对方对话。 这些总额超过4万美元的消息，就像沉入大海的石头，没有激起任何涟漪。 被盗的比特币在链上静静地躺了四年，没有任何转移的迹象，这种不正常的静默本身就是一个巨大的信号。 区块链分析公司Elliptic的报告证实了这一点，这些资产从被盗到被美国查封，一直保持着诡异的静止。 当我们在赞叹区块链技术革命性的时候，不能忘记 ...

BONK fell 3.9% to $0.00001223 on Wednesday as the memecoin slipped below key support levels amid a sharp increase in trading activity. The token traded between $0.00001279 and $0.00001198, a wide 42% intraday range that reflected persistent technical weakness rather than any clear fundamental catalyst, according to CoinDesk Research's technical analysis data model. Trading volumes peaked at 1.07 trillion tokens, nearly double the 24-hour average. That spike aligned with a clean breakdown through $0.00001 ...

Core Insights - The cryptocurrency market experienced a 6.1% decline in October, marking the first "red October" since 2018, following a deleveraging shock [1] - Despite the overall market pressure, BNB rose by 6.2% due to the launch of popular projects and the tokenization of a money market fund by China Merchants Bank [1] - Major tokens such as SOL, ADA, and DOGE saw declines exceeding 10% [1] Market Performance - The total value locked (TVL) in DeFi decreased by 4.85% [1] - The market capitalization of stablecoins increased by 3.54% [1] - Institutional demand for ETH remains strong, with treasury holdings reaching 5% of total supply [1] Future Outlook - The report suggests that November may see a recovery in market sentiment, with attention on the potential benefits from the end of the Federal Reserve's balance sheet reduction and improvements in US-China relations [1]

Core Viewpoint - The establishment of a new inter-agency task force, the "Fraud Center Strike Team," aims to combat cryptocurrency investment scams in Southeast Asia, with significant recoveries of stolen assets already reported [1][3]. Group 1: Task Force Objectives and Achievements - The task force has seized $400 million in cryptocurrency and plans to confiscate an additional $80 million to return to victims [1][3]. - The initiative is part of a broader effort to ensure investment safety in the U.S. as the country seeks to become a global hub for the cryptocurrency industry [3]. - The task force is composed of various agencies, including the U.S. Attorney's Office for the District of Columbia, the Department of Justice, the FBI, the Treasury Department, and the Secret Service [3]. Group 2: Scope of Operations - The task force has initiated operations in multiple Southeast Asian locations, including Myanmar, Bali, and Thailand, targeting internet and money laundering activities [3]. - In Myanmar, the task force seized satellite terminals used for internet connectivity and fraudulent activities [3]. - In Thailand, FBI agents are collaborating with local authorities to dismantle scam operations, including those in the KK Park area [3]. Group 3: Infrastructure and Legal Actions - The task force is focused on shutting down infrastructure within the U.S. that supports fraudulent activities, including internet services and social media accounts [4]. - Recent legal actions include the indictment of the founder of the Cambodian "Prince Group" for human trafficking and cyber fraud, with $15 billion worth of Bitcoin seized as part of the investigation [4].

Core Insights - Hong Kong is embracing the rise of stablecoins with the implementation of the "Stablecoin Ordinance" effective August 1, 2025, establishing a licensing framework for this emerging digital asset [1][14] - Stablecoins are designed to maintain price stability, serving as a payment tool rather than an investment vehicle, by being pegged to stable assets like fiat currencies or commodities [3][5] - The mechanism for maintaining stability involves issuing institutions holding high-quality, liquid assets equivalent to the circulating stablecoin supply, ensuring a 1:1 backing [5][6] Group 1: Definition and Mechanism - Stablecoins are a type of cryptocurrency aimed at price stability, contrasting with volatile cryptocurrencies like Bitcoin and Ethereum [3] - They are issued by private entities and are pegged to assets such as fiat currencies or gold to maintain their value [3] - The stability of stablecoins is achieved through a reserve system where the issuing entity holds assets equal to the value of the stablecoins in circulation [5][6] Group 2: Applications and Benefits - Stablecoins act as a cash-like medium in the virtual asset space, facilitating transactions and serving as a store of value [8] - They offer advantages over traditional payment methods, including 24/7 operation and near-instantaneous transactions, which can significantly reduce costs and time for cross-border payments [8][10] - The potential applications of stablecoins span across various sectors, including cross-border payments, international trade settlements, decentralized finance (DeFi), and financial inclusion for unbanked populations [12][14] Group 3: Future Outlook - The implementation of the Stablecoin Ordinance positions Hong Kong as a key player in the global digital asset landscape, balancing financial innovation with regulatory oversight [14] - Stablecoins are expected to play a crucial role in the ongoing trend of "de-dollarization" in global trade, integrating into the real economy [14]