Core Viewpoint - Cryptocurrency-related stocks experienced a pre-market increase, indicating positive market sentiment towards the sector [1] Company Summaries - Coinbase saw a pre-market rise of 3.0% [1] - Bitfarms increased by 5.2% in pre-market trading [1] - Strategy stock rose by 2.6% before the market opened [1]

Core Viewpoint - The cryptocurrency market has erased nearly all gains accumulated in the first ten months of the year within just over a month, with Bitcoin's price dropping significantly from its record high [2][4]. Group 1: Market Performance - Bitcoin's price rebounded to above $103,000 after a week of sharp declines but remains approximately 18% lower than its record high of $120,000 set on October 6 [2][3]. - The total market capitalization of cryptocurrencies peaked at nearly $440 billion on October 6 but has since fallen by about 20%, leaving only a 2.5% gain year-to-date [4]. Group 2: Investor Sentiment - The decline in cryptocurrencies is causing concern among Wall Street, as Bitcoin is viewed as a leading indicator for high-volatility stocks [4][16]. - The previously successful "buy the dip" strategy is failing, leading to increased market caution [6][10]. - Recent data shows that investors withdrew over $700 million from digital asset ETFs in just one week, with nearly $600 million coming from BlackRock's Bitcoin fund [12]. Group 3: Correlation with Tech Stocks - The recent cryptocurrency crash coincides with concerns over the valuation of AI tech stocks, indicating a cooling risk appetite in high-risk asset classes [6][8]. - Stocks like Palantir, which are closely associated with AI and cryptocurrencies, have seen significant declines, reflecting a broader trend affecting meme stocks and unprofitable tech companies [6][11]. Group 4: Market Dynamics - The lack of new capital inflow into alternative tokens and DeFi projects has been noted, with most areas of the crypto market remaining stagnant [13]. - A significant liquidation of leveraged positions worth approximately $19 billion occurred weeks ago, and the market has yet to recover from this shock [15]. - The number of long-term "whale" investors is declining, raising concerns about tightening liquidity in the market [17].

2025.11.10 本文字数：2360，阅读时长大约4分钟 作者 |第一财经 后歆桐 在上个月刚经历过美元稳定币脱锚，多个加密货币被集体抛售的动荡后，近期，币圈再陷新一轮动荡。 一方面，又一稳定币脱锚，跌破1美元。另一方面，比特币在10月录得多年来首个10月下跌后，近几个 月交易日又跌破10万美元大关。 稳定币脱锚、比特币大跌共振 上周，由Stable Labs发行的合成稳定币USDX严重偏离其1美元挂钩，一度暴跌至0.113美元。这引发了 一系列连锁反应，多个借贷平台紧急清算，借款利率一度飙升至惊人的800%。市场对相关去中心化金 融（DeFi）协议产生连锁反应的担忧加剧。 公开资料显示，USDX的发行方Stable Labs自称为"符合欧盟MiCA法规的稳定币和代币化资产发行商"。 该公司曾在2024年宣布，以2.75亿美元的估值完成了4500万美元的融资。但在USDX严重脱锚后，Stable Labs至今未作出任何公开回应，越发加剧了市场不确定性。 不过，多个主流DeFi协议已迅速采取行动。借贷协议Lista DAO与币安支持的去中心化交易所 PancakeSwap相继发布声明，表示正在密切监控局势。 ...

Core Insights - Bitcoin has returned to $106,000, while Ethereum briefly reached $3,600 [1] - Cryptocurrency-related stocks saw significant pre-market gains, with IREN and BMNR rising over 7%, Circle and MARA increasing nearly 4%, and Coinbase and Strategy climbing over 3% [1] Company Performance - IREN and BMNR experienced a rise of more than 7% in pre-market trading [1] - Circle and MARA saw an increase of nearly 4% [1] - Coinbase and Strategy recorded gains of over 3% [1]

Core Insights - The cryptocurrency market is experiencing significant turmoil due to the de-pegging of stablecoins and a notable decline in Bitcoin prices, marking a continuation of recent volatility [1][2][4]. Stablecoin De-pegging - The synthetic stablecoin USDX, issued by Stable Labs, has severely deviated from its $1 peg, dropping to as low as $0.113, triggering a series of liquidations across lending platforms with borrowing rates soaring to 800% [2][3]. - Stable Labs, which claims compliance with EU MiCA regulations, has not publicly addressed the USDX crisis, increasing market uncertainty [2][3]. - Major DeFi protocols like Lista DAO and PancakeSwap are actively monitoring the situation, with Lista DAO initiating emergency governance votes to authorize asset liquidations [3][5]. Bitcoin Market Dynamics - Bitcoin fell below the $100,000 mark on November 7, following a nearly 5% decline in October, ending a streak of October gains since 2018 [4][5]. - The market has seen significant outflows, with Bitcoin and Ethereum ETFs experiencing a net outflow of $797 million on November 4, contributing to a structural outflow trend since the large-scale liquidation on October 10 [3][5]. - Bitcoin's implied volatility has increased, reaching 47%, while Ethereum's has risen to 70%, indicating heightened market uncertainty [3][5]. Macro Economic Factors - Global capital markets are experiencing a downturn, with rising caution among investors due to signals from the Federal Reserve regarding interest rates and ongoing geopolitical uncertainties [5][6]. - The USDX de-pegging is viewed as a secondary crisis within the broader market volatility, exacerbated by losses in similar yield-bearing stablecoins [5][6]. Future Outlook for Stablecoins - The market is expected to see a clearer differentiation among stablecoins, with traditional fiat-backed stablecoins like USDT and USDC facing relatively lower risks compared to algorithmic and yield-bearing stablecoins [6][7]. - The importance of risk management mechanisms is emphasized, as instability in stablecoins can lead to liquidity crises and broader market volatility [7][8].

在上个月刚经历过美元稳定币脱锚，多个加密货币被集体抛售的动荡后，近期，币圈再陷新一轮动荡。 一方面，又一稳定币脱锚，跌破1美元。另一方面，比特币在10月录得多年来首个10月下跌后，近几个 月交易日又跌破10万美元大关。 稳定币脱锚、比特币大跌共振 上周，由Stable Labs发行的合成稳定币USDX严重偏离其1美元挂钩，一度暴跌至0.113美元。这引发了 一系列连锁反应，多个借贷平台紧急清算，借款利率一度飙升至惊人的800%。市场对相关去中心化金 融（DeFi）协议产生连锁反应的担忧加剧。 公开资料显示，USDX的发行方Stable Labs自称为"符合欧盟MiCA法规的稳定币和代币化资产发行商"。 该公司曾在2024年宣布，以2.75亿美元的估值完成了4500万美元的融资。但在USDX严重脱锚后，Stable Labs至今未作出任何公开回应，越发加剧了市场不确定性。 不过，多个主流DeFi协议已迅速采取行动。借贷协议Lista DAO与币安支持的去中心化交易所 PancakeSwap相继发布声明，表示正在密切监控局势。其中，Lista DAO已发起紧急治理投票，寻求强制 清算相关资产的授权。Lista D ...

Core Insights - The U.S. federal government has been shut down for 37 days, surpassing historical records, due to a lack of consensus on the budget between the two parties in Congress [2] - Arthur Hayes, co-founder of BitMEX, noted that since the debt ceiling was raised in July, Bitcoin (BTC) has dropped by 5% and liquidity has decreased by 8%, with the U.S. Treasury General Account (TGA) draining funds from the system [2] - The shutdown is expected to create uncertainty in financial markets, leading to increased volatility, particularly in the stock and bond markets [3] Impact on Financial Markets - Government shutdowns typically lead to heightened market uncertainty, causing investors to worry about government efficiency and policy continuity, which increases market volatility [3] - The interruption of federal spending directly affects certain businesses and economic activities, particularly those reliant on government contracts, potentially delaying revenues and impacting stock prices [3] - Long-term shutdowns may affect credit ratings and interest rates, as concerns about U.S. fiscal health could lead to rating adjustments and increased borrowing costs [3] Historical Context - In the 2013 shutdown lasting 16 days, the S&P 500 index rose approximately 3.1%, indicating limited sensitivity to short-term political events [4] - During the 2018-2019 shutdown of 35 days, the S&P 500 initially dropped about 2.7% but later rebounded over 10% as negotiations progressed and economic fundamentals stabilized [5] Bitcoin Market Analysis - Bitcoin recently experienced a drop, briefly falling below $100,000 but stabilizing at $103,500, with a noted decline of about 27% over the past month [6] - The market is currently under liquidity pressure due to the government shutdown, and it remains uncertain when policy changes will occur [6] - Recent data shows that Bitcoin has dropped about 10% in the past week, with nearly $1 billion flowing out of spot Bitcoin ETFs, indicating weak market sentiment [7] - Long-term holders have sold over 827,000 BTC, amounting to approximately $86 billion, marking the largest monthly sell-off since July [7]

赵颖，华尔街见闻 一场始于10月的加密货币抛售潮，正在吞噬华尔街今年最火热的投资策略。通过借债或募资买入比特 币、以太坊等加密货币的"数字币财库公司"，曾被投资者视为给加密货币加杠杆的绝佳工具，如今股价 跌幅已远超其持有的代币本身。 这一模式由Michael Saylor在2020年开创，将一家名为MicroStrategy的小型软件公司转型为比特币巨鲸。 该公司市值在去年7月曾触及约1280亿美元峰值，如今已缩水至约700亿美元。过去一个月， MicroStrategy股价下跌25%，比特币同期跌幅为15%。 这轮暴跌波及包括知名风投家Peter Thiel在内的多位重量级投资者。Thiel支持的以太坊财库公司BitMine Immersion Technologies过去一个月下跌超30%，另一家由他投资、从生物科技公司转型而来的ETHZilla 同期下跌23%。 加密货币总市值已从10月6日触及的近4.4万亿美元历史高点暴跌约20%，几乎抹去今年前十个月的全部 涨幅，年初至今涨幅仅剩2.5%，较10月6日创下的12万美元纪录高点下跌约18%。 杠杆效应放大下行风险 "数字资产财库公司本质上是加了杠杆的加 ...

Group 1 - The recovery of the IPO market in 2023 is driven by multiple factors, with Asia being the main growth engine for international business [1] - The number of Japanese IPOs on Nasdaq has nearly doubled this year, and there is a stable pipeline of Korean companies, indicating a shift in regional dynamics [1] - Hong Kong's IPO market has seen a significant increase, with a financing amount of HKD 182.3 billion in the first three quarters of the year, a year-on-year increase of 228%, making it the top global IPO financing market [1] Group 2 - The competition among major exchanges is beneficial for global capital markets, as it drives overall progress and improves service quality [2] - Nasdaq aims to be the natural choice for companies considering international listings, emphasizing the importance of understanding client needs [2] - The travel industry continues to be a hotspot for IPOs, with companies like Pony.ai and WeRide having gone public, alongside emerging companies in space exploration and fintech [2] Group 3 - Nasdaq has raised its listing standards in 2025, including increasing the minimum public float to USD 15 million and requiring a minimum IPO fundraising amount of USD 25 million [3] - The logic behind raising listing standards is to enhance liquidity in the market [3] - The TCFA is the largest and most influential Chinese financial organization globally, with over 10,000 members [3]

Group 1 - The recovery of the IPO market in 2023 is driven by multiple factors, with Asia being the primary growth engine for international business [1] - The number of Japanese IPOs on Nasdaq has nearly doubled this year, while Korean companies show a stable pipeline, indicating a shift in regional dynamics [1] - Hong Kong's IPO market has seen a significant increase, with a financing amount of HKD 182.3 billion in the first three quarters of 2023, a year-on-year increase of 228% [1] Group 2 - Competition among global exchanges is beneficial for the capital markets, as it drives improvements in service quality, liquidity, and overall market experience [2] - Nasdaq aims to be the preferred choice for companies considering international listings, emphasizing the importance of understanding client needs [2] - The travel industry remains a focus for Nasdaq, with companies like Pony.ai and WeRide having gone public, alongside emerging sectors like space exploration and fintech [2] Group 3 - Nasdaq has raised its listing standards in 2025, including increasing the minimum public float to USD 15 million and requiring a minimum IPO fundraising amount of USD 25 million [3] - The logic behind raising listing standards is to enhance liquidity in the market [3] - The TCFA, established in 1994, is the largest and most influential Chinese financial organization globally, with over 10,000 members [3]