据The Block援引摩根大通报告，加密市场近期回调主要由非加密原生散户投资者推动，11月迄今 约40亿美元从比特币与以太坊现货ETF流出，已超2月纪录。与此同时，散户本月仍大举买入约960亿美 元股票ETF，显示其并未整体回避风险资产，仅短期抛售加密ETF。摩根大通认为加密与小盘科技股相 关性仍在，整体上行趋势未改。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

华夏时报记者赵奕上海报道 近期，加密货币市场呈现持续下跌态势。11月18日，比特币失守9万美元关口，以太坊也跌破3000美元。据Coinglass数据，当日，加密货币全网合约爆仓 金额超过10亿美元，爆仓人数达18.35万人。 11月19日，Alternative数据显示，加密货币恐慌与贪婪指数已较前一日的11回升至15，但市场情绪仍处于"极度恐慌"状态。截至发稿，比特币最新价格为 90228.7美元，24小时内微涨0.07%。 对此，薪火私募投资基金总裁翟丹向《华夏时报》记者表示，本轮下跌的核心原因是宏观流动性紧缩与结构性杠杆崩塌，近期美国通胀数据黏性超预期， 叠加就业市场韧性，市场对降息时点推迟至2026年初的预期强化，美元实际利率攀升压制零息资产估值。同时，比特币ETF连续净流出，削弱二级市场承 接力。 正如翟丹所言，曾被视为本轮牛市"发动机"的加密货币现货ETF正在持续资金流出。数据显示，过去一个月，比特币ETF的净流出总额已超过25亿美元。 11月19日，据Farside监测数据，前一日美国比特币现货ETF净流出3.728亿美元，其中贝莱德IBIT净流出5.232亿美元。以太坊现货ETF净流出742 ...

本报（chinatimes.net.cn）记者赵奕 上海报道 11月19日，Alternative数据显示，加密货币恐慌与贪婪指数已较前一日的11回升至15，但市场情绪仍处 于"极度恐慌"状态。截至发稿，比特币最新价格为90228.7美元，24小时内微涨0.07%。 对此，薪火私募投资基金总裁翟丹向《华夏时报》记者表示，本轮下跌的核心原因是宏观流动性紧缩与 结构性杠杆崩塌，近期美国通胀数据黏性超预期，叠加就业市场韧性，市场对降息时点推迟至2026年初 的预期强化，美元实际利率攀升压制零息资产估值。同时，比特币ETF连续净流出，削弱二级市场承接 力。 正如翟丹所言，曾被视为本轮牛市"发动机"的加密货币现货ETF正在持续资金流出。数据显示，过去一 个月，比特币ETF的净流出总额已超过25亿美元。11月19日，据Farside监测数据，前一日美国比特币现 货ETF净流出3.728亿美元，其中贝莱德IBIT净流出5.232亿美元。以太坊现货ETF净流出7420万美元，其 中贝莱德ETHA净流出1.651亿美元。 屋漏偏逢连夜雨，加密巨鲸（持有大量加密货币的投资者）和长期持有者也在此时开始抛售手中的比特 币。链上数据显 ...

Core Viewpoint - Bitcoin has experienced significant volatility, reaching a peak of $126,251 on October 6, only to drop below $94,000 by November 17, erasing all gains for the year due to tightening dollar liquidity and changing market conditions [1][2][3] Market Dynamics - The recent decline in Bitcoin's price is attributed to a combination of macro liquidity tightening, decreased market risk appetite, and cyclical factors within the cryptocurrency industry [2][3] - The uncertainty surrounding U.S. fiscal and monetary policy has led to a cautious trading environment, affecting both risk and safe-haven assets [3][4] Institutional Involvement - Institutional investors have been a key support for Bitcoin's price, but recent outflows indicate a potential shift as macro liquidity tightens and political uncertainties rise [5][6] - The reliance on institutional capital highlights the fragility of Bitcoin's narrative as a hedge against inflation, especially given its high volatility compared to traditional assets like gold [6][7] Regulatory Environment - The evolving regulatory landscape and the diminishing expectations of supportive policies from the Trump administration have contributed to market participants' cautious outlook [3][4] - The need for a robust regulatory framework and the maturation of ETF channels are seen as essential for Bitcoin's long-term viability [6][7] Correlation with Other Assets - The simultaneous decline of Bitcoin and gold suggests a breakdown of traditional safe-haven logic, driven by liquidity constraints and a strong dollar [8][9] - The current market environment indicates a deeper liquidity pressure test, where all asset classes are experiencing increased correlation and simultaneous declines [10]

来源：澳洲财经见闻 1 今年已有约464万枚比特币从休眠钱包中转出，价值超5000亿美元 据Bitcoin.com News报道，链上分析师James Check分享的数据表明，今年，约有464万枚BTC（价值超 5000亿美元）从休眠钱包中转出。分析师指出，这在一定程度上促成了比特币的横盘市场走势。 2 Pieverse公布原生代币PIEVERSE经济模型，总量10亿枚 支付基础设施 Pieverse 发布了其原生代币 PIEVERSE 的代币经济模型。$PIEVERSE 代币是 Pieverse 的 原生实用型和治理型代币，由基金会推出。其主要用途包括降低交易费用、质押、参与治理和支付。 PIEVERSE 总量 10 亿枚，具体分配详情为：社区发展（27.6%）、生态系统建设和市场推广 （27.4%）、团队和顾问（20%）、投资者（15%）以及基金会（10%）。所有团队成员、顾问、投资 者和核心贡献者的分配均需经过 12 个月的锁定期，之后按线性比例归属。 根据 SoSoValue 数据，上周交易日（美东时间 11 月 3 日至 11 月 7 日）以太坊现货 ETF 单周净流出 5.08 亿美元。 上周单 ...

Core Insights - The cryptocurrency market has experienced significant volatility, with Bitcoin reaching a historical high of $126,200 on October 6, followed by a major drop, falling below the critical support level of $100,000 on November 5, reflecting a nearly 20% decline from its peak [2][4] - The recent downturn is attributed to a combination of cooling market sentiment and leveraged positions being liquidated, exacerbated by a broader risk-off environment in the financial markets [2][4] Market Performance - On November 5, Bitcoin's price dropped to $98,900, marking a decline of over 7% in a single day, while Ethereum fell below $3,100, experiencing a drop of over 14% [4] - Over the past month, long-term Bitcoin holders have sold more than 320,000 BTC, indicating weakened market confidence and liquidity pressure [4] Liquidation Events - The cryptocurrency market faced a record liquidation event on October 11, with over $19.3 billion in crypto assets being liquidated across major exchanges, affecting more than 1.66 million investors [4] - In the latest downturn, over $2 billion was liquidated in a 24-hour period, impacting nearly 500,000 traders [3][4] Systemic Issues - Analysts suggest that the recent volatility is a manifestation of deeper structural issues within the cryptocurrency market, indicating a potential shift towards a prolonged bear market [5] - The perceived scarcity of Bitcoin, based on its algorithmically set supply cap, is challenged by the emergence of competing cryptocurrencies and the normalization of forks and token issuance [5] Market Sentiment - Discussions around a potential "bull to bear" transition are prevalent, with some analysts indicating that the current market conditions may not signify a fundamental reversal but rather reflect emotional anxiety among investors [6] - The fear index has dropped to 20, a six-month low, indicating a contraction in short-term risk appetite among investors [6] ETF and Institutional Activity - Since November, there has been a net outflow of over $1.3 billion from Bitcoin spot ETFs, with significant withdrawals from major funds [7] - Institutional buying activity has slowed, with one company reporting its lowest quarterly Bitcoin purchases of the year [7] Stablecoin Instability - The recent market downturn has led to severe instability in stablecoins, with the decentralized stablecoin XUSD experiencing a drop from its $1 peg to approximately $0.26, resulting in a liquidity crisis [9][10] - The collapse of XUSD was attributed to significant losses incurred by its external fund manager, leading to a major shortfall in the project's reserves [9][10] Broader Market Implications - The concentration of the stablecoin market around USDT and USDC raises concerns about systemic risks, as a loss of confidence in these stablecoins could lead to widespread market disruptions [10] - The interconnectedness of stablecoins and the broader cryptocurrency market means that any instability could amplify price volatility and liquidity issues across the sector [10]

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with major cryptocurrencies like Bitcoin and Ethereum seeing substantial price drops, attributed to a combination of cooling market sentiment and leveraged positions being liquidated [1][2][3]. Market Performance - On November 5, Bitcoin fell to a low of $99,075.89, marking a decline of over 20% from its historical high of $126,080 on October 6 [1][2]. - Ethereum's price dropped nearly 35% from its peak of $4,946.05 on August 24, with a 24-hour decline of 15% at one point [1][2]. - By the end of the day on November 5, Bitcoin was priced at $101,905, reflecting a 24-hour drop of 1.7%, while Ethereum was at $3,307.12, down 5.4% [1]. Causes of the Downturn - Analysts attribute the Bitcoin price drop to a combination of cooling market sentiment and the unwinding of leveraged positions, with a significant number of liquidations occurring [2][3]. - The overall risk appetite in the market has decreased, influenced by declines in U.S. stock indices, which has led to a withdrawal of funds from riskier assets, including cryptocurrencies [2][3]. - The cryptocurrency fear index has reached a six-month low of 20, indicating heightened fear among investors and a tendency to withdraw from more volatile assets [2]. Liquidation Impact - Data from Coinglass indicates that over 438,736 traders were liquidated in the past 24 hours, with a total liquidation amount of $1.719 billion, primarily from long positions [3]. - The liquidation events are described as a chain reaction of price breaks, insufficient margin, and forced sell-offs, contributing to further price declines [3]. Regulatory Environment - The People's Bank of China has reiterated its stance against domestic cryptocurrency trading, emphasizing ongoing efforts to combat illegal financial activities related to virtual currencies [4]. - Investors are reminded that digital assets carry high risks, with price volatility and market sentiment differing significantly from traditional assets [4].

Core Insights - On November 5, a total of $797 million was withdrawn from U.S. Bitcoin and Ethereum spot ETFs during a market downturn, indicating a significant shift in institutional holdings [1] Group 1: Market Movements - The net outflow from spot Bitcoin ETFs reached $577.74 million, marking the largest single-day outflow since August 1 [1] - Fidelity's FBTC fund experienced an outflow of $356.6 million, while ARK and 21Shares' ARKB saw a withdrawal of $128 million, and Grayscale's GBTC had an outflow of $48.9 million [1] Group 2: Institutional Behavior - The continuous outflow over five days signifies a decisive change in institutional positions, reflecting a portfolio rebalancing [1] - The revaluation of risk assets is closely tied to the performance of technology stocks, which are currently putting pressure on cryptocurrencies [1] Group 3: Market Correlation - The excessive expansion of AI trading could lead to a decline in industry valuations, potentially impacting the cryptocurrency market through its correlation with the Nasdaq [1]

Core Insights - Ethereum market experienced significant volatility with ETH perpetual contracts dropping by 3.76%, falling below the critical psychological level of $3900, reaching a low of $3878.49 [1] - The outflow of $145.99 million from the US spot Ethereum ETF is the largest single-day outflow in nearly two months, indicating a cautious attitude from institutional investors towards short-term market trends [1][3] Market Dynamics - The recent outflow from the Ethereum ETF highlights a shift in institutional sentiment, occurring during a sensitive period of changing Federal Reserve monetary policy expectations [3] - Despite ETF outflows, on-chain data shows that several whale addresses, including BitMine, have been accumulating ETH during the price dip, indicating confidence in Ethereum's long-term value [3] Macro Environment - Federal Reserve's monetary policy expectations are crucial for the cryptocurrency market, with a 99.4% probability of a 25 basis point rate cut in October and a 98.6% chance of a total 50 basis point cut by December [5] - Concerns over economic recession risks are overshadowing the potential benefits of rate cuts, leading to a cautious market sentiment [5] - Political uncertainty, including remarks from Trump about high tariffs, has negatively impacted market sentiment, with Bitcoin and Ethereum both experiencing declines [5] Market Sentiment and Technical Analysis - The market sentiment has turned cautious, with significant declines in trading volumes and open interest in futures, indicating a shift towards risk aversion among traders [8] - Technical analysis shows that ETH perpetual contracts are in an oversold region, with key support at $3801 and resistance at $4069 [8] Institutional Divergence - There is a notable divergence in institutional sentiment, with traditional financial institutions showing caution through ETF outflows, while crypto-native institutions and high-net-worth individuals are accumulating ETH [11] - The balance of power between bulls and bears in the ETH perpetual contract market is shifting, with potential for a new upward trend if key support levels hold [11]

Group 1 - The core point of the article highlights that Ethereum spot ETFs experienced the highest weekly outflow in history, totaling $795.6 million for the week ending September 26, with trading volume exceeding $10 billion [1] - This outflow surpasses the previous record of $787.7 million recorded for the week ending September 5 [1] - Bitcoin spot ETFs also faced significant weekly outflows, with a total outflow amounting to $902.5 million for the currently listed funds [1]