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Tom Lee reveals: The crash was caused by the 1011 liquidity crunch, with market makers selling off to fill a "financial black hole"
Tom Lee reveals: The crash was caused by the 1011 liquidity crunch, with market makers selling off to fill a "financial black hole"

Lee stated directly: Market makers are essentially like the central banks of crypto. When their balance sheets are damaged, liquidity tightens and the market becomes fragile.

BlockBeats·2025/11/22 18:11
Boxing champion Andrew Tate's "Going to Zero": How did he lose $720,000 on Hyperliquid?
Boxing champion Andrew Tate's "Going to Zero": How did he lose $720,000 on Hyperliquid?

Andrew Tate hardly engages in risk management and tends to re-enter losing trades with higher leverage.

ForesightNews 速递·2025/11/22 17:53
New Beginnings in the Darkest Hour: Is the Dawn of Bitcoin in 2026 Already Visible?
New Beginnings in the Darkest Hour: Is the Dawn of Bitcoin in 2026 Already Visible?

Risk assets are expected to perform strongly in 2026, and bitcoin is likely to strengthen as well.

Chaincatcher·2025/11/22 17:30
Ethereum at a Crossroads: Quantum Threat Approaches, Wall Street Capital Exerts Dual Pressure
Ethereum at a Crossroads: Quantum Threat Approaches, Wall Street Capital Exerts Dual Pressure

This battle between technology and human nature will determine whether Ethereum ultimately becomes the fintech backend for Wall Street or serves as the public infrastructure for digital civilization.

Chaincatcher·2025/11/22 17:30
Wormhole Labs unveils 'Sunrise' gateway to bring MON and other assets to Solana
Wormhole Labs unveils 'Sunrise' gateway to bring MON and other assets to Solana

Quick Take Wormhole Labs has launched Sunrise, a liquidity gateway designed to be the “canonical route” for bringing external assets to Solana. The platform is launching with immediate support for MON, the native token of the anticipated Monad blockchain, which will go live tomorrow. The initiative relies on Wormhole’s Native Token Transfers (NTT) framework to unify liquidity across Solana DEXs like Jupiter and block explorer Orb.

The Block·2025/11/22 16:00
Bitcoin bounces back to $87,500 under 'fragile' market structure: analysts
Bitcoin bounces back to $87,500 under 'fragile' market structure: analysts

Quick Take Bitcoin has recovered to around $87,500 in what analysts described as a “post-flush bounce.” The market structure remains fragile, and bitcoin is expected to consolidate within a tight range of $85,000 to $90,000, analysts said.

The Block·2025/11/22 16:00
Spot bitcoin ETFs shed $1.2 billion in 4th consecutive outflow week
Spot bitcoin ETFs shed $1.2 billion in 4th consecutive outflow week

Quick Take Spot bitcoin ETFs in the U.S. reported $1.22 billion in net outflows last week, bringing four-week cumulative outflows to $4.34 billion. BlackRock’s IBIT saw $1.09 billion in outflows for the week, its second-largest weekly outflow on record.

The Block·2025/11/22 16:00
Flash
15:43
Data: Glassnode: Bitcoin remains in a state of excess realized loss, market liquidity awaits return
ChainCatcher reports that the crypto analytics firm Glassnode stated that Bitcoin's 90-day realized profit and loss ratio (90D-SMA) has remained below 1 since February 21, indicating a sustained state of excess realized losses. Historically, once this ratio falls below 1, it usually takes more than 6 months to recover. When it rebounds, market liquidity is expected to return.
15:40
VanEck: Bitcoin mining companies are sitting on a "gold mine," and transitioning to AI infrastructure brings investment opportunities
Odaily reported that Matthew Sigel, Head of Digital Asset Research at VanEck, stated in an interview with CNBC that bitcoin mining stocks are among the most attractive investments in the crypto sector. Mining companies are actively redirecting bitcoin computing power to serve the AI market, but compared to other data center peers, their market capitalization per megawatt remains significantly discounted. Sigel pointed out that after decades of insufficient supply, the power grid is now facing multiple demand shocks, and mining companies were early to realize the capital return value available through transformation. Core Scientific recently announced plans to sell most of its bitcoin holdings this year to expand its AI and high-performance computing business. Riot Platforms CEO Jason Les also stated that 2025 will be a watershed year for the company’s strategic transformation, aiming to enhance shareholder value by utilizing nearly 2 gigawatts of power resources for high-demand data center infrastructure. Over the past 12 months, Core Scientific’s stock price has risen 90%, Riot has risen 91%, while MARA Holdings has fallen 35% due to higher mining costs and decreased block output. Sigel also mentioned that VanEck’s NODE ETF has risen over 30% since its launch in May last year, with net assets reaching $56 million.
15:31
The 90-day SMA realized profit and loss ratio has been below 1 since February 21
The 90-day SMA realized profit and loss ratio has remained below 1 since February 21. Historical data shows that after falling below the neutral level (around 1), it usually stays low for more than 6 months before rebounding again. (glassnode)
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