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Jinse Finance reported that Cryptoquant analyst Axel Adler Jr released a market analysis stating that loss-selling by short-term holders (STH) remains at a high level. The 7-day STH-SOPR indicator stands at 0.9904, showing that loss-realizing transactions dominate during the current price decline. The Z-score of this indicator is −1.29, reflecting that selling pressure is increasing; however, the current pressure level is still moderate. Referring to the correction in August 2024, the indicator then dropped to 0.9752 with a Z-score of −2.43, marking a phase of deep panic selling among short-term holders. Data from recent weeks shows that loss-selling behavior is gradually accumulating. Although SOPR briefly rebounded above parity (1.0005) at the end of October, selling pressure intensified again in early November, although it has not yet reached the extreme levels seen in the early stages of the bull market.

Jinse Finance reported that following the United States' passage of a landmark stablecoin bill in July, Canada plans to introduce fiat-backed stablecoin regulatory legislation under its 2025 federal budget framework. According to the 2025 budget released by the Canadian government on Tuesday, stablecoin issuers will be required to meet the following requirements: hold sufficient reserves, establish redemption policies, and implement various risk management frameworks, including measures to protect personal and financial data. Starting from the 2026-2027 fiscal year, the Bank of Canada will allocate 10 million Canadian dollars over two years to ensure the smooth advancement of regulatory work; it is expected that subsequent related costs will be about 5 million Canadian dollars annually, which will be offset by stablecoin issuers regulated under the Retail Payment Activities Act. Four months before Canada launched its regulatory plan, the United States had just passed the Stablecoin Regulation GENIUS Act (GENIUS Act), which put pressure on Canada and prompted it to formulate its own regulatory rules for stablecoins. Although the budget does not specify when the legislation will be submitted, this move is part of Canada’s overall “payment system modernization” plan—which aims to create a faster, lower-cost, and safer digital transaction environment for the country’s 41.7 million people.