Bitget Daily Briefing (November 4) | Over $1.2 Billion Liquidated in Crypto Market; EU Plans to Unify Crypto Regulation; Balancer Hacked with Losses of $120 Million

Today's Outlook

1. The Ripple Swell Conference 2025 will be held in New York from November 4 to 5, 2025, expected to discuss major developments in digital payments and RLUSD stablecoin.
2. Hong Kong FinTech Week 2025 will take place at the Hong Kong Convention and Exhibition Centre from November 3 to 7, 2025, where industry leaders and regulators will provide forward-looking insights within the next 24 hours.
3. The U.S. Second Circuit Court of Appeals will hear the debate on the motion for a retrial of FTX founder SBF on November 4, 2025, becoming a focal point for the crypto industry.

Macro & Hot Topics

1. The crypto market is experiencing severe volatility, with over 330,000 liquidations amounting to $1.279 billion, as Federal Reserve officials hint at interest rate cuts. CME predicts a 67.3% probability of a 25 basis point cut in December.
2. The EU plans to expand ESMA's regulatory powers to create a "European SEC," aiming for unified management of stock and crypto trading, with a draft to be released in December.
3. Animoca Brands announced plans to go public on Nasdaq through a reverse merger with Currenc Group, with Animoca holding 95% of the new company post-merger, expected to complete in 2026.
4. The decentralized trading protocol Balancer was attacked, resulting in losses exceeding $120 million, and is urgently addressing the situation while promising full compensation to users.

Market Trends

1. BTC and ETH are experiencing short-term fluctuations and declines, with market sentiment cautious, and approximately $30 million liquidated in the past 4 hours, primarily from long positions;
2. The three major U.S. stock indices closed mixed, with the Dow down 0.48%, the Nasdaq up 0.46%, and the S&P 500 up 0.17%, indicating significant market divergence;

3. Bitget's BTC/USDT liquidation map shows the current price at 106,808 USDT, with high leverage long positions concentrated in this range, a breakdown may trigger a chain liquidation, necessitating caution against market volatility.

4. In the past 24 hours, BTC spot inflow was $320 million, outflow was $293 million, resulting in a net outflow of $73 million.
   

5. In the past 24 hours, net outflows in contracts for currencies such as BTC, ETH, USDT, XRP, BNB lead the market, indicating potential trading opportunities.

News Updates

1. The EU has formulated a plan to expand central regulation over stock and crypto asset service providers, promoting regulatory unification.
2. The Malaysian Digital Minister stated that they are working with the Securities Commission and the Central Bank to develop a national blockchain and asset tokenization regulatory framework.
3. FTSE Russell has partnered with Chainlink to bring global index data, including Russell 1000, on-chain.
4. Nate Geraci, president of ETF Store, predicts that a spot XRP ETF is expected to launch within the next two weeks.

Project Progress

1. Balancer: Suffered a hacker attack, with TVL dropping from $776 million to $406 million in the past 24 hours.
2. Bitget: Will launch Kite (KITE) spot trading in the innovation zone, public chain zone, and AI zone.
3. Bitwise: The Solana staking ETF (BSOL) saw a net inflow of $417 million last week.
4. MetaMask: Clarified the rewards points program, with the first season including over $30 million in LINEA token incentives.
5. Donut Labs: The Web3+AI browser project completed $15 million in seed round financing.
6. X Layer: Accelerating the layout of the x402 payment ecosystem, with the CodeNut platform being the first to integrate.
7. BNB Chain: Officially released the Fermi hard fork, reducing block intervals to 450 milliseconds.
8. VeilWallet: Launched a genesis airdrop on the BSC chain, with registered users receiving 100 VEIL Tokens.
9. BitMine Immersion Technologies: Increased holdings by 82,353 Ethereum, totaling 3,395,422 ETH.
10. MicroStrategy: Last week, purchased 397 BTC at an average price of $114,771, raising total holdings to 641,205 BTC.

**Disclaimer: This report is generated by AI, and human verification is only for information purposes, not for any investment advice.