Bitget Daily Briefing (November 7) | All three major U.S. stock indexes closed lower; Fed officials emphasize inflation risks and oppose further rate cuts; 72 of the top 100 tokens by market cap have fallen over 50% from their all-time highs

Today's Outlook

1. The SEC is expected to make a decision on Grayscale's Polkadot (DOT) ETF application by November 8, 2025;
2. Among the top 100 cryptocurrencies by market capitalization, 72 have fallen over 50% from their all-time highs;
3. Circle has submitted comments to the U.S. Treasury regarding the implementation of the GENIUS Act;

Macro & Hot Topics

1. Deribit: Bitcoin and Ethereum options worth over $5 billion will expire on Friday;
2. USDC Treasury has seen 10 operations of minting and burning exceeding $50 million in the past 12 hours;
3. Federal Reserve voting members next year emphasize inflation risks and oppose further rate cuts;

Market Trends

1. BTC and ETH are experiencing short-term fluctuations, with market sentiment cautiously leaning towards fear; approximately $563 million was liquidated in the past 24 hours, mainly from long positions;
2. All three major U.S. stock indices closed down, with the Dow Jones falling 0.84%, the Nasdaq plunging 1.90%, and the S&P 500 dropping over 1%;
   
3. In the Bitget BTC/USDT liquidation map, BTC is currently priced at 10,218.1 USDT, with a dense liquidation zone for short positions between 101057 - 10,238.9; breaking below this range could trigger a chain liquidation, significantly increasing short-term risks;
   
4. In the past 24 hours, BTC saw a net inflow of $409 million, with outflows of $351 million, resulting in a net inflow of $58 million;
   
5. In the past 24 hours, net outflows in contract trading for BTC, ETH, USDT, XRP, BNB, etc., have led the market; it is recommended to continuously monitor trading dynamics of leading cryptocurrencies to capture potential trading opportunities;
   

News Updates

1. Musk: SpaceX should become a publicly traded company;
2. Block's Bitcoin revenue in the third quarter approached $2 billion, accounting for nearly 30% of total revenue;
3. Google will integrate Kalshi and Polymarket prediction data into Google Finance;
4. OpenAI CEO: Does not want its data center to receive "government guarantees," expects annual revenue to exceed $20 billion by the end of this year;

Project Progress

1. Credit Blockchain: Launched an AI-driven smart financial platform, integrating AI with blockchain innovation;
2. Ondo Finance appoints former McKinsey executive Ian De Bode as president;
3. Aave founder: Gauntlet has suspended Compound withdrawals;
4. Aerodrome: Will release significant system upgrades such as Slipstream V2 and Autopilot;
5. Folks Finance: The native token FOLKS was officially launched on November 6, with an initial circulation of 25.4%;
6. Cipher issues $1.4 billion in high-yield bonds for the construction of Google-related data centers;
7. The ORE mining program is now live on the Solana Mobile dApp store, open to Seeker users;
8. Berachain: Plans to launch a fund return application page early next week, may conduct an additional hard fork;
9. ZachXBT: Collaborating with BNB Chain to strengthen the Web3 security protection system;
10. Hourglass: Adjusting the limits on the Stable pre-deposit activity, clarifying KYC and settlement times;