Morning Report | Lighter 24-hour trading volume exceeds $11 billion; Circle Q3 financial report released; Strategy's US stock market value falls below its BTC holdings value
Overview of Important Market Events on November 12整理：ChainCatcher
Important News:
- Binance to cease services on Binance Live platform, Binance Square will continue to provide live services
- Bitcoin's largest treasury company Strategy's market value falls below its BTC holdings value
- Data: Lighter's 24-hour trading volume surpasses $11 billion, ranking first among Perp DEXs
- Besenet: Trump issues $2000 to provide tax refunds for low-income families, tariff bonuses yet to be decided
- Data: U.S. government shutdown causes a loss of $408 billion in growth potential for the crypto market
- Privacy blockchain Seismic completes $10 million financing, led by a16z crypto
- Circle Q3 financial report: USDC circulation increased by 108% year-on-year, net profit up 202%
What important events happened in the past 24 hours?
According to ChainCatcher, Binance announced that it will stop services on the Binance Live platform on December 31, 2025. After that, Binance Square will continue to provide live services to users. The Binance Live web and app will cease access starting from January 1, 2026, at 07:59 (UTC+8).
From the announcement date until December 1, 2025, at 08:00 (UTC+8), hosts who create at least one Binance Live session will automatically gain access to Binance Square Live on December 1, 2025, at 08:00 (UTC+8). All points, gifts, and vouchers on Binance Live will expire after January 1, 2026, at 07:59 (UTC+8).
Bitcoin's largest treasury company Strategy's market value falls below its BTC holdings value
According to ChainCatcher, U.S. stock market data shows that Bitcoin treasury company Strategy (NASDAQ: MSTR) fell nearly 2% during trading, with a current stock price of $227 and a market value of approximately $65.2 billion, which has fallen below its BTC holdings value.
According to coinglass data, Strategy currently holds 641,692 Bitcoins, valued at approximately $66 billion based on a Bitcoin price of $103,000.
Data: Lighter's 24-hour trading volume surpasses $11 billion, ranking first among Perp DEXs
According to ChainCatcher, DefiLlama data shows that Lighter's 24-hour trading volume has surpassed $11 billion, ranking first among Perp DEXs. The second and third places are Hyperliquid ($9.1 billion) and Aster ($8 billion).
ChainCatcher previously reported that Lighter announced the completion of $68 million in financing, led by Founders Fund.
According to ChainCatcher, U.S. Treasury Secretary Besenet stated that President Trump is discussing providing $2000 in tax refunds for families earning less than $100,000, with large-scale refunds expected to be issued in early 2026.
There will be many options for distributing tariff bonuses, and the issue of tariff bonuses is still under discussion and has not yet been decided.
ChainCatcher previously reported that Trump stated on Truth Social: "Those who oppose tariffs are fools! We are now the richest and most respected country in the world, with an inflation rate of almost zero, and the stock market has reached an all-time high. 401k retirement account balances have also reached historic highs.
We earn trillions of dollars every year and will soon start repaying our massive debt of up to $37 trillion. U.S. investment has reached an all-time high, with factories and businesses springing up everywhere. Everyone will receive at least $2000 in dividends (except for high-income groups!)"
According to ChainCatcher, analysis from CryptoQuant indicates that the U.S. government shutdown has significantly impacted the growth rate of the cryptocurrency market. From October 1 to November 10, the market growth rate sharply slowed, resulting in a loss of $408 billion in growth potential.
Market capitalization growth rate (MA Gap Ratio) data shows that Bitcoin's growth rate dropped from 16.75% on October 1 to 6.60% on November 10; the growth rate of the top 20 assets (excluding BTC) fell from 32.29% to 14.67%; small and mid-cap assets experienced the most severe decline, with their growth rate plummeting from 18.57% to just 0.21%.
The government shutdown has triggered significant macroeconomic uncertainty, delaying regulatory progress such as ETF approvals. Due to the lack of official economic data on inflation and employment, the Federal Reserve faces greater difficulties in formulating monetary policy, increasing investor caution. Although Bitcoin and Ethereum maintain historical resilience, the unstable political environment and disruptions in financial regulatory services have heightened risk perception.
Privacy blockchain Seismic completes $10 million financing, led by a16z crypto
According to ChainCatcher, Fortune reports that privacy blockchain Seismic has announced the completion of $10 million in financing, led by a16z crypto, with participation from Polychain, Amber Group, TrueBridge, dao5, and LayerZero.
Seismic is collaborating with a fintech company named Brookwell, which provides clients with stablecoin accounts. When customers transact on Brookwell, payments are made through Seismic's private blockchain, ensuring that data is not leaked or publicly displayed.
Circle Q3 financial report: USDC circulation increased by 108% year-on-year, net profit up 202%
According to ChainCatcher, Circle Internet Group, Inc. (NYSE: CRCL) released its Q3 2025 financial report today, showing that USDC circulation reached $73.7 billion, a year-on-year increase of 108%. The company's total revenue and reserve income amounted to $740 million, a year-on-year increase of 66%; net profit reached $214 million, a year-on-year increase of 202%.
At the same time, Circle announced the successful launch of the Arc public test network, attracting over 100 financial and tech companies to participate, and is exploring the possibility of launching a native token for the Arc network. The company also raised its FY 2025 other revenue forecast to between $90 million and $100 million.
According to ChainCatcher, She Zhijiang, a Chinese national involved in illegal blockchain financing projects, was extradited back to China today by Thai police at Bangkok Suvarnabhumi Airport.
On November 10, the Thai Supreme Prosecutor's Office stated that the appeals court upheld the lower court's ruling to extradite She Zhijiang for trial regarding his illegal gambling operations and other violations of Chinese law.
She Zhijiang's main crime was creating and operating 239 illegal gambling websites, with involved funds exceeding 12.63 trillion Thai Baht (approximately 2.77 trillion RMB). He has long engaged in gambling and telecom fraud activities in the KK Park area of Myanmar and "Asia Pacific New City," luring Chinese citizens into illegal transactions through online platforms.
She Zhijiang also built Asia Pacific New City in the water ditch valley area on the Thai-Myanmar border, claiming the project was the first blockchain technology project for global financing, but was actually engaged in online gambling and telecom fraud operations.
Federal Reserve spokesperson: Internal divisions on December rate cut issue are widening
According to ChainCatcher, "Federal Reserve spokesperson" Nick Timiraos stated that divisions within the Federal Reserve are casting a shadow over the path to rate cuts.
Such a level of division has been almost unprecedented during Fed Chair Powell's nearly eight-year tenure. Officials have disagreed on which poses a greater threat: persistent inflation or a sluggish labor market. Although investors believe the Fed is likely to cut rates at the next meeting, this division complicates what seemed like a feasible plan.
Coinbase and stablecoin startup BVNK cancel $2 billion acquisition deal
According to ChainCatcher, a spokesperson for cryptocurrency exchange Coinbase confirmed that Coinbase has canceled acquisition negotiations with UK-based stablecoin startup BVNK. It is unclear why the two companies have shelved the deal, which had progressed to the due diligence stage. In October, Coinbase and BVNK had reached an exclusivity agreement, meaning BVNK could not accept offers from other bidders.
A Coinbase spokesperson stated in a statement: "We are constantly seeking opportunities to expand our mission and product offerings. After discussing the possibility of acquiring BVNK, both parties agreed to no longer pursue the matter." BVNK helps clients use stablecoins for payments, cross-border transactions, and other applications, with an acquisition price of approximately $2 billion. If this deal had been completed, the amount would have been nearly double the $1.1 billion that fintech giant Stripe paid to acquire stablecoin startup Bridge in February of this year.
According to ChainCatcher, Joseph Chalom, co-CEO of Sharplink and former head of digital assets at BlackRock, stated in an interview that he is confident Ethereum will be the underlying infrastructure for digital finance on Wall Street. The three main characteristics that financial institutions care about—trust, security, and liquidity—are all embodied in the Ethereum network. For this reason, he is betting his entire career after leaving BlackRock on this.
He defines Ethereum as a "multi-purpose" platform—not only capable of supporting financial transactions but also able to host lending, trading, NFTs, and complex applications, whereas he describes Bitcoin as an "excellent value storage tool." Joseph Chalom views Sharplink as a continuation of his mission at BlackRock: bridging traditional finance and the crypto ecosystem. "We have spent decades building financial pipelines filled with intermediaries, and Ethereum gives us the opportunity to rebuild these pipelines—faster, cheaper, and safer." He does not see Ethereum as a speculative technology but rather as the cornerstone of a new wave of digital finance. "One day, we will no longer say DeFi or TradFi, but simply finance. And Ethereum is the underlying infrastructure that supports it all."
According to ChainCatcher, Goldman Sachs economists Elsie Peng and Ronnie Walker stated in a report: "The U.S. federal government shutdown has delayed the release of almost all federal economic data for September and October. While the government shutdown seems to be coming to an end, statistical agencies need time to process the backlog of data."
Goldman Sachs expects that if the U.S. government reopens before the weekend, the U.S. Bureau of Labor Statistics will release the latest October employment data early next week (Tuesday or Wednesday), but other major data releases are expected to be delayed. Goldman Sachs stated that this means the November employment report and inflation report may be "delayed by at least a week." (Goldman Sachs)
According to ChainCatcher, global payment giant Visa has officially launched a stablecoin payment pilot program, allowing creators, freelancers, and businesses to receive payments directly in USDC issued by Circle through Visa Direct, enabling cross-border instant settlement.
Visa stated that during the pilot phase, businesses can initiate payments in fiat currency in the U.S., while recipients can choose to receive USDC directly, with funds arriving in almost minutes, providing convenience for users in areas with currency fluctuations or limited bank access. Chris Newkirk, President of Visa's Business and Cash Flow Solutions, stated: "The launch of stablecoin payments means truly achieving 'funds arriving in minutes,' allowing users worldwide to quickly and securely receive income."
It is reported that this pilot is a further expansion of Visa's stablecoin program. In September, Visa conducted a "stablecoin pre-funding" pilot, allowing businesses to use stablecoins to fund Visa Direct accounts, and this time it is the first to support end-users receiving payments directly in stablecoins. Recipients must have a stablecoin wallet that meets Visa standards and pass KYC/AML certification. Visa plans to promote this program to more partners in the second half of 2026, currently only supporting USDC. Since 2020, Visa has facilitated over $140 billion in crypto and stablecoin transactions and launched over 130 stablecoin-linked card projects in 40 countries.
According to ChainCatcher, Forbes reports that OpenAI's video generation application Sora, despite surpassing 4 million downloads, has extremely high operating costs, spending about $15 million daily on generating AI videos, with annual expenditures exceeding $5 billion. Analysts estimate that the average cost of generating a 10-second video is about $1.3, far exceeding the current free usage level for users.
The report points out that OpenAI is still in an aggressive expansion phase, not focusing on profitability, but rather on expanding its user base and acquiring video training data. Company executives admit that Sora's economic model is "currently completely unsustainable," and in the future, they may reduce free usage and explore monetization paths through fees or advertising.
Meme Hot List
According to meme token tracking and analysis platform GMGN, as of November 13, 09:00,
The top five popular ETH tokens in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular Solana tokens in the past 24 hours are: TRUMP, PENGU, MELANA, ME, DOOD
The top five popular Base tokens in the past 24 hours are: ZORA, VIRTUAL, TOSHI, BRETT, AERO
What are some interesting articles worth reading in the past 24 hours?
Shorting MSTR for 100% profit, how did he consider this trade?
Editor’s note: When Strategy turned "holding Bitcoin through a company" into a belief, Jim Chanos chose to bet in the opposite direction: shorting MSTR and going long on BTC.
It seems contradictory, yet fundamentally the same: both sides are exploiting structural biases in the market, one leveraging belief while the other rationally dismantles the bubble. In this battle of valuation and liquidity, faith and skepticism are not clearly defined but rather reflect two choices that mirror each other.
Is an on-chain "subprime crisis" emerging? The maturation path of DeFi structured products
DeFi has entered a new structured phase, with institutional trading strategies being abstracted into composable and tokenizable assets.
This all began with the emergence of liquid staking tokens, and the tokenized basis trading launched by Ethena Labs has become a key turning point for DeFi structured products. The protocol packages a delta-neutral hedging strategy that requires 24-hour margin management into a synthetic dollar token, allowing users to participate with just one click, thus redefining their expectations of DeFi.
Products that were once only for trading departments and institutions have now entered the mainstream. USDe has become the fastest stablecoin to reach a total locked value of $10 billion.
Coin Metrics: Why has this round of Bitcoin's cycle been extended?
As long-term holders gradually sell off and new participants absorb the supply, the turnover rate of Bitcoin's supply has gradually slowed, showing a more stable state of ownership transfer.
Since early 2024, only spot Bitcoin ETFs and crypto treasuries (DAT) have absorbed about 57% of the supply increase from short-term holders, currently accounting for nearly a quarter of the total circulating Bitcoin over the past year.
Actual volatility remains stable, marking a maturation of market structure characterized by institutional demand dominance and extended cycle rhythms.
As Monad (MON) token approaches public sale countdown on Coinbase, its released 18-page disclosure document has become the market focus.
This document, provided by Monad Foundation's subsidiary MF Services (BVI), Ltd., comprehensively reveals Monad's full picture, from project architecture to financing status, from token distribution to sales rules, as well as transparent market maker information and security risk warnings, providing investors with the key information necessary to make informed decisions, and reflecting the project's attitude of transparent operation.
In addition to key data widely cited by the media such as "25 billion FDV," "unit price of $0.025," and "7.5% public sale ratio," this document also systematically discloses a large number of details that cannot be ignored, including legal pricing, token release rhythm, market-making arrangements, and risk warnings.
Risk warning
Risk warning
