Bitget Daily Briefing (November 13) | U.S. Senate Releases Cryptocurrency Market Structure Bill; Ethereum Mainnet Fusaka Upgrade Will Activate BPO Fork; BTC and ETH Short-Term Decline as Market Volatility Intensifies

Today's Outlook

1. White House: The October non-farm payroll and inflation data may never be released;
2. Market news: The U.S. House of Representatives has cleared a key procedural hurdle, paving the way for a full house vote on the funding bill that has already passed the Senate to end the government shutdown;
3. The Block: The number of active addresses on Solana has dropped to 3.3 million, hitting a new low in 12 months, a significant decline compared to the peak of over 9 million active addresses in January this year;
4. SEC Chairman Paul Atkins announced at the Philadelphia Fed FinTech Conference that the SEC will launch a new regulatory framework called "Token Taxonomy," aimed at redefining when crypto assets are considered securities.

Macro Highlights

1. Market news: Japanese exchanges are studying how to curb the accumulation of cryptocurrencies by listed companies;
2. U.S. Treasury Secretary: By 2030, the size of stablecoins could grow tenfold from $300 billion;
3. U.S. White House: Trump signed a temporary funding bill today at 10:45 AM (UTC+8);
4. Market news: At a sensitive moment when Trump is intensifying his attacks on the Federal Reserve and an internal re-election vote is imminent, Federal Reserve hawk Raphael Bostic has chosen to step back.

Market Trends

1. BTC fell about 3.5%, ETH fell about 5.2%, with short-term market panic, approximately $120 million liquidated in the past 24 hours, mainly from long positions;
2. U.S. stock market closed with mixed performance, with the Dow leading up over 300 points, while the Nasdaq slightly pulled back, indicating a weakening global market risk appetite;
   
3. Bitget BTC/USDT liquidation map shows that current liquidation pressure is concentrated below key support levels for long positions, with a broad distribution of short liquidations, enhancing short-term market volatility, focus on support stability and signs of rebound;
   
4. In the past 24 hours, BTC spot inflow was $2.86 billion, outflow was $2.29 billion, with a net inflow of $570 million;
   
5. In the past 24 hours, net outflows in contract trading for BTC, ETH, USDT, XRP, BNB, and other cryptocurrencies lead, indicating potential trading opportunities;
   

News Updates

1. The U.S. SEC is about to launch a digital asset classification framework, clarifying standards for securities and commodities;
2. Analysts: The number of crypto projects with a market cap over $100 million has dropped from 477 in November 2021 to 388;
3. SoFi Technologies launches an integrated crypto trading platform, becoming the first U.S. bank to operate both retail crypto and traditional businesses;
4. Ethereum Foundation: The account abstraction team, along with Vitalik, released the "Trustless Declaration" and placed it on-chain.

Project Progress

1. Ethereum co-founder Taylor Gerring's other associated address staked 7,455 ETH in the early morning, worth approximately $25.35 million;
2. Sonic Network will undergo a mainnet upgrade, aiming to enhance infrastructure performance;
3. SharpLink Q3 financial report: Total revenue increased by 1100% year-on-year, with total crypto assets of approximately $3 billion;
4. Since the launch of x402, its network facilitators have processed over 18.82 million transactions, a 35-fold increase since May;
5. SoFi Technologies integrates crypto trading services to expand digital banking operations;
6. FTX/Alameda redeemed 193,800 SOL from staking, which has been distributed to 28 addresses;
7. Ethereum and Solana ETFs received regulatory approval, which will support staking functionality to optimize asset liquidity;
8. Monad mainnet will officially launch on November 24, 2025, positioned as a high-performance Layer-1 blockchain solution;
9. IRS announces a safe harbor policy for cryptocurrency staking ETF transactions, enhancing project compliance;
10. Beaconchain: Since July, the number of daily active Ethereum validators has decreased by about 10%, reaching the lowest level since April 2024.