Bitget Daily Briefing (November 19) | SEC cancels special chapter on crypto assets; Bitcoin falls below $90,000 with over 170,000 traders liquidated; Solana ETF launches today

Today's Outlook

1. The Neutron (NTRN) network upgrade is expected to take place on November 19, 2025, at 23:00 at block height 40729000, supporting network performance improvements and optimizations;
2. LayerZero (ZRO) will unlock 25.71 million tokens on November 20, 2025, valued at approximately $36.76 million, accounting for 7.29% of the total circulating supply;
3. Fidelity's Solana ETF (FSOL) is scheduled to launch on November 19, with a management fee of 0.25%;

Macro & Hot Topics

1. The U.S. Securities and Exchange Commission (SEC) has released its latest 2026 fiscal year review focus document, significantly removing the dedicated chapter on cryptocurrencies for the first time, focusing on fiduciary duties, custody, customer information protection, and AI risks, which the market interprets as a shift in the regulatory stance towards digital assets;
2. Bitcoin's price briefly fell below $90,000 in the past 24 hours, hitting a 7-month low, with liquidation amounts reaching $947 million to $1.015 billion, affecting over 170,000 to 180,000 traders, with significant losses for long positions due to institutional fund outflows, macro uncertainties, and high leverage liquidations;
3. Nasdaq-listed Onfolio Holdings has secured $300 million in financing to establish a digital asset treasury, with initial investments in BTC, ETH, and SOL, and plans to enhance its balance sheet and business growth through cryptocurrency staking;
4. The Office of the Comptroller of the Currency (OCC) has approved banks to hold cryptocurrencies for paying blockchain "gas fees";

Market Trends

1. BTC and ETH have both seen slight declines in the past 4 hours, with market sentiment cautious and bearish, with $165 million in liquidations over the past 24 hours, primarily from long positions;
2. The three major U.S. stock indices closed lower, with the tech and blue-chip sectors under pressure, and market risk aversion increasing;
   
3. Bitget's BTC/USDT liquidation map shows the current price of BTC at 92,574 USDT, with concentrated long liquidations in the $90,000-$94,000 range; if it breaks down, it may trigger a chain liquidation risk, and short-term caution is advised for a potential volume drop;
   
4. In the past 24 hours, net outflows in contract trading have been led by BTC, ETH, USDT, XRP, BNB, and other cryptocurrencies, indicating potential trading opportunities;
   

News Updates

1. The U.S. Securities and Exchange Commission (SEC) has removed dedicated focus on crypto assets in its 2026 fiscal year review;
2. The Office of the Comptroller of the Currency (OCC) has approved banks to hold cryptocurrencies for paying blockchain gas fees;
3. UBS Group has reached a strategic cooperation with Ant International to explore blockchain-based tokenized currency innovations, supporting global payment settlement and liquidity management;
4. Ethereum founder Vitalik Buterin has released a privacy-protecting encryption tool, Kohaku, to enhance privacy and security in the Ethereum ecosystem;

Project Progress

1. Franklin Templeton will launch an XRP ETF on November 18;
2. Bitwise will trade the XRP ETF between November 19-20;
3. New Hampshire has approved the first $100 million municipal bond backed by Bitcoin;
4. Mutuum Finance (MUTM) has raised $18.8 million, with 18,000 holders, and the V1 testnet will launch in Q4;
5. Kazakhstan has lifted restrictions on cryptocurrency mining and trading, with new regulations set to take effect in 60 days;
6. zkSync (ZK) will unlock 173.41 million ZK on November 19, accounting for 0.83% of the circulating supply;
7. Merlin Chain (MERL) will unlock 36.14 million MERL on November 19, accounting for 1.72% of the supply;
8. Fidelity will launch the Solana ETF (FSOL) on November 19, with a management fee of 0.25%;
9. Canary Funds will launch the Solana ETF (SOLC) on November 19, integrating on-chain staking;
10. Filecoin has launched Onchain Cloud, with the testnet already live and the mainnet planned for January 2026;
    **Disclaimer: This report is generated by AI, with human verification for information only, and does not constitute any investment advice.