BTC $74,391.95 +1.48%
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SOL $84.64 +2.45%
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DOGE $0.0683 +1.66%
ADA $0.1768 +2.24%
BCH $231.13 +0.97%
LINK $10.42 +1.72%
HYPE $72.94 +1.47%
AAVE $122.69 -0.28%
SUI $0.8351 +2.52%
XLM $0.1487 +3.86%
ZEC $990.83 -3.34%
AAPL $355.13 +1.79%
AMZN $266.69 -1.80%
GOOGL $294.45 +2.40%
MSFT $521.26 -2.73%
META $636.23 -0.86%
NVDA $175.85 +5.12%
TSLA $392.39 +3.58%
SNDK $995.18 +17.27%
INTC $62.85 +9.25%
SPCX $141.59 +0.24%
MU $817.94 +14.88%
AMD $560.25 +8.98%
BTC $74,391.95 +1.48%
ETH $2,078.14 +1.93%
BNB $685.32 +1.80%
XRP $1.05 -0.80%
SOL $84.64 +2.45%
TRX $0.3167 -0.26%
DOGE $0.0683 +1.66%
ADA $0.1768 +2.24%
BCH $231.13 +0.97%
LINK $10.42 +1.72%
HYPE $72.94 +1.47%
AAVE $122.69 -0.28%
SUI $0.8351 +2.52%
XLM $0.1487 +3.86%
ZEC $990.83 -3.34%
AAPL $355.13 +1.79%
AMZN $266.69 -1.80%
GOOGL $294.45 +2.40%
MSFT $521.26 -2.73%
META $636.23 -0.86%
NVDA $175.85 +5.12%
TSLA $392.39 +3.58%
SNDK $995.18 +17.27%
INTC $62.85 +9.25%
SPCX $141.59 +0.24%
MU $817.94 +14.88%
AMD $560.25 +8.98%

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Flash

Glassnode: Bitcoin has fallen below the cost basis for short-term holders, with stablecoin supply decreasing by 14.2 billion USD over 30 days

Glassnode posted on platform X that Bitcoin has fallen below the short-term holder cost price of $75,600, underperforming compared to U.S. stocks, and the funds that could drive its rise are continuously flowing out. Currently, about 35% of short-term holders are in profit, with sellers averaging small losses.In terms of capital, the total supply of stablecoins has decreased by $14.2 billion over the past 30 days, marking the fastest contraction since June 2022; the U.S. spot Bitcoin ETF has seen a net outflow of $1.6 billion over the past 20 trading days; excluding the impact of USDT falling below $1, the 30-day average premium on Coinbase has remained negative, with the discount being the deepest since February. On the macro front, the two-year U.S. Treasury yield is at 4.75%, which is 75 basis points higher than the current 4% rate of the Federal Reserve, indicating that the bond market expects further rate hikes, but it is far from the level of 244 basis points in June 2022.However, there are also positive signals, as the decline has cleared most of the long leverage near the price, with the largest concentration of liquidations located between $59,500 and $62,600; since the sell-off on November 5, buy orders within a 5% price range in the Binance and Coinbase spot order books have consistently outnumbered sell orders; wallets holding between 100 to 1,000 BTC and 1,000 to 10,000 BTC have started to accumulate over the past week.Glassnode stated that if it returns to $75,600, it will support the judgment of a trend reversal in August; if it continues to fall below $73,000, it may enter a longer period of consolidation; if it closes below the June low of $58,500, the trend reversal since August will be broken.

Binance Research: The cryptocurrency market lacks an actively managed discovery layer, with neutral strategies siphoning off over 90% of the funds

Binance Research's latest report indicates that while institutional funds have significantly entered the cryptocurrency market, they are primarily flowing into passive Beta products (such as ETFs), and the actively managed sector has not kept pace.The core reason is not a lack of talent or returns, but rather the absence of a middle layer that connects funds with managers for discovery and verification. Currently, the funding sources for active cryptocurrency strategies still heavily rely on personal networks and conferences, lacking a standardized performance verification and benchmarking system.Research shows that 80% of asset allocators prioritize asset safety over historical returns, and verified trading platform data can significantly enhance due diligence. Managers believe that unverifiable performance and lengthy compliance reviews are the biggest obstacles to fundraising.Capital Connect data shows that directional strategies account for 44.3% of the total number of funds but hold only 6.7% of the capital; market-neutral, statistical arbitrage, and traditional multi-strategy funds make up less than half but attract 92.1% of the capital. The average single investment size from institutions in neutral strategies is about 11 times that of directional strategies.In October, BTC fell by 7.2%, with directional funds averaging a positive return of 1.9%, while neutral strategies recorded 1.0%. Binance Research concludes that institutional preferences and the introduction of traditional structures are driving the market towards maturity, but allocators remain highly selective. Only a comprehensive verification system and operational infrastructure can truly unlock the inflow of actively managed funds.

The new regulations for Claude's title will take effect on November 12, covering the individual's location and corporate control

The new version of the "Supported Regional Policy" from the artificial intelligence company Anthropic will take effect on November 12. The new document specifies three categories of prohibited use of Claude, covering individuals, businesses, and users utilizing the model through overseas companies and third-party cloud platforms. As long as a person is in a non-supported region, they cannot use Claude; Americans using it during business trips in mainland China also violate the regulations. Even if a company is registered in the United States, if it is directly or indirectly controlled by individuals or businesses from non-supported regions, employees are similarly restricted, and it is not only those holding more than 50% of shares that will trigger this.The policy covers Claude.ai, Claude Code, Cowork, the official API, as well as Claude models provided by cloud platforms and authorized distributors. Calling the model through cloud platforms like AWS Bedrock does not mean that regional usage restrictions can be bypassed.As early as September 2025, Anthropic had already prohibited overseas companies controlled by businesses from non-supported regions like China from using Claude. This time, the policy clarifies the locations of individuals, the registration locations of businesses, and control relationships more explicitly. The official disclosure indicates that in the first half of 2026, a total of 11.4 million accounts were banned, with 398,000 appeals received, of which 42,000 successfully overturned the original decisions. The data covers various types of violations, not all of which involve regional restrictions. The system will identify risk signals from non-supported regions, unauthorized resale of Claude, and other issues, requiring relevant users to verify their identity; failure to verify will result in account suspension.
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