According to Odaily Planet Daily on December 1st, data from SoSoValue shows that the cryptocurrency market experienced a general decline, with 24-hour drops typically ranging from 3% to 8%. Layer 2 cryptocurrencies led the decline at 7.72%, with Starknet (STRK) falling 13.13% and zkSync (ZK) dropping 10.99%. Additionally, Bitcoin (BTC) fell 3.91%, breaking below $88,000, and Ethereum (ETH) fell 5.17%, breaking below $2,900.
In other sectors, the CeFi sector fell 3.90% in the last 24 hours, with HashKey Platform Token (HSK) showing relative resilience, rising 1.35%. HSK has reportedly passed the Hong Kong Stock Exchange's listing hearing and plans to IPO in Hong Kong. The PayFi sector fell 4.85%, but Monero (XMR) rose 3.55%. The Layer 1 sector fell 5.31%, with Zcash (ZEC) falling 17.38%. The Meme sector fell 5.44%, with MemeCore (M) bucking the trend and rising 7.15%. The DeFi sector fell 6.40%, with MYX Finance (MYX) surging 8.21% intraday. The AI sector fell 6.84%, but SoSoValue (SOSO) rose 8.43%.
The crypto sector indices, which reflect the historical performance of the sector, show that the ssiAI, ssiDePIN, and ssiGameFi indices fell by 8.23%, 8.22%, and 7.67%, respectively.
According to Hyperbot data, as reported by Odaily Planet Daily, "Brother Machi's" long positions suffered a severe blow today. He closed all his HYPE long positions an hour ago, and his ETH long positions, leveraged at 25x, were liquidated multiple times, currently incurring over $330,000 in unrealized losses. The account's margin utilization rate was a staggering 124.82%, with a total leverage ratio of 31.2x, facing extremely high liquidation risk. The total value of his positions exceeded $7.12 million, but his account equity has plummeted to approximately $228,000, and his available margin has reached zero. "Brother Machi's" total losses today are approaching $2 million.
Currently, his ETH long positions are valued at approximately $7.12 million, with an average entry price of $2,982 and a liquidation price of $2,813. With the current ETH price at $2,847, his account net value is only $228,000.
According to Odaily Planet Daily, several venture capital firms stated in interviews that the current ongoing correction in the crypto market is primarily driven by two factors: the concentrated liquidation event on October 10th and a tighter macroeconomic environment. Rob Hadick, a partner at Dragonfly, pointed out that the combination of low liquidity, inadequate risk management, and flawed oracle or leverage design led to large-scale deleveraging, causing market uncertainty. Boris Revsin, a partner at Tribe Capital, also described the event as a "leveraged shakeout," which has had a ripple effect across the entire market.
Meanwhile, cooling expectations for short-term interest rate cuts, sticky inflation, weakening employment data, escalating geopolitical risks, and sluggish consumption have put overall pressure on risk assets over the past two months. Anirudh Pai, a partner at Robot Ventures, pointed out that some leading indicators of the US economy have begun to decline, a trend similar to that seen during previous "recession fears," making it difficult to determine whether it will worsen into a full-blown recession. VCs also noted that, apart from some tokens supported by buybacks, the market lacks new capital inflows, and the slowdown in ETF inflows has accelerated the price decline.
Looking ahead, VCs believe the most critical factor is the clarification of the macroeconomic path, including interest rate policy and the selection of the next Federal Reserve leader, which will have a significant impact on risk assets. Data gaps will also increase volatility; for example, the next employment data is seen as an important signal. Furthermore, long-term drivers such as accelerated on-chain economic activity, the spillover of AI trading sentiment, and the trends in payments and tokenization remain underestimated by the market.
At the current stage, VCs generally believe the market has entered a "preliminary stabilization period," but this is insufficient to declare a bottom. Bitcoin has rebounded from around $80,000, and ETF inflows have improved slightly, but the market remains sensitive to interest rates, inflation, and AI earnings reports. Many respondents consider the $100,000-$110,000 range for Bitcoin to be a crucial area for a market sentiment reversal. A more robust reversal structure is possible only if ETFs continue to see net inflows, derivatives open interest recovers moderately, and excessive leverage does not occur.
Some investors point out that the current correction has reset the valuations of some high-quality, revenue-generating tokens to 2024 levels, while those with stronger on-chain fundamentals are relatively attractive; Bitcoin's dominance has not increased significantly during this correction, indicating that there is still demand for high-quality altcoins. (The Block)
1. Michael Saylor has released another Bitcoin Tracker update, and may disclose his increased BTC holdings next week;
2. Trump: The nominee for Federal Reserve Chair has been decided;
3. Justin Sun: He has retrieved his WeChat account;
4. In the past hour, approximately $330 million in positions were liquidated across the entire network, with the largest single liquidation order amounting to $14.48 million;
5. "Brother Machi's" ETH long positions were liquidated, turning from profit to loss within the week;
6. Bitcoin fell back after encountering resistance at 92,000 USDT, with market trading volume at its lowest level since July;
7. Tether CEO: S&P's attack on Tether may be intentional; currently, holding US Treasury bonds generates approximately $500 million in monthly income.
8. Yearn's yETH appears to have been attacked, with $3 million worth of ETH flowing into Tornado Cash;
9. Beijing Business Today: The People's Bank of China defines stablecoins for the first time; industry analysts believe this will not affect Hong Kong's stablecoin strategy.
10. Crypto KOL: Sahara's plunge last night was due to the liquidation of a market maker;
11. Goldman Sachs: A rate cut by the Federal Reserve at its upcoming December meeting is virtually a done deal.
Odaily Planet Daily reports that the yield on Japan's 2-year government bonds rose to 1%, the highest level since June 2008; the yield on 20-year government bonds rose 3 basis points to 2.855%, a new high since November 2020. (Jinshi)
According to Odaily Planet Daily, the central parity rate of the RMB against the US dollar was raised by 30 basis points to 7.0759, reaching its highest level since October 14, 2024. (Jinshi)
Odaily Planet Daily reports that prediction market platform Kalshi is facing a class-action lawsuit, accused of operating sports betting without any state gambling license and making misleading statements to users regarding market-making activities. The lawsuit, filed by seven Kalshi app users with the law firm Lieff Cabraser Heimann & Bernstein, alleges that Kalshi falsely advertised its service as "legal sports betting," and that its affiliated company, Kalshi Trading, set unfavorable odds for users as a market maker, effectively turning trading into a bet against the "bookmaker." Kalshi responded that its business falls under the derivatives market and is only subject to federal regulation by the U.S. Commodity Futures Trading Commission (CFTC). (Bloomberg)
According to Odaily Planet Daily, Nate Geraci, president of The ETF Store, stated in an article on the X platform that the Chainlink spot ETF is expected to launch this week. Grayscale will be able to convert or upgrade its Chainlink private trust to ETF form.
According to Lookonchain monitoring, the address pension-usdt.eth established a 2x leveraged short position in ETH about an hour ago, with a position size of approximately $18 million and a quantity of approximately 6,358 ETH. As the market subsequently fell back, this position is currently showing a floating profit of approximately $1 million.
Odaily Planet Daily reports: US President Trump: I know who I'm going to choose as Federal Reserve Chairman, and I will announce it soon. (Jinshi)
According to a report by 10x Research, the crypto market recorded its lowest trading volume since July last week. Bitcoin encountered resistance again near 92,000 USDT, and despite rising expectations of an interest rate cut, the price failed to break through this key resistance level. The report shows that the total market capitalization of cryptocurrencies is approximately $3.1 trillion, up 4% from the previous week, with a weekly average trading volume of $127 billion, 32% lower than the average. Specifically, Bitcoin's weekly trading volume was $59.9 billion, 31% lower than the average; Ethereum's weekly trading volume was $21.1 billion, 43% lower than the average, and its network fee (0.05 Gwei) was in the 5th percentile, reflecting low on-chain activity.
In derivatives, Bitcoin futures funding rates rose to 4.3%, placing it at the 20th percentile over the past 12 months, while open interest decreased by $1.1 billion to $29.7 billion. Ethereum funding rates rose to 20.4%, placing it at the 83rd percentile, while open interest increased by $900 million to $16.2 billion. Currently, open interest in Bitcoin and Ethereum futures represents 56% and 72% of their market capitalization, respectively.
According to crypto analyst EmberCN, "Brother Machi's" ETH long positions turned from unrealized profits to unrealized losses and were liquidated during the market downturn. His initial deposit of $1 million had grown to $2.08 million, but due to the morning's decline, his position is now down to only about $360,000.
According to data from Coinglass, as reported by Odaily Planet Daily, approximately $249 million in positions were liquidated across the network in the past hour, including $247 million in long positions and $2.227 million in short positions. The largest single liquidation order was $14.48 million.
According to OnchainLens monitoring, an address deposited approximately $3 million worth of USDC into the decentralized exchange HyperLiquid and opened a 10x leveraged long position in HYPE. This position subsequently expanded significantly, currently valued at approximately $19 million, and is still growing.
According to Odaily Planet Daily, Justin Sun announced that he has retrieved his WeChat account.
Previous report: Justin Sun's WeChat account was hacked; efforts are underway to retrieve it.
