1. Popular cryptocurrencies on CEXs

Top 10 CEX trading volumes and their 24-hour price changes:

• BTC: -1.35%
• ETH: -0.93%
• BNB: +1.67%
• SOL: -1.30%
• DOGE: +1.30%
• FIL: +58.05%
• ZEC: +21.07%
• ICP: +37.63%
• SAPIEN: +178.00%
• ASTER: -4.21%

24-hour gainers list (data source: OKX):

• FIL: +53.70%
• SWEAT: +41.58%
• OMI: +33.61%
• ZRO: +24.86%
• AR: +24.70%
• ICP: +24.01%
• STORJ: +21.44%
• PROMPT: +20.73%
• 1 INCH: +20.27%
• METIS: +19.85%

24-hour cryptocurrency stock gainers list (data source: msx.com ):

• T-Rex 2X Inverse MSTR Daily Target ETF - MSX (MSTZ.M): 14.03%
• Mercurity Fintech Holding Inc. Ordinary Shares - MSX (MFH.M): 13.53%
• GraniteShares ETF Trust GraniteShares 2x Short COIN Daily ETF - MSX (CONI.M): 12.98%
• XPeng Inc. American depositary shares, each representing two Class A ordinary shares - MSX (XPEV.M): 10.74%
• ProShares UltraShort Ether ETF - MSX (ETHD.M): 7.48%
• T-Rex 2X Inverse NVIDIA Daily Target ETF - MSX (NVDQ.M): 7.21%
• Direxion Daily Semiconductor Bear 3X Shares - MSX (SOXS.M): 6.04%
• ProShares UltraShort Bitcoin ETF - MSX (SBIT.M): 5.73%
• VivoPower International PLC - MSX (VVPR.M): 5.52%
• ProShares UltraPro Short QQQ - MSX (SQQQ.M): 4.81%

2. Top 5 trending on-chain memes (data source: GMGN ):

• EONIX
• TOUT
• jellyjelly
• 91
• BUTTPLUG

Headlines

US lawmakers will meet with crypto czar David Sacks to discuss market structure bill.

U.S. lawmakers plan to meet with David Sacks, a crypto advisor to the Trump administration, to discuss matters related to the crypto market structure bill.

The US government shutdown has created uncertainty about the future, and the Federal Reserve may pause interest rate cuts in December.

Simon Ballard and Almaha Al-Nueaim of First Abu Dhabi Bank stated that the US government shutdown and the disruption to official economic data releases have complicated and clouded the outlook, potentially leading the Federal Reserve to pause rate cuts next month. The two analysts pointed out that the uncertainty caused by the government shutdown may strengthen the Fed's case for a pause in December—regardless of the strong objections raised by Governor Milan. Fed Chairman Jerome Powell also hinted after last week's 25-basis-point rate cut that a December rate cut is "not a certainty."

The US government is unlikely to resume work in the short term, with only a 3% chance of ending the shutdown before November 7th.

According to Polymarket data, the probability of the US government shutdown ending after November 16 has risen to 44%, indicating that the market expects the government to be difficult to resume operations in the short term. Data shows that the probability of ending between November 4 and 7 is 3%, between November 8 and 11 is 22%, and between November 12 and 15 is 30%. As of now, the US federal government shutdown has lasted 37 days, breaking the historical record. The previous shutdown from the end of 2018 to the beginning of 2019 lasted 35 days. Analysts point out that the two parties remain deadlocked on the appropriations bill, with the Senate failing to pass the Republican-proposed temporary budget in 13 previous votes.

Bernstein: Prediction markets are evolving into broader information markets

Bernstein analysts say that as the regulatory environment becomes clearer, institutional investment enters, asset tokenization develops, and deeper integration with retail brokerages and the crypto market continues, prediction platforms are accelerating their transformation into broad, information-driven trading venues. This trend will drive growth in global liquidity and mainstream adoption.

In a report on Thursday, a team of analysts led by Gautam Chhugani pointed out that the forecasting market is "evolving into a broader information market," and emphasized that market demand has expanded far beyond politics and sports to include economics, culture, business activity, and financial indicators.

Prediction markets allow users to trade "yes/no" type contracts: they pay $1 if the event occurs and $0 if it does not, and the contract price reflects the market's implied probability of the event's outcome.

Wintermute: Liquidity inflows have stopped; current capital is only circulating internally.

Wintermute, in an article on the X platform, stated that liquidity drives the crypto cycle, but funds have now stopped flowing in. Since the beginning of 2024, the total size of stablecoins, ETFs, and DAT has grown from $180 billion to $560 billion, but the growth momentum has slowed. Capital is rotating within the crypto market rather than new funds entering, leading to a rapid end to the rally and a continued narrowing of market breadth.

Industry News

The SBF account reiterates that FTX has the ability to repay its debts, but the debtor's withholding of funds prevents normal compensation payments.

FTX founder SBF X's platform account retweeted a post satirizing FTX's bankruptcy administration process, stating: "FTX has always been solvent and has never been insolvent, whether before, on, or after the bankruptcy filing. However, FTX debtors are still withholding funds; for example, see Mr. Ji's fight for Chinese creditors, which deserves more attention." Furthermore, the SBF account emphasized in the comments: "By solvent, I mean assets exceeding liabilities, a fact even the debtors now acknowledge: before, on, and after the filing." A corresponding news link was attached.

Odaily Planet Daily Note: According to previous reports, the SBF X platform account was managed and forwarded by his friend.

Polymarket announced that its prediction market odds will soon be integrated into Google.

Polymarket tweeted that its market odds predictions will soon be integrated into Google.

Circle submits comment letter on the implementation of the GENIUS Act.

Circle announced that it has submitted a comment letter to the U.S. Treasury Department regarding the implementation of the GENIUS Act, emphasizing its recommendations for a comprehensive regulatory framework for stablecoins to ensure consumer protection, fair market competition, and global interoperability. Circle proposed a series of policy principles, including protecting customer funds, achieving interoperability through mutual recognition, ensuring the same rules apply to the same activities, maintaining a balance of competition domestically and internationally, setting clear consequences and contingency plans, and also noted that rulemaking should reinforce Congressional intent, providing clear and robust rules for all issuers accessing the U.S. market, while offering transparent and easily understandable financial products and services to the American people.

Robinhood is considering adding BTC to its corporate treasury.

According to market sources, Robinhood is considering adding Bitcoin to its corporate treasury holdings.

Project News

Aria Announces Launch and Airdrop Application Period for its Native Token ARIAIP

Aria, the flagship IPRWA protocol within the Story ecosystem, announced that its native token, ARIAIP, will officially launch and be available for airdrop on November 7, 2025, at 7:00 AM (UTC). The community airdrop snapshot was taken on November 5 at 1:00 PM (UTC), and the claiming window will be open from November 7 at 7:00 AM (UTC) to December 7 at 7:00 AM (UTC). Eligible claimants include Aria Season 1 credit users and Story $IP community members and stakers. A certain amount of $IP must be held to pay gas fees to claim the airdrop.

Previously, Binance Alpha announced that it will list Aria (ARIAIP) on November 7th, and eligible users can also use Alpha Points to claim airdrops.

The second phase of Stable's pre-deposit program has exceeded $253 million, with over 60 wallets mistakenly depositing funds.

According to Lookonchain's monitoring, the second phase of Stable's pre-deposits has exceeded $253 million. Meanwhile, over 60 wallets mistakenly entered their contract addresses as receiving addresses when depositing funds, involving a total of over $2.34 million. The project team reminds users to double-check their receiving addresses before depositing to avoid sending funds to incorrect addresses.

Lido launches Lido stRATEGY Vault

Staking protocol Lido announced the launch of its strategic vault, Lido stRATEGY Vault, built on the Mellow Core Vault technology stack, offering diversified investment opportunities across leading DeFi strategies, including Aave, Ethena, and Uniswap.

PeckShield: Several vaults on Euler are operating at 100% capacity.

PeckShield posted on the X platform that several Curator vaults on the crypto lending protocol Euler are operating at 100% capacity, which seems somewhat abnormal.

Previous reports indicated that after xUSD was de-pegged, the oracle price data on Euler appeared to have failed to update in a timely manner.

MEV Capital and Re7 Labs' liquidity pool utilization on Lista DAO reached 99%, triggering mandatory liquidation.

According to Lookonchain monitoring, the utilization rate of the liquidity pools managed by MEV Capital and Re7 Labs in Lista DAO has reached 99%, triggering forced liquidation. If users have deposited funds in DeFi protocols, please be aware of security risks, as the utilization rate of the vaults on multiple platforms has now exceeded 90%.

Investment and Financing

YZi Labs announces investment in Funes

According to official sources, YZi Labs has announced an investment in Funes, a digital heritage platform that is building an open archive of 3D architectural models. The new funding will support its advancement of AI × Culture × Real-world data infrastructure.

Google is reportedly increasing its investment in Anthropic, a "competitor to OpenAI," potentially valuing the company at over $350 billion.

Sources indicate that Google is in preliminary discussions regarding a significant increase in its investment in artificial intelligence startup Anthropic. Media reports suggest that this new funding round could value Anthropic at over $350 billion. Sources added that the potential agreement is still under negotiation and could take the form of a priced funding round early next year, the issuance of convertible bonds, or a strategic investment where Google provides Anthropic with more cloud computing services. A few weeks ago, the two companies announced an agreement under which Google will supply Anthropic PBC with up to 1 million dedicated AI chips. This arrangement provides Anthropic with greater computing power and solidifies Google's position as a major investor and critical infrastructure provider, expanding its lead in the increasingly fierce arms race for large-scale AI models.

Previously, Circle launched a public beta test of its payment-oriented Arc blockchain, with over 100 institutions participating, including Anthropic, as well as Visa, HSBC, BlackRock, AWS, and others.

CoreWeave signs $1.17 billion AI deal with Vast Data, an Nvidia-backed company.

CoreWeave signed a $1.17 billion AI deal with Vast Data, a company invested in by Nvidia. This news may have contributed to CoreWeave's stock price surging nearly 4% in pre-market trading. Under the agreement, CoreWeave will use Vast as the primary data platform for its cloud infrastructure, which provides customers with access to graphics processing units (GPUs) for training and running AI models. Vast stated that such contracts typically last three to five years but declined to disclose detailed financial terms.

Fitell Corporation has raised $50 million in funding, with plans to convert the proceeds into stablecoins.

Nasdaq-listed Fitell Corporation announced that it has raised $50 million through a convertible bond issuance. The company will convert the net proceeds into stablecoin assets, expanding its balance sheet and also using the stablecoins to support 2F Robotics, an AI-driven robotics and automation systems development company.

Arx Research has raised $6.1 million in seed funding, led by Castle Island Ventures.

Hardware and software company Arx Research announced the completion of a $6.1 million seed funding round, led by Castle Island Ventures, with participation from Inflection, Placeholder, Seed Club Ventures, and 1kx, among others. Arx Research co-founder and CEO Cameron Robertson stated that the round was structured as a Simple Agreement for Future Equity (SAFE), but did not disclose the timing of the funding or post-money valuation. The new funds will support the company's launch of a handheld point-of-sale device that integrates digital assets with traditional payments.

Cryptocurrency trading app Fomo raises $17 million in Series A funding, led by Benchmark.

Cryptocurrency trading app Fomo announced the completion of a $17 million Series A funding round, led by Benchmark, bringing the company's total funding to $19 million to date. Launched in May of this year, Fomo integrates with Apple Pay for quick account opening and trading. The platform supports cross-chain trading of millions of crypto assets, charges a 0.5% transaction fee and waives gas fees, and includes built-in social features allowing users to track other users' trading strategies.

Cross-chain infrastructure startup Sprinter has raised $5.2 million in seed funding, led by Robot Ventures.

Sprinter, a cross-chain infrastructure startup founded by Ethereum developers, has raised $5.2 million in seed funding, led by Robot Ventures, with participation from A Capital, Atka Capital, Topology, and Uniswap Labs Ventures. Several prominent angel investors also participated, including Ameen Soleimani of 0xbow and Eva Beylin of Optimism.

Sprinter focuses on improving the functionality of blockchain "solvers," which are off-chain bots, algorithms, and market makers that perform on-chain operations on behalf of users. The protocol is currently in private beta, and its core products include Sprinter Stash (a cross-chain credit protocol providing uncollateralized credit for solvers and market makers) and Sprinter Solve (providing a quote-based exchange API for dApps, wallets, and protocols).

Hong Kong and China Gas secured a HK$100 million credit line as the underlying asset to complete the RWA tokenization project.

Hong Kong-listed Hong Kong and China Gas announced that it has secured a HK$100 million credit line from Chong Hing Bank to complete the RWA tokenization project. The project is reportedly supported by Ant Financial's Jovay Layer2 blockchain, and key financial and operational data will be uploaded to the blockchain in real time.

Regulatory Trends

Coinbase calls on the Treasury Department to ensure that the regulatory rules of the GENIUS Act do not deviate from the original intent of Congress.

Coinbase has submitted feedback to the U.S. Treasury Department, urging it to strictly adhere to the original intent of Congress when formulating the implementing rules of the GENIUS Act, avoiding over-regulation, and particularly excluding non-financial software, blockchain validators, and open-source protocols. Coinbase's Chief Policy Officer pointed out that regulators should not treat third-party reward programs as "interest," so as not to violate the spirit of the Act. Coinbase also suggested treating payment-type stablecoins as cash equivalents for related tax and accounting issues. The GENIUS Act, signed into law in July 2025, establishes the U.S. federal regulatory framework for stablecoins.

Goldman Sachs: Even if the US Supreme Court rules Trump's tariffs illegal, the impact on the overall trade situation will be limited.

Goldman Sachs points out that during the oral arguments, several U.S. Supreme Court justices questioned Trump's exercise of power under the International Emergency Economic Powers Act, indicating that the Supreme Court is increasingly likely to rule the government's use of emergency powers to impose tariffs unconstitutional. The market now estimates the probability of the Supreme Court upholding the tariffs has decreased by about 10 percentage points. The final ruling is expected between December 2025 and January 2026. If the Supreme Court rejects the legality of the tariffs, the government may need several months to refund approximately $115 billion to $145 billion in tariffs already collected. However, the government is likely to seek other legal grounds to reimpose similar tariffs, meaning the overall trade impact will remain limited. Any tariff reductions are likely to apply only to smaller trading partners, with no significant changes expected for major economies such as the EU. However, the processing of tax refunds and temporary tariff gaps could trigger short-term market volatility.

South Korean financial regulators have completed a 35.2 billion won fine against Upbit operator Dunamu.

The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission announced that it has completed a fine of 35.2 billion won (approximately US$24.35 million) against Upbit operator Dunamu. This penalty is reportedly a follow-up to the three-month suspension and disciplinary action imposed on Dunamu executives and employees on February 25th of this year. The reasons for the penalty include violations of the Specific Financial Information Act, including transactions with undeclared virtual asset operators, failure to perform customer due diligence, failure to implement transaction restrictions, and failure to report suspicious transactions.

Coinbase has reached a settlement with the Central Bank of Ireland and will pay a €21.5 million fine.

According to official sources, Coinbase Europe Limited has reached a settlement with the Central Bank of Ireland (CBI) regarding coding errors that affected transaction monitoring in 2021 and 2022. The settlement stemmed from certain technical coding errors that occurred during Coinbase's monitoring of cryptocurrency transactions in 2021 and 2022. The CBI used Coinbase's average annual revenue of €417 million from 2021 to 2024 as a benchmark for calculating the fine, ultimately resulting in Coinbase paying a fine of €21.5 million in this settlement.

Character voices

He Yi: If calculated based on historical percentages, the current market is not at its bottom, and the volatility paradigm will change.

Community users questioned Binance co-founder He Yi, pointing out that the Bitcoin price data she previously listed were all bear market lows, so why was she so sure that there wouldn't be a bear market now? In response, He Yi said: I am not sure that there won't be a bear market now, but it does not affect my long-term confidence in the industry. If calculated according to historical percentages, it is obviously not the bottom; but the underlying logic of the industry has changed, and the industry fluctuation paradigm will also change. History will not repeat itself, but it will rhyme.

Previous report: He Yi: In every cycle, some people become disheartened and leave the market, while others remain calm and composed, navigating the market with ease.

CZ: Giggle Academy currently provides free education to 70,000 children.

CZ stated in a post on the X platform that Giggle Academy currently provides free education to 70,000 children. The new version is backward compatible with iOS 15 to accommodate its user base.

Arthur Hayes: ZEC target price is $1000

Arthur Hayes posted on the X platform that the next target price for ZEC is $1,000, and hopes that all short sellers will continue to short.

Morpho's co-founder: The insufficient liquidity in some funding pools is not a systemic flaw, but rather a natural reaction mechanism under pressure.

Morpho co-founder Merlin Egalite responded to concerns about "insufficient liquidity" in some lending pools on the X platform, stating that when the market is under pressure, people tend to reduce risk. This means many lenders may simultaneously try to withdraw all their funds, leading to increased capital utilization and decreased liquidity. In extreme cases, this can even result in a short-term lack of available liquidity. This is not a systemic flaw, but rather a natural reaction mechanism of the lending pool under pressure. To restore balance, the interest rate model automatically adjusts borrowing rates.

For example, Morpho targets a 90% utilization rate, meaning that in most cases, approximately 90% of deposited funds are lent out. When utilization spikes to 100%, interest rates increase fourfold. In most cases, market rates typically return to equilibrium (around 90% utilization) within minutes, but during periods of high market stress, recovery can take several hours.

Furthermore, the so-called "liquidity shortage" is localized and manageable, occurring only in isolated market imbalances. A few days ago, only 3-4 of Morpho's 320 pools experienced temporary liquidity shortages, while the rest operated normally. Therefore, claims of a "liquidity crunch across the entire protocol" are misleading. A liquidity shortage does not equate to losses or bad debts. It simply means that a large amount of capital has been lent out in the short term, and the market reacts in real time, repricing risk and seeking a new equilibrium.