On-chain data analyst Murphy pointed out that the percentage of profitable BTC supply has fallen below 70%, resulting in nearly 30% of chips at a loss. After excluding long-term inactive BTC, the expected loss ratio exceeds 40%. History shows that after experiencing similar situations, a rebound can occur, but the market has too many chips, making it difficult to form a pump trend.

PANews, November 18 news, according to SoSoValue data, on November 17, Eastern Time, XRPC, the XRP Spot ETF issued by Canary, recorded a net inflow of 25.41 million USD, with net assets reaching 257 million USD, and the XRP net asset ratio is 0.2%. The US Solana Spot ETF recorded a total net inflow of $8.26 million yesterday. Among them, Bitwise's BSOL recorded $7.31 million, and Grayscale's GSOL recorded $950,000. VanEck's VSOL was listed on Nasdaq that day, with a trading volume of $1.12 million, a net inflow of zero, and total assets reaching $6.72 million. Canary Litecoin Spot ETF LTCC recorded a net inflow of $2.03 million, with a net asset value of $7.88 million; Canary Hedera ETF

BlockBeats news, on November 18, JUST DAO announced the cessation of operations and transition of USDJ, stating that USDJ has successfully ceased operations and the original stablecoin system has been updated to a fixed exchange rate model with TRX. In the future, the exchange ratio for USDJ will be 1 USDJ = 1.5532 TRX.

Golden Finance reports that Richard Galvin, co-founder of the hedge fund DACM, stated that decentralized applications (Dapps) contribute over 60% of the revenue in the encryption industry, but their market capitalization accounts for only 7%. This ratio is the same as the level when decentralized applications had no revenue at all. Most of the revenue in this field, all the growth potential... (the) valuation repricing of decentralized applications seems inevitable.

Gate News Bot news, on November 17, according to CoinMarketCap data, as of the time of publication, DYDX (dYdX) is currently priced at 0.29 USD, down 5.10% in the last 24 hours, with a high of 0.36 USD and a low of 0.27 USD. The current market capitalization is approximately 233 million USD, a decrease of about 12.55 million USD compared to yesterday. Currently, DYDX ranks 160th in global crypto assets market capitalization. Important news about DYDX recently: 1️⃣ **The community proposes to increase the token buyback ratio** The dYdX community voted to significantly increase the buyback ratio of DYDX tokens from 25% of protocol fees to 75%. This decision aims to increase the demand for DYDX tokens and is expected to provide support for the token price in the medium to long term. However, in the short term, the market does not seem to have reacted positively to this good news.

Odaily News Bitcoin pioneer and Blockstream co-founder Adam Back stated in a post on the X platform that the Bitcoin treasury company Strategy has been buying Bitcoin. The previous wallet switch was merely to transfer Bitcoin to another custodian and did not involve selling. The leverage ratio of Strategy is actually very low, currently holding Bitcoin worth 64 billion dollars, with liabilities of only 8 billion dollars, resulting in a leverage ratio of about 13%. Moreover, its debt is all long-term debt, which does not need to be repaid in the short term.

Golden Finance reports that Greeks.live macro analyst Adam stated on social media that 41,000 BTC Options are set to expire, with a Put Call Ratio of 0.61 and a maximum pain point of $105,000, notional value of $3.95 billion. Additionally, 228,000 ETH Options are set to expire, with a Put Call Ratio of 0.59 and a maximum pain point of $3,475, notional value of $730 million.

Gate News bot message, according to the Gate announcement on November 14, 2025: Gate has launched a limited-time GUSD minting task event, which will take place from November 14, 2025, 15:00 to November 28, 15:00 ( UTC+8 ). During this period, users with a net deposit of no less than 5,000 USDT equivalent can participate in GUSD minting and enjoy an annualized return of up to 50%. GUSD is a principal-protected liquid financial product, allowing users to mint it using USDT/USDC at a 1:1 ratio. The product's returns come from the revenue of the Gate ecosystem, government bonds RWA, and high-quality yield assets supported by stablecoins. During the holding period of GUSD, users can not only earn the basic minting returns but also enjoy additional investment returns by participating in financial products such as Launchpool and Launchpad. Users can mint GUSD daily from 00:00 to 23:59 ( UTC ). Earnings will begin to accrue from the day after the subscription and will be distributed in GUSD form before 18:00 the following day. Redemption methods include quick redemption with a fee of 0.1% ( and standard redemption with a fee of 0.05% ).

PANews, November 13 news, the dYdX community vote has decided to immediately increase the buyback ratio of the $DYDX Token from 25% of the protocol fees to 75%.

According to ChainCatcher news and Coinglass data, the Hyperliquid platform has a current Whale Holdings of $5.313 billion, with a long order Holdings of $2.393 billion, accounting for 45.04% of the total Holdings, and a short order Holdings of $2.92 billion, accounting for 54.96%. The long order profit and loss is -$75.5109 million, while the short order profit and loss is $155 million. Among them, the whale address 0x5b5d..60 has placed a short order on ETH with 10x leverage at a price of $3533.75, currently showing an unrealized profit and loss of $1,718,400.

Infinex founder kain announced that the TGE will be held soon, with a total supply of 10 billion INX Tokens, 100% of the supply allocated to Patrons, with each Patron NFT entitled to receive 100,000 INX, and µPatrons receiving tokens at a 1:10 ratio. Infinex will also conduct a public sale on the ICO platform Sonar and will be compatible with multiple chains and Decentralization applications.

Dutch International Group analyst Chris Turner stated that the Federal Reserve is expected to further cut interest rates by 75 basis points, which could lead to a decline in the US dollar due to reduced hedging costs, increasing investors' hedging ratio on dollar assets. The euro is expected to rise to 1.22 by 2026.

Antai Group announced that due to recent abnormal fluctuations in stock prices, the company's share price has increased by 128.76% since October 2025, exceeding fundamentals, with a price-to-book ratio of 3.83. The company and its controlling shareholders have not discovered any undisclosed significant information and remind investors to be aware of risks.

BlockBeats News, November 11 — According to official sources, Grvt has launched a new revenue mechanism called Grvt Liquidity Provider (GLP) strategy as its native protocol treasury. It utilizes professional quantitative market making and risk hedging strategies to bring users stable on-chain returns. Official data shows that this strategy is jointly managed by LPs with over 40 years of experience and professional trading firms. After six months of live testing, it achieved an annualized return of approximately 48% with a Sharpe ratio of 7.6. GLP investment eligibility will be determined based on users' total trading volume history. Investors can also earn weekly from 15% of Grvt's TVL (Total Value Locked).

CryptoQuant indicates that the stablecoin supply ratio has dropped to a historic low, suggesting a large amount of capital is waiting to enter the market. Meanwhile, Binance's Bitcoin reserves have decreased while stablecoins have increased, signaling that liquidity patterns could potentially drive a Bitcoin price rebound. Analysts warn to watch key support levels to prevent a price correction.

Decentralized lending protocol Venus Protocol community proposes to adjust the Prime reward distribution plan for November, planning to allocate $117,700 (20%) of October's reserve earnings as rewards, mainly distributed to stablecoin market liquidity providers, and adjusting the distribution ratio to 75% USDT and 25% USDC.

PANews November 10 News, according to Coindesk, Zenrock's wrapped Zcash token zenZEC has reached a total trading volume of $15 million since its launch on the Solana blockchain on October 31. zenZEC combines Zcash's privacy features with Solana's high speed and enhances security through Zenrock's decentralized multi-party computation (MPC) network. zenZEC supports the native ZEC in a 1:1 ratio, using MPC technology to distribute private keys across multiple independent nodes, avoiding single points of failure and improving security. This token seamlessly integrates with decentralized exchanges and yield protocols on Solana, providing Zcash holders with their first true on-chain DeFi experience in 7 years. Currently, zenZEC is available on well-known DEXs on Solana.

Gate News bot message, according to the official announcement from the project team, LTO Network (LTO) has completed token migration. The new token is renamed to EQTY (EQTY), with a migration ratio of 1:1. Gate has completed this token migration and will open trading services for the new EQTY token at 14:00 UTC+8 on November 11, 2025. The new EQTY token is deployed on the BASE chain, with the contract address 0xC71F37D9bF4C5d1E7Fe4bCcB97e6f30B11b37D29. The platform will no longer support the old LTO token but will fully support deposit, withdrawal, and trading services for the new EQTY token, with the trading pair EQTY/USDT.

Modular data layer CARV announced its AI Agentic Chain mainnet upgrade "Shielded Mind" on November 7th, implementing privacy protection and data sovereignty through zero-knowledge proof technology. This upgrade introduces a dual-layer architecture and front-running resistance features, while the Cashie payment tool is also being updated. CARV has adjusted the airdrop timing and eligibility period, increasing the distribution ratio to 4%. Binance will list related perpetual contracts.

PA News, November 6 — Deribit announced on X that Bitcoin and Ethereum options worth over $5 billion will expire tomorrow at 16:00 (UTC+8). The Bitcoin options open interest indicates that, following last week’s drop below $100,000, market sentiment remains cautious. The maximum pain point remains around $108,000, with a put/call options ratio of approximately 0.83. Hedging activity is active, but there are no signs of panic. Open interest is mainly concentrated in $100,000 put options and $120,000 to $125,000 call options, reflecting the current market stance on Bitcoin. For Ethereum, recent price dips below $3,700 have led to a cautious but orderly market. The maximum pain point is near $3,800, with a put/call options ratio of about 0.9, indicating balanced and slightly defensive positioning. Open interest is concentrated around the $3,500 level.

According to Gate News bot, on November 6, 2023, Gate announced that it will launch the 336th Launchpool project Orochi Network (ON) Token Airdrop event. The airdrop event will take place from November 7, 2025, 21:00 to November 14, 21:00 ( UTC+8 019283746656574839201, with a total airdrop amount of 800,000 ON tokens. Users can participate by staking GUSD or ON, and the system will distribute rewards to users every hour based on the staking ratio. Orochi Network is a verifiable data infrastructure project focused on ensuring data integrity and privacy through advanced cryptographic technology, providing solutions for applications that require a balance of transparency and privacy. The project airdrop adopts a 100% instant unlock method, and Gate Labs did not participate in the investment of this project.

Golden Finance reports that LINEA has announced that the token burning mechanism has officially launched on the X platform. After this, every transaction on the LINEA will burn ETH and LINEA, directly reducing the token supply to implement deflation. All gas fees on LINEA are paid in ETH and collected through the fee contract. After deducting infrastructure costs, the remaining funds will be 100% burned, including 20% burned in the form of ETH and 80% converted to LINEA and burned on L1. In addition, the data tracking function for burned tokens has also been launched.

Odaily News According to DefiLlama data, Nasdaq-listed Solana treasury company Forward Industries (stock code: FORD) currently holds about 6.82 million SOL, with an average purchase price of about 232 USD. Based on the current price, the total value is approximately 1.2 billion USD, with unrealized losses of about 24.13%, accumulating to a loss of approximately 382 million USD. According to Yahoo Finance data, the company's stock price has fallen from a peak of 39.6 USD to the current 10.44 USD, a decrease of about 73.6%. Although Forward still holds SOL assets valued at 1.2 billion USD, the company's current total market capitalization has dropped to about 900 million USD, and its mNAV (market capitalization to net asset ratio) has fallen below 1, indicating that the market valuation is significantly lower than its book asset value.

According to ChainCatcher news and reports from Investing.com, the US-listed semiconductor company Sequans Communications (NYSE: SQNS) redeemed 50% of its convertible bonds by selling 970 Bitcoins. This transaction reduced the company's total debt from $189 million to $94.5 million. Sequans currently holds 2,264 Bitcoins, a decrease from the previous 3,234 Bitcoins. Based on current market prices, the company's net asset value in Bitcoins is approximately $240 million, and the debt-to-net asset value ratio decreased from 55% to 39%. The company's CEO Georges

Jin10 data reported on November 3rd, New Morning Technology announced that major shareholder and director Kang Lu, who holds more than 5% of shares, reduced his holdings of the company's shares by a total of 970,700 shares through centralized bidding and after-hours pricing transactions from October 24 to October 31, 2025. After the reduction, his shareholding decreased from 36,309,150 shares to 35,338,450 shares, accounting for a total share capital ratio that dropped from 12.1614% to 11.8363%, with the equity change ratio reaching an integer multiple of 1%. The reduction plan has not yet been completed.

Jin10 reported on November 3 that Sanda Membrane announced that due to its own funding needs, the company's Chief Financial Officer, Ms. Tang Jiajing, intends to reduce her holdings of the company's shares through centralized Bidding within three months after 15 trading days from the date of disclosure of this share reduction plan, not exceeding 133,762 shares (accounting for no more than 0.0403%). The price for the above share reduction will be determined based on the market price at the time of implementation. During the implementation period of the reduction plan, if the company has any changes such as stock distribution, capital reserve transfer to increase share capital, issuance of new shares, or rights issue, the number of shares to be reduced will be adjusted accordingly based on the company's latest total share capital at that time and the reduction plan ratio.

The latest reserve report from Gate shows that as of October 28, 2025, the total reserves reached $11.676 billion, with a reserve ratio of 124%, covering nearly 500 types of user assets. The USDT reserves have increased by approximately 300 million, and the excess reserve ratios of BTC and ETH have also improved, further demonstrating Gate's strength in asset security and transparency.

According to Foresight News, Bybit has released its 27th reserve proof (snapshot date October 22), with users holding 61,976 BTC, and Bybit wallet balance at 63,980 BTC, reserve ratio at 103%; users hold 5.8 billion USDT, and Bybit wallet balance at 6.38 billion USDT, reserve ratio at 110%; users hold 532,000 ETH, and Bybit wallet balance at 542,000 ETH, reserve ratio at 101%.

CryptoQuant founder Ki Young Ju stated that he has given up on predicting Bitcoin prices and is focusing on data analysis. Currently, the selling pressure of Bitcoin is greater than the demand, and the leverage ratio is still high. However, if the ETF resumes net buying, market momentum may restart. The current average cost across the network is $55,900, with unrealized gains of about 93%, and on-chain inflows are strong. Computing Power has reached a new high, mining companies are expanding, and the long-term fundamentals are promising.

According to a report by Jinse Finance and The Information, Kraken is raising funds at a valuation of $20 billion, up from $15 billion in August, and is expected to go public next year. This valuation will align its price-to-earnings ratio with that of its larger publicly traded competitor, Coinbase.

Jin10 data reported on October 31 that the ratio of copper prices to gold prices has dropped to its lowest level in the past fifty years, currently more than two standard deviations below its historical average. Given the relative cheapness of copper prices compared to gold prices, Jefferies believes that some degree of mean reversion is inevitable, with the fundamental driver of this correction expected to primarily come from the copper price side. Jefferies pointed out that the copper-to-gold price ratio is at a 50-year low, and this historical anomaly strongly indicates that copper priced in gold is currently undervalued. This suggests that, driven by potential market dynamics, the outlook for copper is bullish, and this valuation gap is expected to narrow.

Gate News bot message, on November 5, 2025, Gate announced the launch of MetYa (MY) Token spot trading and the initiation of the 315th HODLer Airdrop activity. Gate will open the MY/USDT trading pair on November 5, 2025, at 20:00 ( UTC+8. This airdrop event will distribute 109,890 MY tokens, and participating users must hold at least 1 GT, with rewards allocated according to the GT holding ratio, and the maximum participation limit for a single user is 1000 GT. The airdrop event will end on November 5, 2025, at 19:00 ) UTC+8. MetYa is an AI-driven SocialFi × PayFi ecosystem based on the BNB Chain. The project connects on-chain assets with real-world payments through MePay, allowing users to convert social interactions into value. The MY Token adopts the BEP-20 standard, with a total supply of 1 billion coins, and the contract address is 0xF0EBB572643336834d516C485ad31d3299999999.

Jin10 data reported on October 31 that Lyon published a report stating that ASMPT (00522.HK) adjusted net profit in the third quarter fell 24% from the previous quarter to HKD 100.6 million, lower than the market expectation of HKD 200.08 million, mainly due to a decline in gross profit margin. The report noted that the company's TCB business is progressing steadily, successfully obtaining the industry's first HBM4 12H order from two global high-end memory manufacturers. Mainstream business growth is benefiting from the demand for artificial intelligence. Based on a higher price-to-book ratio, the target price was raised from HKD 76.6 to HKD 95, and the rating was maintained at "outperform the market."

MicroStrategy (MSTR) reported a net profit of $2.8 billion for the third quarter, down from the previous quarter but exceeding analyst expectations. The company added 43,000 Bitcoins, bringing its total Holdings to 640,000 coins, with the market capitalization/Bitcoin net asset value ratio falling to 1.2 times, a new low for the year, while also raising the variable interest rate preferred stock dividend to 10.5%.

The public sale of the Layer-1 project MegaETH has ended, attracting 50,000 participants, with a total subscription amount reaching $1.39 billion and a subscription ratio of 27.8 times. The allocation and refund process will follow.

According to the Gate News bot message, the platform announcement dated October 23, 2023 Gate will launch the Meteora (MET) Points pre-OTC trading activity. According to the announcement, the trading deadline is October 23, 2025, at 21:30 (UTC+8, and the delivery time is from October 24, 2025, 00:00 to 02:00 )UTC+8. Meteora is a decentralized exchange based on the Solana ecosystem, dedicated to providing a secure and sustainable liquidity infrastructure. The total supply of MET tokens is 1 billion, and the transaction this time is for MET Points, which will be exchanged for future MET Tokens at a 1:1 ratio.

Jin10 reported on October 29 that Hangyang Co., Ltd. announced that CITIC Financial Assets, based on its optimistic outlook for Hangyang's development prospects and recognition of its value, increased its holdings in the company through Block Trading by 13.97 million shares on October 28, 2025, accounting for 1.43% of the company's total equity. After the increase, CITIC Financial Assets holds 48.92 million shares of the company, accounting for 5% of the company's total equity. This change in equity will not lead to a change in the company's controlling shareholder and actual controller.

According to BlockBeats news, on October 29, Play Solana announced that the TGE date for the PLAY Token will be announced soon. In addition, its gaming handheld PSG1 built on Solana has surpassed 10,000 units in sales and is currently being shipped. Previously, Play Solana announced that the first generation gaming handheld PSG1 will issue the PLAY Token, which went on presale on October 14, with a community allocation ratio of 56%. The price for Play Solana community members is $0.016 per coin, while the price for regular users is $0.020 per coin.

The Canary HBAR ETF and Canary Litecoin ETF will be listed on Nasdaq on October 28, becoming the first U.S. Spot ETFs. However, the asset sizes on the first day of listing were below market expectations, at $1.09 million and $969,000 respectively, with trading volumes also small, both at a net asset ratio of 0.01%.

Jin10 data reported on October 29 that the U.S. Senate voted on Tuesday to repeal Trump's 50% tariff on Brazil, with five Republican senators joining Democrats in voting in favor, passing with a vote ratio of 52 to 48. According to foreign media reports, this vote is seen as a symbolic condemnation of Trump's trade policy. However, House Speaker Johnson stated that there would be no vote on the bill, and even if it passed, Trump would not sign it into law.

Golden Finance reports that digital asset management company CoinShares has announced the launch of the staking-based TON exchange-traded product CoinShares Physical Staked Toncoin (CTON). It is reported that this ETP will directly invest in the underlying TON tokens at a 1:1 ratio, aiming to provide investors with exposure to TON investments.

Gate News bot message, on October 27, 2025, Gate officially released a notice regarding Limitless (LMTS) pre-market OTC trading. Gate will end the LMTS pre-market OTC trading on October 27, 2025, at 17:30 ( UTC+8 019283746656574839201, and the settlement will occur between 20:00 and 22:00 ) UTC+8 019283746656574839201. Limitless is a social prediction protocol platform that allows creators to configure markets and share with the community to earn trading fees. The total supply of LMTS tokens is 1 billion. This pre-market OTC trading is for LMTS Points, and upon completion of the transaction, they will be exchanged for LMTS Token at a 1:1 ratio.

Gate News bot reports that according to the official announcement from the project party Limitless, Limitless (LMTS) points will be exchanged for the official Token at a ratio of 1:1. The announcement shows that the total issuance of Limitless (LMTS) points and the official Token is 1 billion units. All completed LMTS point pre-OTC trading orders will be exchanged at a ratio of 1:1, and the total amount of the orders will remain unchanged. This token exchange follows the core logic of keeping the total market value of the token unchanged. Users can view the quantity of tokens exchanged in the historical orders of the pre-market OTC trading of LMTS points.

Odaily News According to the official announcement, Binance will support the contract swap of ApeCoin (APE) on the BNB Smart Chain (BEP20). The old APE token deposit and withdrawal will be suspended on October 29, 2025, at 03:00 (UTC), and the new APE token deposit will open on October 31, 2025, at 09:00 (UTC). The swap ratio is 1:1, and Spot, Leverage, Futures, and Coin Earn services are not affected. (This news was generated with AI assistance)

Gate News bot message, according to the announcement from Gate platform: Gate will delist the leveraged tokens related to LAUNCHCOIN. The platform will delist the two leveraged tokens, LAUNCHCOIN3L and LAUNCHCOIN3S, on October 25, 2025, at 15:00 ( UTC+8. After delisting, the platform will repurchase at the net value of the token at the time of trading cessation, and will automatically exchange the leveraged tokens held by users for USDT. The exchange proceeds will be credited to the users' accounts within 7 working days. The delisting is in conjunction with the token migration for the Launch coin on Believe )LAUNCHCOIN( project, which will exchange LAUNCHCOIN for the new token Believe )BELIEVE( at a 1:1 ratio.