Ethereum: Price drops to $3050, facing $700 million short liquidity pressure

[ETH Whale Failed High-Leverage Short Last Night, Losing $1.45 Million] A cryptocurrency whale, who previously maintained a 100% win rate, opened a short position with 25x leverage worth $37.67 million when ETH was priced at $3,300 last night. However, ETH's price subsequently rebounded to $3,404, forcing the whale to close the position and incur a loss of $1.45 million. To maintain the position, the investor had withdrawn 3,922 SOL from Bybit and converted it into 618,000 USDC as additional margin. This incident highlights the risks of high-leverage trading.

[U.S. Government Shutdown May Delay Crypto Market Structure Legislation Until 2026] The U.S. government shutdown has lasted for 36 days, setting a historic record and potentially further delaying Congress's progress on the crypto market structure bill. Although the election results have strengthened the Democrats' bargaining position, industry insiders expect the likelihood of the bill being finalized in 2025 to be low, with a possible delay until 2026. White House Digital Assets Advisor Patrick Witt stated that President Trump still demands the final version to be submitted before 2025, but the drafting of the bill's text has been hindered due to large-scale government shutdowns. Blockchain Association CEO Summer Mersinger also pointed out that the likelihood of the bill being delayed until 2026 is increasing.

[Kamino Increases PT-eUSX Deposit Capacity to $10 Million] On November 6, Solana ecosystem liquidity protocol Kamino announced that it has increased the PT-eUSX deposit capacity to $10 million. eUSX is a liquid staking token under Solstice.

[Franklin Templeton Launches Hong Kong's First Tokenized Money Market Fund] Franklin Templeton has launched Hong Kong's first tokenized money market fund, registered in Luxembourg, backed by short-term U.S. Treasury bonds, and issued digital tokens via blockchain technology to represent investor shares. This move aligns with the Hong Kong Monetary Authority's 'Fintech 2030 Strategy' released this week, which includes over 40 initiatives aimed at integrating AI tools, developing a tokenized ecosystem, and enhancing the resilience of the financial sector.

[Ripple President Monica Long Says No IPO Plans for Now] Ripple President Monica Long stated that the company currently has no plans or timeline for an initial public offering (IPO). Although several cryptocurrency-related companies have gone public this year, Ripple has not made any such arrangements.