Click on the link to enter the meeting: https://meeting.tencent.com/p/3085908645 The cryptocurrency industry has been in a period of deep adjustment and bear market panic in the past week. The market has fallen sharply from its October high, and the total market value has evaporated by more than $1 trillion, currently hovering around $3.3-3.6 trillion. The panic index has fallen into the "extreme fear" zone, with frequent liquidation across the internet, and both institutions and individual investors are reducing their positions or watching. 1. Price performance (latest data as of November 17th) *Bitcoin (BTC): has fallen below the $100000 mark, hitting a low of around $95000, down more than 24% from its October high, and currently oscillating between $95000 and $98000. On November 14th, it fell more than 8% in a single day, hitting a six-month low. *Ethereum (ETH): Even worse, falling below $3100, more than 36% lower than ATH, currently struggling at $3000-3200. *Mainstream altcoins such as SOL, BNB, ADA, DOGE have generally fallen by 15-30%, with Meme, AI, and Layer2 leading the decline. *24-hour stock explosion across the entire network: often exceeding $1 billion, with leveraged players being bloodied. 2. Main negative driving factors *After the end of the US government shutdown, "selling news": On November 13th, Trump signed a bill to end the 43 day government shutdown, and regulatory agencies such as SEC/CFTC resumed work. However, the market was overdrawn ahead of schedule, and there was a wave of profit taking and selling after resuming work. *Macro+Tightening of Liquidity: Delayed release of economic data in October, fluctuating tariff policies, geopolitical risks, US tech stock pullback (AI trade cooling), and withdrawal of funds from high-risk assets. *Institutional outflows: BTC spot ETFs have experienced net outflows for several consecutive days (with a single day outflow exceeding $800 million on November 14th), and ETH ETFs have also experienced continuous outflows. *Derivatives expiration+whale selling: A large number of contracts expire, long positions are forced to be liquidated, and old whales and miners reduce their holdings. *Deterioration of emotional indicators: Morgan Stanley and other institutions suggest "preparing for winter after the end of autumn", and many people believe that the heat of the "Trump deal" has passed. 3. Positive/potential benefits (but submerged in the short term) *Trump's pro encryption policy is still being pushed forward: *The government shutdown has ended, and Paul Atkins, the new chairman of the SEC, has stated that a "token classification framework" will be launched in the coming months, which is a significant benefit for altcoins. *The stablecoin bill was signed in July this year, and it is expected that the size of stablecoins will reach $3 trillion by 2030. *The policy tone of US strategic Bitcoin reserves and rejection of CBDC has not changed. *Institutions are still secretly increasing their holdings: despite short-term outflows, the overall institutional holdings of BTC have exceeded 4 million by 2025, and some believe that the current period is a "institutional fundraising period in a bear market". *Individual hot topics: RWA and NFT sectors rose slightly against the trend; Taiwan's central bank evaluates the inclusion of BTC in strategic reserves; Some ETF applications, such as Chainlink and XRP, are progressing smoothly. 4. Short term outlook *Most analysts believe that there will continue to be a downward trend, with BTC support levels at 90000 or even 85000; ETH may explore 2800 again. *If the SEC issues token classification rules as soon as possible, or the Federal Reserve releases easing signals, it may trigger a retaliatory rebound. *The current stage is typical of 'greed in fear', with high leverage being extremely dangerous and bottom signals such as cash being king or light positions. Overall, the cryptocurrency market in November has sharply declined from a "Trump bull market frenzy" to a "winter mode", with macro tightening and slow policy implementation dominating the news. It is recommended to closely monitor the latest statements from the SEC and the performance of the US stock market this week, and update again if there are any new heavyweight issues! So, how should we handle the current market situation and how to use technical indicators? The live broadcast room is currently explaining Tencent Meeting: 3085908645 QQ group: 1014639124 SafeW chat group link: https://www.sfw.vc/ +wgrpdn_hYeNY5iVHNqxicQ Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.

Sebastien Guillemot, Chief Technology Officer of Midnight Network, stated at Midnight Summit 2025 that large companies and governments need to achieve rational privacy in order to adopt blockchain technology, but currently cannot achieve this goal while complying with privacy laws. （CoinDesk）

[Federal Reserve Vice Chair Jefferson: Cryptocurrency Usage is Determined by the Private Sector] Federal Reserve Vice Chair Jefferson stated that the Federal Reserve's principle is neither to encourage nor to prevent the use of cryptocurrencies, as this is up to the private sector.

Institutional investors currently hold close to 7% of the total supply of Bitcoin, which reflects their continued interest in Bitcoin. （Cointelegraph）

The Bitmine chairman said a wounded market maker could be scaling back operations, tightening crypto liquidity and weighing on digital asset prices.