Jim Cramer: Turning bearish on Bitcoin

A Bitcoin OG address (1011Short) has transferred 665.9 BTC worth approximately $55.18 million to Binance in the past 3 hours. （Lookonchain）

[In the past 24 hours, total contract liquidations across the network reached $2.195 billion] CoinAnk data shows that in the past 24 hours, the cryptocurrency market saw total contract liquidations across the network amounting to $2.195 billion, with long position liquidations totaling $2.016 billion and short position liquidations totaling $179 million. Specifically, BTC liquidations amounted to $1.111 billion, and ETH liquidations amounted to $459 million.

**[Maple Finance Denies CORE Foundation Allegations and Takes Legal Action]** Maple Finance has responded to recent allegations from the CORE Foundation regarding the BTC Yield Program and syrupBTC product, firmly denying the accusations and stating that they distort the facts. Maple clarified that the BTC Yield Program is operated by an independent entity, with assets segregated from its overall business operations. Due to the decline in the value of CORE tokens, Maple has initiated risk control measures, planning to orderly liquidate CORE tokens to safeguard lenders' principal. However, the liquidation plan has been obstructed due to legal action initiated by CORE. Maple emphasized that the syrupBTC product was independently developed without using CORE's confidential information and has filed a lawsuit to enforce the hedging agreement signed by CORE. Maple will return 85% of the principal to BTC Yield Program lenders, with the remaining portion to be distributed after legal resolution. Additionally, the program is isolated from other products and does not impact other business operations. Previously, the Cayman Islands court issued an injunction against Maple Finance to prevent alleged breaches of contract.

According to Lookonchain monitoring, 3 hours ago, the ‘1011 Insider Whale’ deposited 665.9 BTC into Binance, valued at $55.18 million.

**[Goldman Sachs Partner: Signs of Bullish "Capitulation" in U.S. Stocks, Sell-Off May Persist]** Goldman Sachs partner Tony Pasquariello stated that U.S. stocks have shown signs of bullish "capitulation," and selling is expected to continue until the market stabilizes. On Friday, S&P 500 futures edged higher after a sharp decline in U.S. stocks the previous day. The S&P 500 index lost over $2 trillion in market value from Thursday's peak and closed below the 100-day moving average for the first time in months. Despite Nvidia's impressive earnings, concerns over high valuations remain unresolved. After hitting a record high at the end of October, the S&P 500 has fallen approximately 4% so far in November. Pasquariello noted in his report that the market experienced significant risk transfer this week, with some signs of capitulation emerging.