Today's top news highlights: US stocks closed: Nasdaq fell more than 2%, Nvidia opened higher but closed lower. Japanese and South Korean stocks closed lower, with the KOSPI index falling approximately 3.8%. Bitwise: BTC bottom may be in the BlackRock IBIT cost price range of $84,000 and Strategy cost price range of $73,000. CryptoQuant CEO: Strategy will not go bankrupt even if Bitcoin falls to $10,000. Irys announces IRYS token economics: 20% initial circulating supply, 8% allocated for airdrops and future incentives. On Polymarket, the probability of BTC falling to $80,000 in November is 58%, and the probability of it falling to $75,000 is 21%. Bitcoin spot ETFs saw a net outflow of $903 million yesterday, marking the second-highest single-day outflow in history. Data shows that Bitcoin has retraced 35% from its new high, far below the 78% retracement level in 2021 and the 84% retracement level in 2017. Macro Japanese and South Korean stocks closed lower, with the KOSPI index falling approximately 3.8%. The Nikkei 225 index closed down 1,198.06 points, or 2.40%, at 48,625.88 on Friday. The South Korean KOSPI index closed down 151.4 points, or 3.78%, at 3,853.45. Director of the Trading and Markets Division of the U.S. Securities and Exchange Commission: "Trustless" mechanisms for digital assets need to operate in "trusted" markets. Jamie Selway, Director of the Trading and Markets Division of the U.S. Securities and Exchange Commission (SEC), stated at the SIFMA Market Structure Conference that although crypto assets are built on a "trustless" decentralized mechanism, healthy trading still depends on a market structure based on "trust." Selway pointed out that the SEC will promote clear regulatory rules through "Project Crypto," supporting competition and innovation, and avoiding regulatory distortions that could distort fair market competition. He emphasized that policymakers should treat all market participants, old and new, fairly, and that the market itself is the ultimate arbiter of value. US stocks closed: Nasdaq fell more than 2%, Nvidia opened higher but closed lower. U.S. stocks closed lower on Thursday, with the Dow Jones Industrial Average down 0.84%, the S&P 500 down 1.55%, and the Nasdaq Composite down 2.15%. Nvidia (NVDA.O) fell 3.1%, after rising as much as 5% during the session, Micron Technology (MU.O) fell more than 10%, and Oracle (ORCL.N) fell more than 6%. Blockchain concept stocks generally declined, with Coinbase falling more than 7% and Circle falling about 4%. Opinion Bitwise: BTC bottom may be in the BlackRock IBIT cost price range of $84,000 and Strategy cost price range of $73,000. Bitcoin is nearing its "pain point" range. Bitwise's research director points to $84,000 to $73,000 as a potential "pain point" selling range, which includes BlackRock's IBIT cost price of $84,000 and Strategy's BTC cost price of $73,000. He believes the final bottom is likely to occur between these two prices, describing them as "clearance prices," similar to a reset of the entire cycle. IBIT saw a single-day outflow of $523 million this week, with a cumulative outflow of $3.3 billion over the past month, representing 3.5% of its total assets under management. Strategy's net asset value has fallen below $1, and a retest of the $73,000 cost price could further exacerbate market tensions. Furthermore, increased uncertainty surrounding the Fed's December rate cut could lead to continued tightening of market liquidity. Despite this, stablecoin reserves on exchanges have reached $72 billion. If the macroeconomic environment improves, analysts predict BTC may fluctuate between $60,000 and $80,000 by the end of the year. Related reading: Trading Moment: Non-farm payrolls and Nvidia's positive news fail, Bitcoin may fall to the $73,000-$82,000 range . JPMorgan Chase: If Strategy is removed from major indices such as MSCI, it could trigger an outflow of up to $2.8 billion. According to Bloomberg, JPMorgan Chase warned that if Strategy (MSTR) is removed from major indices such as MSCI USA or Nasdaq 100, it could trigger a withdrawal of up to $2.8 billion, which could be further amplified by passive fund sell-offs. Currently, nearly $9 billion in passive funds are linked to MSTR. MSCI plans to decide by January 15, 2026, whether to exclude companies with digital asset holdings exceeding 50% of their total assets from its indices. MSTR's market capitalization is now close to its Bitcoin reserves, and rising yields on its funding instruments highlight the potential systemic risks from declining market confidence. It is understood that MSCI has extended the consultation period for whether "digital asset vault companies" should be included in its global investable market indices to December 31, 2025. In a previous statement on October 10, some market participants pointed out that such companies are more like investment funds, and MSCI proposed excluding companies with digital assets exceeding 50% of their total assets, and may introduce additional criteria such as "self-definition" and "funding purpose." The final decision will be announced on January 15, 2026, and will take effect during the review in February of the same year. CryptoQuant CEO: Strategy will not go bankrupt even if Bitcoin falls to $10,000. CryptoQuant founder and CEO Ki Young Ju stated in an article on the X platform that Strategy will only go bankrupt if an asteroid hits Earth. He argued that any claim that Michael Saylor is selling Bitcoin needs evidence, otherwise it's nonsense. He stated that Michael Saylor will not sell Bitcoin unless approved by Strategy shareholders, a point he has repeatedly made clear, because selling even a single BTC would damage the company's reputation and trigger a "death spiral" for both Bitcoin and Strategy. Ki Young Ju added that failing to convert debt on time does not equate to liquidation. Strategy has multiple ways to address this, such as refinancing, issuing new notes, obtaining secured loans, or using operating cash flow. It could also issue new shares to pay dividends or raise funds by pledging Bitcoin. Therefore, there is no real risk of liquidation or bankruptcy. He concluded by stating that even if the price of Bitcoin falls to $10,000, Strategy will not go bankrupt, but will simply undergo debt restructuring, nothing more. Project Updates Binance Alpha will launch MineD and Kyuzo's Friends. According to Binance Wallet, the Binance Alpha platform will launch MineD (DIGI) on November 22nd and Kyuzo's Friends (KO) on November 23rd. Eligible users can use Alpha Points to claim airdrops on the Alpha Events page after the projects open for trading. Irys announces IRYS token economics: 20% initial circulating supply, 8% allocated for airdrops and future incentives. Irys, a programmable data chain, announced its IRYS token economics: The total supply of IRYS tokens is 10 billion, with an initial circulating supply of 20%. The allocation is as follows: Ecosystem 30%, Foundation 9.9%, Airdrop and Incentives 8%, Liquidity and Launch Partners 8%, Team and Advisors 18.8%, and Investors 25.3%. Team and investor tokens will be locked for the first year. Validators will receive a 2% inflation reward annually, halving every four years; 50% of execution fees and 95% of regular storage fees will be burned. Sign launches a sovereign nation Layer 2 solution based on BNB Chain, supporting stablecoins and RWA on-chain. The Sign team has released the "SIGN Stack," a sovereign Layer 2 architecture built on BNB Chain and opBNB, designed specifically for national deployments of digital infrastructure and compliant stablecoins. This solution features customizable sequencer permissions, a DID identity system, gas-free stablecoin transfers, and the ability to put national physical assets (RWA) onto the blockchain. The goal is to establish BNB Chain as the settlement layer for global sovereign blockchain infrastructure. MOVE's buyback tokens continue to flow back into the company, with Movement transferring another 50 million tokens to Binance. According to Ember, the Movement project team transferred another 50 million MOVE tokens (approximately $2.51 million) that had been repurchased to Binance today. Previously, the project conducted a $38 million buyback in March as required by regulations, during which 180 million MOVE tokens were withdrawn from Binance to a public address, with an average buyback price of approximately $0.21. Currently, 115 million MOVE tokens (approximately $10.91 million) have flowed back to Binance. Jesse Creator Coin was targeted immediately upon launch, with 26% of the supply being bought up in the same block, generating $1.3 million in arbitrage profits. According to Arkham tracking data, Base co-founder and protocol lead Jesse Pollak's creator token was targeted on its launch day. After 50 million tokens were injected into the liquidity pool, 262 million tokens (26% of the supply) were bought up in the same block. Two attacker addresses profited approximately $707,700 and $619,600 respectively. Address 0x9F59…d8bB purchased a 7.6% share for $191,000, paid a $44,000 tip to the Base sequencer, and then sold all of it, making a profit of approximately $619,600. This action was achieved through Flashbots deployed on the Base chain, allowing users to preview the next block's transaction content. Coinbase will launch a spot trading pair for BOB (BOBBOB). According to Coinbase Markets, BOB (BOBBOB) will be listed on the Coinbase platform on November 20th (Eastern Time). If liquidity conditions are met, the BOBBOB-USD trading pair will be launched on the same day. Important data On Polymarket, the probability of BTC falling to $80,000 in November is 58%, and the probability of it falling to $75,000 is 21%. According to data from the decentralized prediction market platform Polymarket, as of now, there is a 58% probability that Bitcoin will reach $80,000 in November 2025, a 21% probability that it will reach $75,000, and a 10% probability that it will reach $70,000. Data shows that Bitcoin has retraced 35% from its new high, far below the 78% retracement level in 2021 and the 84% retracement level in 2017. According to historical Bitcoin pullback data provided by Charlie Bilello, as of November 21, 2025, Bitcoin has pulled back from its all-time high of $126,000 in early October to its current price of $82,000, a drop of approximately 35%. This is one of many significant pullbacks in Bitcoin's history, comparable to the 32% drop at the beginning of 2025, but far lower than the pullbacks of 78% and 84% in 2021 and 2017, respectively. Data shows that Bitcoin has experienced several pullbacks exceeding 50% in its history, but each was followed by a significant price rebound, with the highest rebound reaching 1504%. The current pullback is within the normal range of Bitcoin's historical fluctuations. Huang Licheng's accounts were completely liquidated, resulting in losses exceeding US$20.23 million. According to Lookonchain monitoring, Huang Licheng's Machi (@machibigbrother) account has been completely liquidated, with a balance of only $15,538 remaining, and a total loss of over $20.23 million. Five accounts on Hyperliquid were liquidated, totaling over $10 million, with the largest liquidation amount reaching $36.78 million. According to analyst ai_9684xtpa, Coinglass data shows that at 15:34 Beijing time, BTC briefly fell to $82,000 and ETH fell to $2,669. During this period, there were 5 accounts liquidated on Hyperliquid with a total liquidation amount exceeding $10 million, with the largest liquidation amount reaching $36.78 million. Abraxas Capital's short positions have unrealized profits exceeding $269 million. According to Onchain Lens monitoring, market sentiment is extremely bearish. Abraxas Capital holds short positions in two of its wallets, with floating profits currently at $76.83 million and total short profits exceeding $269.13 million. Bitcoin spot ETFs saw a net outflow of $903 million yesterday, marking the second-highest single-day outflow in history. According to SoSoValue, Bitcoin spot ETFs saw a net outflow of $903 million yesterday (Eastern Time), the second-highest single-day outflow in history. BlackRock's IBIT saw a net outflow of $355 million, with a cumulative net inflow of $62.826 billion; Grayscale's GBTC saw a net outflow of $199 million, with a cumulative net outflow of $25.095 billion. Currently, the total net asset value of Bitcoin spot ETFs is $113.02 billion, representing 6.55% of Bitcoin's total market capitalization, with a cumulative net inflow of $57.397 billion. Ethereum spot ETFs saw net outflows of $262 million yesterday, marking the eighth consecutive day of net outflows. According to SoSoValue, Ethereum spot ETFs saw a net outflow of $262 million yesterday, marking the eighth consecutive day of net outflows. BlackRock's ETHA saw a net outflow of $123 million, while Fidelity's FETH saw a net outflow of $90.547 million. Currently, ETHA has accumulated a net inflow of $12.944 billion, and FETH has accumulated a net inflow of $2.446 billion. As of press time, the total net asset value of Ethereum spot ETFs is $17.429 billion, representing 5.09% of Ethereum's total market capitalization, with a cumulative net inflow of $12.577 billion. Investment and Financing/Acquisition DWFLabs plans to launch a new fund of $30 million to $75 million, focusing on investing in DeFi and CeDeFi products. DWFLabs co-founder Andrei Grachev stated that the current market correction presents the perfect opportunity to collaborate with outstanding developers. The team is about to launch a new fund of $30 million to $75 million, entirely funded by DWFLabs, focusing on investments in DeFi and CeDeFi products. More details will be released soon. Market news: Polymarket plans to raise a new round of funding at a valuation of $12 billion. According to market sources, prediction market Polymarket plans to raise a new round of funding at a valuation of $12 billion, an increase from its previous valuation of $10 billion. Tether announced an investment in Parfin, accelerating USDT adoption by institutional users in Latin America. According to its official blog, stablecoin issuer Tether announced an investment in Parfin, aiming to accelerate institutional adoption of its USD stablecoin USDT and enhance Latin America's access to efficient blockchain settlement solutions. Parfin is described as a Latin American digital asset custody, tokenization, trading, and management platform, providing financial institutions with tools to securely explore the potential of digital assets and blockchain technology. Mu Digital has raised $1.5 million in Pre-Seed funding to focus on bringing high-yield credit from Asia onto the blockchain. Mu Digital has announced the completion of a $1.5 million Pre-Seed funding round, with investors including UOB Venture Management, Signum Capital, CMS Holdings, Cointelegraph Accelerator, and Echo. Mu Digital focuses on bringing real-world assets from Asia's $20 trillion credit market onto the blockchain and plans to launch its Monad mainnet on November 24th. Products include the Asia Dollar (AZND), offering yields of 6-7%, and muBOND, offering yields up to 15%. HelloTrade, a blockchain trading platform founded by a former BlackRock executive, has raised $4.6 million in funding, led by Dragonfly Capital. HelloTrade, a blockchain trading platform founded by former BlackRock executives, has completed a $4.6 million Series A funding round, led by Dragonfly Capital, with participation from Mirana Ventures and several angel investors. The company was co-founded by Kevin Tang, former Senior Director of BlackRock's Digital Assets team, and Wyatt Raich, former Head of Engineering at the Digital Asset Labs. Its aim is to provide overseas investors in Vietnam, Indonesia, and other countries with convenient access to US stocks and commodities through blockchain technology. The platform will support derivatives such as perpetual futures and is scheduled to launch between the end of this year and early next year. Kalshi raised $1 billion in funding at a valuation of $11 billion, led by Sequoia and CapitalG. According to TechCrunch, citing sources familiar with the matter, prediction market platform Kalshi has completed a $1 billion funding round, valuing the company at $11 billion. The round was led by Sequoia and CapitalG. This funding round comes less than two months after its previous $300 million round, valuing the company at $5 billion. Kalshi allows users to place bets on various events and operates within legal boundaries, with annualized trading volume exceeding $50 billion. Its main competitor, Polymarket, is also reportedly planning a funding round with a valuation of $12-15 billion. Institutional holdings Bitmine purchased another 17,242 ETH, worth approximately $49.07 million. According to Onchain Lens monitoring, Bitmine has further purchased 17,242 ETH from FalconX and BitGo, which is worth approximately $49.07 million at the current price. The US government transferred assets seized in the FTX and Bitfinex hacks to a new wallet address. According to Onchain Lens monitoring, the US government transferred some of the assets seized in the FTX-Alameda and Bitfinex hacks to new wallets in the past 6 hours, including 15.13 million TRX (approximately US$4.2 million), 545,000 FTT (approximately US$348,900), 744,000 KNC (approximately US$206,800), and 1,066 WETH (approximately US$3.01 million). ANPA, a US-listed company, plans to purchase up to $50 million worth of EDU tokens within 24 months. According to an announcement by Animoca Brands, Open Campus and Animoca Brands have entered into a strategic partnership agreement with Nasdaq-listed ANPA (Rich Sparkle Holdings). ANPA will purchase up to $50 million worth of EDU tokens through marketplaces and OTC transactions over the next 24 months as part of its EduFi (education finance) market strategy. Animoca Brands will provide $3 million worth of EDU tokens to support this partnership. This strategy aims to promote the institutional application and sustainable financing of blockchain technology in education, and expand the practical use cases of EDU tokens. FG NEXUS has reduced its holdings by approximately 10,000 ETH since the end of Q3, and currently holds approximately 40,000 ETH. According to Globenewswire, Ethereum treasury company FG NEXUS released its Q3 financial report, stating that it held 50,778 ETH at the end of Q3, but as of November 19, it held 40,005 ETH, a reduction of approximately 10,000 ETH. In addition, the company also disclosed holding approximately $37 million worth of cash and USDC.Today's top news highlights: US stocks closed: Nasdaq fell more than 2%, Nvidia opened higher but closed lower. Japanese and South Korean stocks closed lower, with the KOSPI index falling approximately 3.8%. Bitwise: BTC bottom may be in the BlackRock IBIT cost price range of $84,000 and Strategy cost price range of $73,000. CryptoQuant CEO: Strategy will not go bankrupt even if Bitcoin falls to $10,000. Irys announces IRYS token economics: 20% initial circulating supply, 8% allocated for airdrops and future incentives. On Polymarket, the probability of BTC falling to $80,000 in November is 58%, and the probability of it falling to $75,000 is 21%. Bitcoin spot ETFs saw a net outflow of $903 million yesterday, marking the second-highest single-day outflow in history. Data shows that Bitcoin has retraced 35% from its new high, far below the 78% retracement level in 2021 and the 84% retracement level in 2017. Macro Japanese and South Korean stocks closed lower, with the KOSPI index falling approximately 3.8%. The Nikkei 225 index closed down 1,198.06 points, or 2.40%, at 48,625.88 on Friday. The South Korean KOSPI index closed down 151.4 points, or 3.78%, at 3,853.45. Director of the Trading and Markets Division of the U.S. Securities and Exchange Commission: "Trustless" mechanisms for digital assets need to operate in "trusted" markets. Jamie Selway, Director of the Trading and Markets Division of the U.S. Securities and Exchange Commission (SEC), stated at the SIFMA Market Structure Conference that although crypto assets are built on a "trustless" decentralized mechanism, healthy trading still depends on a market structure based on "trust." Selway pointed out that the SEC will promote clear regulatory rules through "Project Crypto," supporting competition and innovation, and avoiding regulatory distortions that could distort fair market competition. He emphasized that policymakers should treat all market participants, old and new, fairly, and that the market itself is the ultimate arbiter of value. US stocks closed: Nasdaq fell more than 2%, Nvidia opened higher but closed lower. U.S. stocks closed lower on Thursday, with the Dow Jones Industrial Average down 0.84%, the S&P 500 down 1.55%, and the Nasdaq Composite down 2.15%. Nvidia (NVDA.O) fell 3.1%, after rising as much as 5% during the session, Micron Technology (MU.O) fell more than 10%, and Oracle (ORCL.N) fell more than 6%. Blockchain concept stocks generally declined, with Coinbase falling more than 7% and Circle falling about 4%. Opinion Bitwise: BTC bottom may be in the BlackRock IBIT cost price range of $84,000 and Strategy cost price range of $73,000. Bitcoin is nearing its "pain point" range. Bitwise's research director points to $84,000 to $73,000 as a potential "pain point" selling range, which includes BlackRock's IBIT cost price of $84,000 and Strategy's BTC cost price of $73,000. He believes the final bottom is likely to occur between these two prices, describing them as "clearance prices," similar to a reset of the entire cycle. IBIT saw a single-day outflow of $523 million this week, with a cumulative outflow of $3.3 billion over the past month, representing 3.5% of its total assets under management. Strategy's net asset value has fallen below $1, and a retest of the $73,000 cost price could further exacerbate market tensions. Furthermore, increased uncertainty surrounding the Fed's December rate cut could lead to continued tightening of market liquidity. Despite this, stablecoin reserves on exchanges have reached $72 billion. If the macroeconomic environment improves, analysts predict BTC may fluctuate between $60,000 and $80,000 by the end of the year. Related reading: Trading Moment: Non-farm payrolls and Nvidia's positive news fail, Bitcoin may fall to the $73,000-$82,000 range . JPMorgan Chase: If Strategy is removed from major indices such as MSCI, it could trigger an outflow of up to $2.8 billion. According to Bloomberg, JPMorgan Chase warned that if Strategy (MSTR) is removed from major indices such as MSCI USA or Nasdaq 100, it could trigger a withdrawal of up to $2.8 billion, which could be further amplified by passive fund sell-offs. Currently, nearly $9 billion in passive funds are linked to MSTR. MSCI plans to decide by January 15, 2026, whether to exclude companies with digital asset holdings exceeding 50% of their total assets from its indices. MSTR's market capitalization is now close to its Bitcoin reserves, and rising yields on its funding instruments highlight the potential systemic risks from declining market confidence. It is understood that MSCI has extended the consultation period for whether "digital asset vault companies" should be included in its global investable market indices to December 31, 2025. In a previous statement on October 10, some market participants pointed out that such companies are more like investment funds, and MSCI proposed excluding companies with digital assets exceeding 50% of their total assets, and may introduce additional criteria such as "self-definition" and "funding purpose." The final decision will be announced on January 15, 2026, and will take effect during the review in February of the same year. CryptoQuant CEO: Strategy will not go bankrupt even if Bitcoin falls to $10,000. CryptoQuant founder and CEO Ki Young Ju stated in an article on the X platform that Strategy will only go bankrupt if an asteroid hits Earth. He argued that any claim that Michael Saylor is selling Bitcoin needs evidence, otherwise it's nonsense. He stated that Michael Saylor will not sell Bitcoin unless approved by Strategy shareholders, a point he has repeatedly made clear, because selling even a single BTC would damage the company's reputation and trigger a "death spiral" for both Bitcoin and Strategy. Ki Young Ju added that failing to convert debt on time does not equate to liquidation. Strategy has multiple ways to address this, such as refinancing, issuing new notes, obtaining secured loans, or using operating cash flow. It could also issue new shares to pay dividends or raise funds by pledging Bitcoin. Therefore, there is no real risk of liquidation or bankruptcy. He concluded by stating that even if the price of Bitcoin falls to $10,000, Strategy will not go bankrupt, but will simply undergo debt restructuring, nothing more. Project Updates Binance Alpha will launch MineD and Kyuzo's Friends. According to Binance Wallet, the Binance Alpha platform will launch MineD (DIGI) on November 22nd and Kyuzo's Friends (KO) on November 23rd. Eligible users can use Alpha Points to claim airdrops on the Alpha Events page after the projects open for trading. Irys announces IRYS token economics: 20% initial circulating supply, 8% allocated for airdrops and future incentives. Irys, a programmable data chain, announced its IRYS token economics: The total supply of IRYS tokens is 10 billion, with an initial circulating supply of 20%. The allocation is as follows: Ecosystem 30%, Foundation 9.9%, Airdrop and Incentives 8%, Liquidity and Launch Partners 8%, Team and Advisors 18.8%, and Investors 25.3%. Team and investor tokens will be locked for the first year. Validators will receive a 2% inflation reward annually, halving every four years; 50% of execution fees and 95% of regular storage fees will be burned. Sign launches a sovereign nation Layer 2 solution based on BNB Chain, supporting stablecoins and RWA on-chain. The Sign team has released the "SIGN Stack," a sovereign Layer 2 architecture built on BNB Chain and opBNB, designed specifically for national deployments of digital infrastructure and compliant stablecoins. This solution features customizable sequencer permissions, a DID identity system, gas-free stablecoin transfers, and the ability to put national physical assets (RWA) onto the blockchain. The goal is to establish BNB Chain as the settlement layer for global sovereign blockchain infrastructure. MOVE's buyback tokens continue to flow back into the company, with Movement transferring another 50 million tokens to Binance. According to Ember, the Movement project team transferred another 50 million MOVE tokens (approximately $2.51 million) that had been repurchased to Binance today. Previously, the project conducted a $38 million buyback in March as required by regulations, during which 180 million MOVE tokens were withdrawn from Binance to a public address, with an average buyback price of approximately $0.21. Currently, 115 million MOVE tokens (approximately $10.91 million) have flowed back to Binance. Jesse Creator Coin was targeted immediately upon launch, with 26% of the supply being bought up in the same block, generating $1.3 million in arbitrage profits. According to Arkham tracking data, Base co-founder and protocol lead Jesse Pollak's creator token was targeted on its launch day. After 50 million tokens were injected into the liquidity pool, 262 million tokens (26% of the supply) were bought up in the same block. Two attacker addresses profited approximately $707,700 and $619,600 respectively. Address 0x9F59…d8bB purchased a 7.6% share for $191,000, paid a $44,000 tip to the Base sequencer, and then sold all of it, making a profit of approximately $619,600. This action was achieved through Flashbots deployed on the Base chain, allowing users to preview the next block's transaction content. Coinbase will launch a spot trading pair for BOB (BOBBOB). According to Coinbase Markets, BOB (BOBBOB) will be listed on the Coinbase platform on November 20th (Eastern Time). If liquidity conditions are met, the BOBBOB-USD trading pair will be launched on the same day. Important data On Polymarket, the probability of BTC falling to $80,000 in November is 58%, and the probability of it falling to $75,000 is 21%. According to data from the decentralized prediction market platform Polymarket, as of now, there is a 58% probability that Bitcoin will reach $80,000 in November 2025, a 21% probability that it will reach $75,000, and a 10% probability that it will reach $70,000. Data shows that Bitcoin has retraced 35% from its new high, far below the 78% retracement level in 2021 and the 84% retracement level in 2017. According to historical Bitcoin pullback data provided by Charlie Bilello, as of November 21, 2025, Bitcoin has pulled back from its all-time high of $126,000 in early October to its current price of $82,000, a drop of approximately 35%. This is one of many significant pullbacks in Bitcoin's history, comparable to the 32% drop at the beginning of 2025, but far lower than the pullbacks of 78% and 84% in 2021 and 2017, respectively. Data shows that Bitcoin has experienced several pullbacks exceeding 50% in its history, but each was followed by a significant price rebound, with the highest rebound reaching 1504%. The current pullback is within the normal range of Bitcoin's historical fluctuations. Huang Licheng's accounts were completely liquidated, resulting in losses exceeding US$20.23 million. According to Lookonchain monitoring, Huang Licheng's Machi (@machibigbrother) account has been completely liquidated, with a balance of only $15,538 remaining, and a total loss of over $20.23 million. Five accounts on Hyperliquid were liquidated, totaling over $10 million, with the largest liquidation amount reaching $36.78 million. According to analyst ai_9684xtpa, Coinglass data shows that at 15:34 Beijing time, BTC briefly fell to $82,000 and ETH fell to $2,669. During this period, there were 5 accounts liquidated on Hyperliquid with a total liquidation amount exceeding $10 million, with the largest liquidation amount reaching $36.78 million. Abraxas Capital's short positions have unrealized profits exceeding $269 million. According to Onchain Lens monitoring, market sentiment is extremely bearish. Abraxas Capital holds short positions in two of its wallets, with floating profits currently at $76.83 million and total short profits exceeding $269.13 million. Bitcoin spot ETFs saw a net outflow of $903 million yesterday, marking the second-highest single-day outflow in history. According to SoSoValue, Bitcoin spot ETFs saw a net outflow of $903 million yesterday (Eastern Time), the second-highest single-day outflow in history. BlackRock's IBIT saw a net outflow of $355 million, with a cumulative net inflow of $62.826 billion; Grayscale's GBTC saw a net outflow of $199 million, with a cumulative net outflow of $25.095 billion. Currently, the total net asset value of Bitcoin spot ETFs is $113.02 billion, representing 6.55% of Bitcoin's total market capitalization, with a cumulative net inflow of $57.397 billion. Ethereum spot ETFs saw net outflows of $262 million yesterday, marking the eighth consecutive day of net outflows. According to SoSoValue, Ethereum spot ETFs saw a net outflow of $262 million yesterday, marking the eighth consecutive day of net outflows. BlackRock's ETHA saw a net outflow of $123 million, while Fidelity's FETH saw a net outflow of $90.547 million. Currently, ETHA has accumulated a net inflow of $12.944 billion, and FETH has accumulated a net inflow of $2.446 billion. As of press time, the total net asset value of Ethereum spot ETFs is $17.429 billion, representing 5.09% of Ethereum's total market capitalization, with a cumulative net inflow of $12.577 billion. Investment and Financing/Acquisition DWFLabs plans to launch a new fund of $30 million to $75 million, focusing on investing in DeFi and CeDeFi products. DWFLabs co-founder Andrei Grachev stated that the current market correction presents the perfect opportunity to collaborate with outstanding developers. The team is about to launch a new fund of $30 million to $75 million, entirely funded by DWFLabs, focusing on investments in DeFi and CeDeFi products. More details will be released soon. Market news: Polymarket plans to raise a new round of funding at a valuation of $12 billion. According to market sources, prediction market Polymarket plans to raise a new round of funding at a valuation of $12 billion, an increase from its previous valuation of $10 billion. Tether announced an investment in Parfin, accelerating USDT adoption by institutional users in Latin America. According to its official blog, stablecoin issuer Tether announced an investment in Parfin, aiming to accelerate institutional adoption of its USD stablecoin USDT and enhance Latin America's access to efficient blockchain settlement solutions. Parfin is described as a Latin American digital asset custody, tokenization, trading, and management platform, providing financial institutions with tools to securely explore the potential of digital assets and blockchain technology. Mu Digital has raised $1.5 million in Pre-Seed funding to focus on bringing high-yield credit from Asia onto the blockchain. Mu Digital has announced the completion of a $1.5 million Pre-Seed funding round, with investors including UOB Venture Management, Signum Capital, CMS Holdings, Cointelegraph Accelerator, and Echo. Mu Digital focuses on bringing real-world assets from Asia's $20 trillion credit market onto the blockchain and plans to launch its Monad mainnet on November 24th. Products include the Asia Dollar (AZND), offering yields of 6-7%, and muBOND, offering yields up to 15%. HelloTrade, a blockchain trading platform founded by a former BlackRock executive, has raised $4.6 million in funding, led by Dragonfly Capital. HelloTrade, a blockchain trading platform founded by former BlackRock executives, has completed a $4.6 million Series A funding round, led by Dragonfly Capital, with participation from Mirana Ventures and several angel investors. The company was co-founded by Kevin Tang, former Senior Director of BlackRock's Digital Assets team, and Wyatt Raich, former Head of Engineering at the Digital Asset Labs. Its aim is to provide overseas investors in Vietnam, Indonesia, and other countries with convenient access to US stocks and commodities through blockchain technology. The platform will support derivatives such as perpetual futures and is scheduled to launch between the end of this year and early next year. Kalshi raised $1 billion in funding at a valuation of $11 billion, led by Sequoia and CapitalG. According to TechCrunch, citing sources familiar with the matter, prediction market platform Kalshi has completed a $1 billion funding round, valuing the company at $11 billion. The round was led by Sequoia and CapitalG. This funding round comes less than two months after its previous $300 million round, valuing the company at $5 billion. Kalshi allows users to place bets on various events and operates within legal boundaries, with annualized trading volume exceeding $50 billion. Its main competitor, Polymarket, is also reportedly planning a funding round with a valuation of $12-15 billion. Institutional holdings Bitmine purchased another 17,242 ETH, worth approximately $49.07 million. According to Onchain Lens monitoring, Bitmine has further purchased 17,242 ETH from FalconX and BitGo, which is worth approximately $49.07 million at the current price. The US government transferred assets seized in the FTX and Bitfinex hacks to a new wallet address. According to Onchain Lens monitoring, the US government transferred some of the assets seized in the FTX-Alameda and Bitfinex hacks to new wallets in the past 6 hours, including 15.13 million TRX (approximately US$4.2 million), 545,000 FTT (approximately US$348,900), 744,000 KNC (approximately US$206,800), and 1,066 WETH (approximately US$3.01 million). ANPA, a US-listed company, plans to purchase up to $50 million worth of EDU tokens within 24 months. According to an announcement by Animoca Brands, Open Campus and Animoca Brands have entered into a strategic partnership agreement with Nasdaq-listed ANPA (Rich Sparkle Holdings). ANPA will purchase up to $50 million worth of EDU tokens through marketplaces and OTC transactions over the next 24 months as part of its EduFi (education finance) market strategy. Animoca Brands will provide $3 million worth of EDU tokens to support this partnership. This strategy aims to promote the institutional application and sustainable financing of blockchain technology in education, and expand the practical use cases of EDU tokens. FG NEXUS has reduced its holdings by approximately 10,000 ETH since the end of Q3, and currently holds approximately 40,000 ETH. According to Globenewswire, Ethereum treasury company FG NEXUS released its Q3 financial report, stating that it held 50,778 ETH at the end of Q3, but as of November 19, it held 40,005 ETH, a reduction of approximately 10,000 ETH. In addition, the company also disclosed holding approximately $37 million worth of cash and USDC.