1. Market Fluctuations and Core Events
• Bitcoin Breaks Below $100,000: On November 4, 2025, the price of Bitcoin dropped by 7%, briefly falling below $100,000, with over 460,000 people liquidated within 24 hours, evaporating $2.025 billion. This sharp decline was triggered by a cooling market sentiment, leveraged liquidations, and a pullback in U.S. tech stocks.
• Institutional Funds Long-term Positioning: Despite extreme short-term volatility, companies like MicroStrategy continue to increase their Bitcoin holdings, with total holdings surpassing 330,000 coins. BlackRock's Bitcoin ETF sees record inflows, indicating institutional confidence in the long-term prospects of cryptocurrencies. In 2025, the total market capitalization of cryptocurrencies exceeds $4 trillion, with stablecoin trading volume reaching $46 trillion, as the industry moves from the fringes to the mainstream.
• Marginal Improvement in Regulatory Environment: The U.S. SEC approves Bitcoin ETFs to use physical delivery (In-Kind), reducing trading costs and improving liquidity; the GENIUS Act and the CLARITY Act establish a regulatory framework for cryptocurrencies, paving the way for compliance.
