🌐 Global Market Cap: The total market cap of the cryptocurrency market has seen a pullback, with Bitcoin falling below $103,000, a 24-hour decline of 3.22%; Ethereum has fallen below $3,424, with a decline of 5.16%.
📶 Market Sentiment: Fear and Greed Index 25. Major cryptocurrencies have generally declined, and market sentiment is cautious.
💸 Funds and Liquidation
In the past 24 hours, the market decline has led to a large number of leveraged traders being liquidated.
Total Liquidation Amount and Number of People: The total liquidation amount across the network has reached $506 million, with nearly 150,000 people experiencing liquidation.
Long and Short Distribution: Longs (bullish) have been more severely affected, with a liquidation amount of $380 million; shorts (bearish) have a liquidation amount of $120 million.
Major coins: The largest single liquidation occurred in the BTC trading pair on Bitfinex exchange.
🔥 Today's focus
The cryptocurrency market collectively declined: major cryptocurrencies generally fell on November 12. Bitcoin dropped below $103,000; Ethereum, Solana (SOL), Dogecoin (DOGE) and other major coins also experienced declines.
The dovish stance of the Bank of Japan is putting pressure on the yen: Japanese Prime Minister Fumio Kishida expressed a desire for the central bank to raise interest rates slowly, causing the yen to fall to a near nine-month low against the dollar, approaching the key psychological level of 155. Japan's Finance Minister Shunichi Suzuki warned about "one-sided and rapid fluctuations" in the exchange rate and conducted verbal intervention.
U.S. political situation and data risks:
The U.S. Senate has passed a temporary funding bill, taking a key step to avoid a federal government shutdown.
In October, U.S. ADP private sector employment decreased by 45,000, marking the largest drop in two and a half years. The White House stated that some October economic data may never be published due to the government shutdown.
Institutional dynamics and regulatory progress:
BitMine's holdings have exceeded 3.5 million Ether.
The Brazilian central bank has set a capital threshold of up to $7 million for cryptocurrency companies.
U.S. prosecutors will re-examine the case of the "MIT Crypto Brotherhood" accused of stealing $25 million in crypto assets in 2026.
📊 Performance of major coins and hot sectors
Performance of major coins (data as of November 13 before 0:00)
₿ BTC: $103,109.39 (24 hours -3.22%)
Ξ ETH: $3,424.75 (24 hours -5.16%)
◎ SOL: $154.17 (24 hours -9.29%)
Hot sectors and projects
Performance differentiation among the top coins on the popularity list:
Nano (XNO): price increased by 22.46%, performing well.
United States Crypto Reserve (USCR): up 28.86%.
Allora (ALLO): significantly down -68.48%.
Emerging projects are active: elizaOS (ELIZAOS) and Griffin AI (GAIN) have seen significant increases of 44.48% and 62.83%, respectively, reflecting market interest in AI and underlying protocol sectors.
🌍 Macro and regulatory dynamics
Policy signals from the People's Bank of China: In its third-quarter monetary policy implementation report, the People's Bank of China stated that it will maintain basic stability of the yuan exchange rate at a reasonable and balanced level.
Progress on tokenized bonds in Hong Kong: The Hong Kong SAR government successfully priced approximately HKD 10 billion worth of tokenized green bonds and applied tokenized central bank currency for the first time for settlement.
Institutional allocation intentions: Surveys show that 61% of institutions plan to increase their holdings of crypto assets, indicating that the market may welcome the next round of institutional capital inflow.
🐌 Market insights
On November 12, the overall performance of the cryptocurrency market was weak, with major coins generally retracing, and the surge in liquidation data highlighted the cautious and fragile market sentiment.
At the macro level, the dovish stance of the Bank of Japan, combined with potential risks from U.S. economic data, is influencing global capital flows. A weaker yen boosts the dollar, which typically puts pressure on dollar-denominated cryptocurrencies. Although easing the U.S. government shutdown crisis helps stabilize the market, the risk of unreleased backlog data still exists.
On-chain and institutional levels, institutions such as BitMine are continuously increasing their holdings of ETH, and most institutions plan to increase their holdings of crypto assets, providing potential long-term support for the market. Analysts point out that the MVRV (Market Value/Realized Value) ratio for short-term holders has risen to 0.95, which may indicate that Bitcoin is expected to rebound to the range of $115,000 to $120,000.
In the short term, the market needs to continue digesting macro uncertainties and closely monitor the support strength of Bitcoin around the $100,000 level. Investors should remain cautious and pay attention to controlling position risks.
