🌐 Global Market Capitalization: Market cap $3.21T, significant pullback occurred, total cryptocurrency market cap has lost over $1 trillion since October 10. Bitcoin once fell below $95,000.
📶 Market Sentiment: Fear and Greed Index 17, negative sentiment dominates, market sentiment indicators are far below normal levels, investor confidence continues to be low.
💸 Funds and Liquidations
In the past 24 hours, the market decline has led to a large number of leveraged traders being liquidated.
Total Liquidations and Number of People: The total liquidation amount across the network ranges between $180 million and $390 million, with the number of liquidated individuals close to 100,000 to over 130,000.
Selling pressure: Blockchain data shows that in the past 30 days, long-term Bitcoin holders have sold approximately 815,000 Bitcoins, the highest level of selling since early 2024. "Whale" wallets that have held for over seven years are also continuing to sell at a rate of over 1,000 Bitcoins per hour.
ETF fund outflow: Bitcoin ETF funds have seen a net outflow for the fifth consecutive week, with a total outflow of $2.6 billion over the past five weeks.
🔥 Today's focus
The cryptocurrency market is down across the board: Major cryptocurrencies saw widespread declines on November 16. Bitcoin briefly fell below the key level of $95,000. Ethereum, Cardano, XRP, and others also experienced declines.
Concentrated selling by whales and long-term holders: Behind Bitcoin's drop below $100,000, the selling by "whales" (those holding over 1,000 Bitcoins) and long-term holders is a significant driving force. Analysis shows that $100,000 may be a psychological profit-taking level.
Trump expresses concern over the crypto field: U.S. President Trump stated in a post on X (formerly Twitter) on November 16 that he "only cares about one thing," which is whether the U.S. can be number one in the crypto field. This statement has drawn market attention to U.S. crypto policy, but it should be noted that this statement has not been confirmed through official campaign or government channels.
Federal Reserve officials are cautious about interest rate cuts: Several Federal Reserve officials have recently expressed hawkish stances. Cleveland Fed President Mester believes that the current interest rate levels are "hardly restrictive" and should remain stable to continue combating inflation. San Francisco Fed President Daly and St. Louis Fed President Bullard are also cautious about interest rate cuts.
📊 Mainstream currency and popular sector performance
Mainstream currency performance (data as of November 17, 0:00)
₿ BTC: Approximately $95,812 (daily drop of 0.7%, briefly falling below $95,000).
Ξ ETH: Price to be updated (daily drop of over 1% at one point).
Popular sectors and projects
Significant drop in cryptocurrencies (based on 24-hour data from November 16):
SOON (SOON): $2.46 (-12.18%), its recently launched x402 protocol prediction product may face short-term profit-taking pressure.
VIRTUAL (Virtuals Protocol): $1.14 (-4.26%), possibly a technical correction after a significant increase.
MYX (MYX Finance): $2.63 (-3.76%), price fluctuations may be influenced by market sentiment and liquidity factors.
XRP (XRP): $2.21 (-2.78%), despite launching the first spot ETF, it may face profit-taking pressure in the short term.
🌍 Macro and regulatory dynamics
Missing U.S. economic data: The White House stated that due to the earlier government "shutdown", the U.S. Consumer Price Index (CPI) and the complete employment data report for October "may never" be published. This will lead the Federal Reserve to make important decisions in an information-deficient situation.
Hong Kong updates cryptocurrency regulatory standards: The Hong Kong Securities and Futures Commission (SFC) recently issued a new announcement allowing licensed virtual asset trading platforms in Hong Kong to share order books with overseas affiliated entities. This move aims to enable local platforms to access deeper global liquidity pools and allow retail investors more direct access to stablecoins approved by the Hong Kong Monetary Authority and to trade tokenized securities (subject to specific conditions).
Japan's economic stimulus plan: Japan's Finance Minister Shunichi Suzuki stated that the scale of the economic stimulus plan will exceed 17 trillion yen.
🐌 Market insights
On November 16, the cryptocurrency market experienced a significant correction, with a huge loss in total market capitalization, and Bitcoin briefly fell below $95,000.
The key factors behind this drop are the concentrated selling by whales and long-term holders, as well as the continuous outflow of Bitcoin ETF funds, indicating that institutional demand and the strength that previously supported the market may be weakening. Market sentiment is also extremely low.
Although Trump made statements supporting the U.S. leading in the crypto field, which may boost long-term policy expectations, in the short term, the hawkish statements from Federal Reserve officials (cautious about interest rate cuts) and the uncertainty caused by missing key economic data due to the government shutdown have jointly suppressed market sentiment.
In terms of regulation, Hong Kong's move to allow licensed platforms to share global order books and expand access to stablecoins and other assets is a reflection of its ambition to build a digital asset center, which is expected to bring deeper liquidity and broader participation to the market.
In the short term, restoring market confidence requires attention to whether selling pressure eases, whether ETF fund flows can improve, and continuing to track Federal Reserve policy signals and global regulatory dynamics.
