鸿猷

It has taken a long time. Ever since I got liquidated on my last long position in altcoins, I haven't been able to recover my strength. This is because I sold my holdings of $SUI and $SOL to cover the contract, and then I lost everything. After that, there was a huge surge, with $SUI rising from my initial purchase price of 0.1U to over 5U, and $SOL also reached an all-time high! I don't know how to express that feeling; it really makes me feel like I want to die!

My first A7 actually started with #BNB. At that time, in 2021, I began to encounter meme coins, went through many RUG pulls, and experienced a lot of sell-offs. However, I still accumulated my first A7, then I cashed out for an E300L and married the person I love. But then I started to engage in the secondary market, always feeling like the primary market was inferior. We were only playing with meme coins, and now I realize that the primary market is actually where we can rise! Now I have returned to the primary market, exchanging all my tokens for $BNB , hoping for #BSC to be great again, and I will start over with the little chips I have left!

"Alarm! Today, SUI will unleash $146 million in selling pressure on the market — this is just the beginning!"

Throughout November, the cryptocurrency market will face a $2.1 billion token flood impact, equivalent to nearly $100 million in selling pressure waiting to be digested each trading day.

Even more concerning is that Bitcoin is teetering at $110,000, and Ethereum has lost critical support at $2,500. Will this impending storm become the last straw that breaks the bull market?

---

01 Overview: November Unlock Calendar, these cryptocurrencies are the most dangerous!

According to Token Unlocks data, November will be one of the months with the largest token unlock volume in the 2020s. Here are the tokens that need special attention:

A large-scale token unlock event is causing market concerns, with over 2 billion dollars' worth of tokens entering the market in November, testing the resilience of the crypto market.

On the first day of November, the cryptocurrency market opened under continued pressure. This month, the market will face a large-scale token unlock event worth over 2.1 billion dollars, with the SUI project releasing tokens valued at approximately 146.55 million dollars today, marking the largest single unlock event of the month.

Meanwhile, Bitcoin continues to hover around 110,000 dollars, showing sustained volatility. Ethereum has fallen below the 2,500 dollar mark, down 2.55% in the past 24 hours.

The digital asset market was lost in thought during a key policy week, with Bitcoin hovering around $114,000, and the market was both worried and expectant.

On October 28th, Beijing time, the cryptocurrency market experienced a technical correction. Bitcoin's price fell below the $114,000 mark, currently trading at $113,760, a 1.6% drop on the day.

Meanwhile, Ethereum also fell below $4,200, dropping 3.9% to $4,072. This widespread pullback occurred ahead of the Federal Reserve's interest rate decision and the meeting between Chinese and US leaders, with market sentiment clearly turning cautious.

---

01 Price trend: overall market correction

In the past 24 hours, 225 million USD has vanished across the network, with 130,000 investors becoming casualties of the long and short battle. This is not just a fluctuation of numbers, but a rehearsal for a global liquidity change.

1. Market appearance: Bloody long and short kill

Bitcoin is experiencing a fierce tug-of-war at the 110,000 USD mark, with an intraday volatility exceeding 3%. The price oscillates between falling below 110,000 USD and rebounding to 111,000 USD. This intense volatility has directly led to large-scale liquidations:

· Long position liquidation: 9,380.43 million USD
· Short position liquidation: 1.31 billion USD
· Largest single liquidation: An 8 million USD BTCUSD contract at Bybit exchange

A presidential pardon from the White House not only released Binance founder CZ, but may also free the cryptocurrency market that has been bound by policy.

The Biden administration's war on cryptocurrency is over,” White House Press Secretary Karine Jean-Pierre declared in a statement on October 23. Just a day earlier, President Trump signed a pardon for Binance founder Zhao Changpeng (CZ), who had been sentenced to four months in prison for violating the Bank Secrecy Act.

This pardon quickly elicited a response in the cryptocurrency market, with BNB soaring from 1083 USDT to a peak of 1160 USDT. However, more noteworthy than the price fluctuations is the fundamental change in the regulatory landscape for cryptocurrencies conveyed by this pardon.

Today is October 23, 2025. The cryptocurrency market remains directionless after several days of wide fluctuations, and the overall sentiment is still predominantly cautious.

📊 Overall Market Overview

From a macro perspective, Bitcoin (BTC) continued to oscillate around $109,000 today, although it briefly fell below $109,000 USDT, it also rose above $108,000 USDT at one point. The bulls and bears are fiercely contesting at this level, and Bitcoin is currently above the 200-day Exponential Moving Average (EMA), providing some technical support for a short-term bullish outlook.

Summary: When Bitcoin's single-day crash coincides with the Federal Reserve's closed-door meeting and the potential seismic shifts in the Japanese financial system, this is not just a simple market correction; it is a deep game regarding the future financial landscape.

1. Market Lament: The 'Bloody' Baptism of the Leveraged Bull Market

On October 21st, Beijing time, the cryptocurrency market experienced a true 'Bloody Monday.' The flagship asset Bitcoin (BTC) suddenly 'plummeted' during the Asian afternoon trading session, dropping more than $3,000 in just a few hours and briefly breaking through the key psychological barrier of $110,000, leading mainstream coins like Ethereum (ETH) and SOL to collectively decline.

Over 100,000 people in the crypto circle have been liquidated during the rebound, and the market is walking on thin ice before the Federal Reserve meeting.
Bitcoin has risen back to $110,000, yet over 100,000 traders have seen their wealth wiped out, as the market struggles to find a balance between hope and panic.
On October 20th, the cryptocurrency market experienced a long-awaited rebound. Bitcoin has once again crossed the $110,000 mark, with a 24-hour increase of 4.5%. Meanwhile, Ethereum has also surpassed $4,000, rising nearly 5% within the day.
Behind the seemingly prosperous rise is a brutal transfer of wealth — in the past 24 hours, a total of 118,000 people worldwide have been liquidated, with a total liquidation amount reaching $494 million (approximately 3.5 billion yuan).

Recently, a piece of news has stirred up a huge wave in the financial sector: on the balance sheet of the U.S. Treasury, Bitcoin assets are accumulating at an unprecedented rate. This 'treasury', which usually consists mainly of U.S. Treasury bonds and cash, is now quietly hoarding cryptocurrencies that represent the digital age, forming a striking 'Bitcoin strategic reserve'.
This surge phenomenon mainly stems from law enforcement actions. In recent years, the Department of Justice, the Internal Revenue Service, and other agencies have effectively cracked down on illegal transactions on the dark web, ransomware attacks, and money laundering activities, resulting in a large amount of Bitcoin as forfeited assets being transferred to the Treasury. This has unwittingly made the Treasury one of the largest 'whales' holding Bitcoin globally.

As Bitcoin's roller coaster plunged off the cliff, all that remained in the market were the alarms of liquidations and the hissing sound of evaporating wealth.

On May 19, 2021, the cryptocurrency world experienced the darkest day in its history. The total liquidation amount across the network reached an astonishing 6.91 billion USD in 24 hours, equivalent to 46 billion RMB vanishing in a single day. An investor left a message on the forum: "I lost all my savings in 15 minutes, including the money I had saved for my wedding."

This is just the tip of the iceberg of the cruel leveraged game in the cryptocurrency world. When we turn the pages of history, those shocking numbers record one wealth plunder after another.