November 17th, according to Nansen data, the top five public chains in terms of active addresses in the past 7 days are: Solana (17.28 million), BNB Chain (10.88 million), Tron (7.082 million), Avalanche (5.425 million), Polygon (3.879 million).

November 17th, according to The Block, Bitcoin (BTC) has dropped by about 25% since hitting a new all-time high of around $126,000 on October 6th. According to analysts at research and brokerage firm Bernstein, this marks a short-term pullback rather than the beginning of a major downtrend.Bernstein analyst Gautam Chhugani stated in a report to clients on Monday that this decline reflects investors' anxiety about the historical four-year cycle pattern, which has seen peaks in 2013, 2017, and 2021. Many investors sold off during the fourth-quarter market softness, believing that 2025 would see a repeat, thus somewhat creating a self-fulfilling prophecy.However, they believe that the current fundamentals are stronger, indicating that this is more likely a "relatively modest pullback" forming a new local bottom, rather than the 60% to 70% drops seen in historical cycles—thanks to significant absorption by long-term holder supply. The analysis points out that over the last six months, investors holding for at least a year have sold about 340,000 BTC (around $38 billion), while approximately $34 billion has flowed into spot ETFs and corporate treasuries, absorbing much of this selling pressure.Looking ahead, the analysts believe the market is "not like at a cycle peak," but more part of a multi-year trend defined by institutional participation and periodic moderate pullbacks. They are watching whether Bitcoin can establish a bottom around $80,000—a level seen after last year's U.S. presidential election—and believe the current pullback could present an attractive entry opportunity for digital assets and related equities.

November 17th, according to GMGN monitoring, on the BSC chain, Banana For Scale ($BANANA) has surged over 97% in the past 24 hours, reaching a market cap peak of $48 million, currently holding at $47 million, with the current price at around $0.0047.BlockBeats reminds users that meme coin prices are highly volatile, and users should invest with caution.

November 17th, according to LookIntoChain monitoring, a whale holding a long ASTER position for 38 days deposited 1 million USDC into Hyperliquid 2 hours ago to increase their ASTER long position. They currently hold a 2x leveraged 2.3 million ASTER long position (approximately $2.86 million).

November 17, according to Defilama data, the 24-hour trading volume of mainstream Perp DEXs has seen varying degrees of decline compared to last Friday. Hyperliquid and Lighter both dropped by over 35%, while Aster took the lead with a trading volume of 90.7 billion. The current trading volume of some Perp DEXs is as follows:Aster has a 24-hour trading volume of approximately $90.7 billion, a TVL of around $14.6 billion, and $23 billion in open interest contracts;Lighter has a 24-hour trading volume of about $79.4 billion, a TVL of around $11.9 billion, and $17.8 billion in open interest contracts;EdgeX has a 24-hour trading volume of around $74.4 billion, a TVL of about $4.84 billion, and $7.22 billion in open interest contracts;Hyperliquid has a 24-hour trading volume of approximately $69 billion, a TVL of around $45.47 billion, and $79.4 billion in open interest contracts;ApeX has a 24-hour trading volume of around $30 billion, a TVL of about $50.08 million, and $35.19 million in open interest contracts;Backpack has a 24-hour trading volume of about $18.1 billion, TVL not disclosed, and $1.99 billion in open interest contracts;Variational has a 24-hour trading volume of about $10 billion, a TVL of around $69.46 million, and $4.19 billion in open interest contracts;Pacifica has a 24-hour trading volume of approximately $9.3 billion, a TVL of around $40.65 million, and $51.39 million in open interest contracts.

November 17th, the S&P 500 is currently testing the key support level at 6725 points. Goldman Sachs has issued a warning that once this level is breached, it may trigger CTA systematic selling, with the Russell 2000 already breaking below, indicating that downward pressure on the market is accelerating. Funds continue to flow from tech stocks to defensive sectors such as healthcare and essential consumer goods, causing significant short-term volatility in core weights like Nvidia. The rapidly deteriorating sentiment has quickly spread to the crypto market, with Bitcoin dropping by nearly $9,300 and the crypto fear index plunging to a yearly low. On-chain data shows that whales are continuing to reduce their holdings, but with weakening market support, BTC's short-term volatility is further increasing.BiyaPay analysts stated: The current phase is characterized by "digesting high valuations + cooling of rate cut expectations + fund safe-havening," with the key support for BTC below being closely watched at $80,000.In this high-volatility environment, BiyaPay users can utilize USDT to trade US stocks, Hong Kong stocks, futures, and 0-fee cryptocurrency spot contracts, allowing for a more flexible approach to capitalize on market rebounds or hedging opportunities.

November 17th. on-chain data showed that several “whales” holding more than one thousand BTC have recently intensified their selling, pushing Bitcoin from below 100,000 down to around 97,000 USD. Both exchange and derivatives market windows reflected the sell pressure: overall whale short exposure is significantly higher than long exposure (on-chain data shows shorts around 2.17 billion USD vs. longs around 1.18 billion USD), while Bitcoin ETFs have recorded several consecutive weeks of net outflows, totaling several billions of dollars, indicating a clear decline in demand absorption. Protective put options around the 90–95k zone remain active in the derivatives market, showing the market is seeking hedging at lower levels.Although the large-scale selling mainly comes from long-term holders taking profit—Glassnode and MarketVector both note this as “planned distribution” rather than panic unwinding—the situation is not without risk. The key concern lies in absorption depth: during the selling episodes at the end of last year and early this year, buy-side liquidity remained strong enough to absorb supply. In contrast, the current phase of ETF outflows and slowing institutional allocation makes the same selling pressure more likely to amplify price volatility, triggering cascading liquidations.Technically, short-term key levels to watch are 100,000 USD and 93,000 USD; if 93,000 fails, the market may test deeper liquidity zones. Conversely, if active buy orders—potentially including known large holders such as Strategy—enter at lower levels and ETF flows stabilize, a structural rebound may follow the current deleveraging.Bitunix analysts note that attention should focus on whale wallet activity and large transfers; ETF flow trends and institutional disclosures; and changes in put open interest and implied volatility in the derivatives market. Only when these three signals turn positive together will it indicate a true return of buying power; otherwise, the market will continue to be driven primarily by liquidity dynamics.

November 17th, according to market data, after the prices of Bitcoin and Ethereum rose, US stocks of cryptocurrency-related companies surged in pre-market trading.Riot Platforms (RIOT.O) rose by 0.6%, Hut 8 Mining rose by 2.5%, Mara Holdings rose by 1.4%. Coinbase (COIN.O) rose by 1%, Bitfarms rose by 2.3%, Strategy rose by 1.4%. PROSHARES Bitcoin Strategy ETF rose by 1.6%, iShares Bitcoin Trust rose by 1.5%. (Jinse)

November 17th: CoinShares released its latest weekly report, stating that last week, digital asset exchange-traded products (ETPs) saw a record $2 billion outflow, mainly driven by currency policy uncertainty and whale sell-offs in the crypto space.Of this total, the U.S. accounted for 97% of the outflows ($1.97 billion), while Germany defied global negative sentiment with an inflow of $13.2 million.Bitcoin and Ethereum led the decline, with outflows of $1.38 billion and $689 million, respectively, as investors shifted towards multi-asset ETPs (inflows of $69 million) and increased their short positions on Bitcoin.

November 17th, QCP Capital posted on social media, stating, "Bitcoin has nearly wiped out all of its gains for the year, dropping 27% from its high, and closing below $100,000 for the first time since May. With the 50-week moving average breached, market sentiment has quickly turned bearish, with all eyes on the $92,000 support level and the $88,000 CME gap, watching for signs of a short-term rebound.""The macro headwinds remain strong, with the U.S. government reopening this week and long-delayed data set to be released. Expect volatility to remain high, with Bitcoin's implied volatility above 50, showing a clear bias towards put options."