November 11th, the US-listed cryptocurrency exchange Gemini Space Station released its first post-listing financial report, and its third-quarter loss exceeded market expectations.Due to a sharp increase in marketing and listing-related expenses, the net loss for the quarter reached $1.595 billion (or $6.67 per share), doubling the analysts' expectation of $3.24 per share. Despite a doubling of revenue to $50.6 million year-over-year, the company's stock price still fell by 8.67% to $15.38 in pre-market trading.

November 11th, Hong Kong. HSBC Bank launched the "HSBC Gold Token" for Hong Kong retail investors, with a total trading volume surpassing $1 billion and over 100,000 transactions, making it the world's third-largest gold token product. The token is denominated in Hong Kong dollars, approved by the Hong Kong Securities and Futures Commission, and is currently the only compliant gold RWA product open to retail investors.BiyaPay analysts believe this marks the transition of RWA from an institutional experimentation phase to a retail adoption period, where traditional assets such as gold are being reshaped through blockchain technology. With increasingly clear regulation and improved liquidity, the tokenization of physical assets may become one of the most certain trends in the crypto space by 2025.BiyaPay analysts also point out that the rising demand for stable income and secure store of value will accelerate the expansion of the RWA ecosystem. Investors can trade US stocks, Hong Kong stocks, and futures using USDT on the BiyaPay platform, enjoy 0% fee cryptocurrency spot contract trading, and actively participate in the new wave of asset digitization.

November 11th, according to The Block, Singapore's DBS Bank is collaborating with Kinexys, a digital asset platform under JPMorgan, to develop an interoperability framework aimed at enabling cross-chain transfer of tokenized deposits within both parties' on-chain ecosystems.This collaboration seeks to build a bi-directional interoperability layer supporting cross-network transactions between public and permissioned blockchains to expand customer reach. Currently, both institutions provide customers with 24/7 liquidity services and real-time payment settlements within their blockchain systems.According to the announcement, JPM Deposit Token users based on the Ethereum Layer 2 network Base will be able to transact with DBS Bank token service customers operating on a permissioned chain in the future. Such interactions have been limited by inherent interoperability challenges and associated security risks, which have been difficult to overcome within traditional financial architectures.

November 11, according to GMGN monitoring, due to the impact of the "Uniswap Fee Switch or Fraudulent Pool Disappearance on Base," the on-chain trading volume of Base has decreased in the past 24 hours. The x402 ecosystem-related tokens have experienced varying degrees of pullback today, including:VIRTUAL: 24-hour loss of 11.6%, with a market cap of $674 million, currently priced at approximately $1.35;PING: 24-hour loss of 23%, with a market cap of $25.3 million, currently priced at approximately $0.025;PAY AI: 24-hour loss of 20%, with a market cap of $15.4 million, currently priced at approximately $0.015;dreams: 24-hour loss of 20%, with a market cap of $22.2 million, currently priced at approximately $0.022;BlockBeats reminds investors that the recent cryptocurrency market has seen a significant increase in volatility, and investors should pay attention to risk control.

November 11th, Swiss crypto bank group Sygnum stated that despite a pullback in October, the "strong demand catalyst" and institutional participation are still at historical highs, with an increasing number of ETF applications signaling further institutional demand. Currently, there are at least 16 crypto ETF applications awaiting approval, which have been delayed due to the 40-day U.S. government shutdown.Crypto Staking ETFs may become the next fundamental catalyst to spark institutional cryptocurrency demand. Over 80% of surveyed institutions are interested in crypto ETFs beyond Bitcoin and Ethereum, with 70% of institutions explicitly stating that they would start investing or increase their allocation if these ETFs offer staking rewards. Staking involves locking up tokens in a proof-of-stake blockchain network to maintain network security and earn passive income.Sygnum believes that investors are eagerly awaiting the end of the government shutdown, which could prompt the SEC to "batch approve" altcoin ETFs, thus catalyzing a "new wave of institutional fund inflows."

November 11th, according to The Data Nerd monitoring, 2 new wallets withdrew 957,000 LINK from Binance 9 hours ago (approximately $1.58 million).In the past 4 days, they have accumulated a total of 234,000 LINK (approximately $3.82 million).

November 11th. Despite a significant market correction in October, institutional investors remain confident in digital assets, with the majority of institutions planning to further increase their allocations in the coming months. A report released on Tuesday by the Swiss crypto bank group Sygnum showed that over 61% of institutions plan to increase their cryptocurrency investments, with 55% holding short-term bullish expectations. This survey covered 1,000 institutional investors globally.Around 73% of the surveyed institutions stated that allocating to crypto assets is expected to provide higher returns in the future, despite the industry still being in a recovery phase following the historic $200 billion plunge in October. However, investor sentiment continues to face uncertainty, primarily due to delays in key catalysts such as the "Market Structure Bill" and more ETFs for altcoins.Lucas Schweiger, Chief Research Officer of the Crypto Asset Ecosystem at Sygnum, pointed out that this uncertainty may persist until 2026, but he predicted that the digital asset market will increasingly mature, with institutions seeking diversified allocations for long-term growth expectations. "The theme of 2025 revolves around a mix of prudent risk management, pending regulatory decisions against the backdrop of fiscal and geopolitical pressures, and robust demand catalysts. However, investors are now more rational. Market discipline has suppressed irrational exuberance but has not shaken the belief in long-term growth trends."

November 11th, according to official sources, Bitget has released the "2025 Ask Satoshi Global Report." The report is based on the analysis of data from the #AskSatoshiWithGetAgent global event, which attracted participation from over 90 countries, with over 10,000 users involved, submitting over 30,000 questions. Approximately 40% of the questions focused on whether Bitcoin is still true to its original ideals, discussing topics such as decentralization, trust, and the evolution of digital currency.The report shows that AI tool usage is highly correlated with trading behavior, with 90% of GetAgent users having transaction records in the last 30 days. The peak trading activity is concentrated between 10 p.m. and midnight, while daytime is more focused on learning and strategy research. Bitget stated that the AI assistant GetAgent is evolving from a trading tool to an intelligent collaborative partner, helping users gain market insights and understand the future of finance.

November 11th, On-chain data analyst Murphy posted on social media today that the "Investor Sentiment Index" introduced by Glassnode has entered the "Red Signal" representing a low level of confidence. This indicates that market sentiment has once again dropped to a trough after a peak, and it has been 7 months since the last disappearance of this signal.Murphy stated that based on data from the past 2 years of this cycle, after entering the red zone 3 times, it took 1-2.5 months each time for the trend to shift from weak to strong. Since August 29th, when this indicator switched from the green "Optimistic Zone" to the yellow "Hesitant Zone," the index has stayed in the yellow zone for an extended period, setting a corresponding record. After the first red signal appears, it usually does not reverse back to the green confidence zone in just a few days.

November 11th, according to market data, Nvidia (NVDA.O) pre-market drop expanded to 1%. Earlier reports indicated that SoftBank Group liquidated its Nvidia position and cashed out $5.8 billion. (FXStreet)