November 18th, according to EmberCN monitoring, a whale that 3 months ago accumulated $2.63 billion worth of WBTC and ETH through a flash loan is on the brink of liquidation. Today, the whale has started to sell off assets to reduce the liquidation price. 4 hours ago, they sold 1,316.8 ETH to exchange for 4.017 million USDT to repay the loan.Currently, they still have a borrowing of up to $146 million USDT on Aave, with a health factor of only 1.05. If BTC and ETH drop another 5%, their position will face liquidation. The whale's cost basis for WBTC is $116,762 and for ETH is $4,415, resulting in an unrealized loss of up to $65.49 million.

November 18, Trader Eugene Ng Ah Sio posted on his personal channel, stating, "I have increased my long positions in ETH and SOL. The oscillation indicator has significantly returned to the oversold zone, and I believe it is a good time to start increasing exposure to this market."

November 18th, according to official sources, cryptocurrency platform KuCoin announced the official establishment of its Australian headquarters in Sydney, and appointed James Pinch as the Australian Managing Director to lead the local team in advancing business expansion, compliance development, and security and product innovation. This move demonstrates KuCoin's long-term commitment to the Australian market, aiming to serve local users with higher standards of security and transparency, and strengthen its ties with the Australian crypto community. At the same time, KuCoin will also appear at the 2025 Australian Crypto Convention this week as a sponsor, actively promoting industry exchanges and development.

November 18th, according to HTX market data, Bitcoin dropped below $91,000, with a 24-hour decrease of 4.55%.

November 18th, BitMEX co-founder Arthur Hayes stated in his latest blog post "Snow Forecast" that, "Bitcoin has dropped from $125,000 to around $90,000, while the S&P 500 and Nasdaq 100 indices are still hovering at historical highs, which leads me to believe that a credit event may be brewing. This view is supported by the decline in the U.S. dollar liquidity index since July. If the assessment is correct, the stock market may experience a 10%–20% correction, while the 10-year U.S. Treasury yield approaches 5%, forcing the Federal Reserve, Treasury Department, or other U.S. government agencies to urgently roll out some form of money printing scheme. During this soft period, Bitcoin may decline to $80,000 to $85,000. If the broader risk markets collapse, the Federal Reserve and Treasury Department accelerate their money printing actions, Bitcoin could rally to $200,000 to $250,000 by the end of the year."

November 18, Uniswap founder Hayden Adams announced that he has submitted the "Uniswap Governance Proposal to Enable the Fee Switch" for a temperature check vote.If this vote passes, the only remaining step is to proceed with a full on-chain vote.

November 18th. Founder of DeFiance Capital, Arthur, expressed in a post that the product design of crypto derivatives (mainly perpetual contracts) and their related market structure are still the biggest issues that the industry must address before sustainable development to the next stage. The industry cannot afford to go through wealth destruction events of this scale time and time again while pretending that everything is normal without fixing structural issues. However, there is hope to build better products by drawing from historical experiences.Founder of Wintermute, Evgeny Gaevoy, replied to this by stating that traditional finance has long solved these issues, and the real problem is not the design of perpetual contracts but rather those centralized (and semi-decentralized) exchanges that combine market-making, a centralized limit order book (CLOB), and custody in one entity.

November 18th, Yala's official statement on the anchor release of its stablecoin YU and liquidity crisis.· On September 14, 2025, Yala suffered a hack, losing $7.64 million USDC (equivalent to about 1636 ETH at the time). Although this incident caused YU to temporarily unpeg, there were no vulnerabilities in the core protocol. The team injected $5.5 million of funds to maintain stability. Subsequently, YU reanchored, and the protocol resumed normal operation.· On October 29, 2025, the Bangkok law enforcement agency arrested the hacker, and most of the affected funds were recovered from the hacker. The case is currently in the judicial review stage. However, due to some funds being converted to ETH before recovery, the subsequent price drop and the funds consumed by the attacker have led to a reduction in the actual recovery value.· A recent retail exodus from the DeFi market has triggered further panic, putting additional pressure on an already illiquid market. Euler has also been affected. The previously used positions and liquidity to stabilize YU are currently restricted.· Yala did not integrate with the Kamino lending product, and the AyCJ initial wallet is not owned by the Yala team or related members.· The team is assessing the scale of funding required for stabilization in the market and is working with law enforcement agencies and funding partners to advance financing. Given the current liquidity squeeze of multiple protocols and assets, this process will take time. The team commits to announcing a specific plan by December 15, 2025, including the fund recovery path and subsequent operational measures.

November 18th, mainstream crypto treasury (DAT) company mNAV all fell below 1, including:Strategy (MSTR) has an mNAV (Enterprise Value to Bitcoin Holdings Value ratio) currently at 0.937. Strategy's market value has fallen to $56 billion, with its current holdings of 649,870 BTC valued at $59.9 billion.Metaplanet's mNAV is currently at 0.912. Metaplanet's market value has fallen to $2.61 billion, with its current holdings of 30,823 BTC valued at $2.84 billion.Bitmine (BMNR) ranks first in Ethereum institutional holdings, currently holding about 3.51 million ETH valued at approximately $10.63 billion. Its market value has fallen to $8.81 billion, and mNAV is currently at 0.83.SharpLink (SBET) ranks second in Ethereum institutional holdings, currently holding 860,000 ETH valued at approximately $2.61 billion, with a market value of $2.02 billion. mNAV is currently at 0.84.

November 18th, according to Onchain Lens monitoring, in the past 24 hours, a whale has spent 31.16 million USDT to purchase 10,275 ETH at an average price of 3,032 USD.Since November 12th, the whale has spent a total of 41.89 million USDT to purchase 13,612 ETH at an average price of 3,077 USD.