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."

November 17th, according to South China Morning Post report, Singapore-based Ant Group International (a spinoff of Ant Group) is accelerating its global asset management business through a strategic partnership with Swiss banking giant UBS Group AG, aiming to explore blockchain-based tokenized deposit innovations.Under a memorandum of understanding signed at UBS's Singapore office, Ant Group International will utilize UBS Digital Cash—an blockchain-based payment platform launched last year—for its global asset management operations to enhance efficiency, transparency, and security, the two companies announced on Monday.The collaboration will also explore joint innovations in tokenized deposits, including an "interconnected solution" that will involve Ant's in-house blockchain-based Whale platform—its internal treasury management system.

November 17th, according to Coinbob Popular Address Monitor data, the "Hyperliquid's Largest BTC Long" whale (0x93c) opened a BTC long position on the evening of the 14th, with a floating loss of approximately $780,000 (30%), a position size of approximately $64 million, an average price of $96,900, and a liquidation price of $87,700.Starting from November 12th, the address transferred approximately $8 million to Hyperliquid, then engaged in intraday ETH long trades twice, realizing profits of $700,000 each time. Subsequently, on the night of the 13th, it opened a third ETH long position at an average price of $3,396, with a position size of approximately $22.5 million, currently experiencing a floating loss of $1.27 million (-140%). On the night of the 14th, the address bottomed BTC at an average price of $9,690 and is now the largest BTC long on Hyperliquid.

November 17, the Singaporean exchange announced that it will launch Bitcoin and Ethereum perpetual futures on November 24. Bitcoin and Ethereum perpetual futures are only available to eligible institutional investors. (Golden Finance)

November 16th, WisdomTree's Head of Digital Assets Will Peck predicted that an ETF holding a diversified cryptocurrency portfolio will fill a significant market gap in the coming years and become one of the next waves of adoption. A multi-asset cryptocurrency basket can allow users to access the entire industry while mitigating the "idiosyncratic risk" of investing in a single token. Will Peck stated, "We refer to cryptocurrency as an asset class, but it's actually a technology, and the underlying return drivers of each token are actually quite different, despite being generally correlated, just because we're at this stage of the market right now."Several cryptocurrency index ETFs have already been launched this year. This Thursday, asset management firm 21Shares announced the launch of two cryptocurrency index ETFs: 21Shares FTSE Crypto 10 Index ETF (ticker: TTOP) and 21Shares FTSE Crypto 10 ex-BTC Index ETF (ticker: TXBC). Both track the FTSE Russell Crypto Index, offering investment exposure to a broad portfolio of digital assets holding the top ten crypto assets by market capitalization (TXBC excluding Bitcoin) rather than investing in a single token.