November 21st, according to Onchain Lens monitoring, a whale first deposited 5 million USDC into HyperLiquid and opened a 20x leveraged ETH long position.Currently, the position is worth 27 million US dollars, holding 10,000 ETH.

November 21, according to market data, Nvidia (NVDA.O) stock price continued to fall in pre-market trading, down nearly 1%.

November 21st. According to analyst Murphy, in the past half month from November 4th to November 20th, the main distribution force in the whale group has come from wallets holding less than 100 BTC. For example, wallets holding 10-100 BTC collectively sold 24,911 BTC. On the other hand, the main accumulation force came from the largest group, the super whales holding 10k-100k BTC, who collectively acquired 68,030 BTC.This group started continuous distribution after reaching a peak holding in July last year, until mid-October this year when BTC fell below $106,000, and then resumed accumulation. The actions of whales indicate that they believe the current BTC price has reached a certain level of value. However, their accumulation may not immediately support the secondary market price. Based on historical data, whale behavior is often a process rather than always buying at the lowest point and selling at the highest point. But in the long run, they are rarely wrong.

November 21, according to an official announcement, Binance will list the BOB/USDT perpetual contract on November 21, 2025, at 18:45 UTC, with leverage of up to 20x.

November 21st. CZ's personal lawyer, Teresa Goody Guillén, stated in an interview on The Pomp Podcast on the 15th that Binance is still facing restrictions from multiple U.S. agencies such as the DOJ and CFTC. Regulatory personnel deployed by the U.S. Treasury through FinCEN are still supervising its compliance, even though Binance has exited the U.S. market and has no U.S. customers.Regarding the relationship between Binance, Trump, and World Liberty Financial, she pointed out that there is no evidence to support the media's labeling of the financial company as a Trump entity. The issuance of its stablecoin on the BSC is a publicly transparent normal business practice. She used the analogy of "buying wheat with Swiss francs does not equate to investing or bribing Swiss politicians" to refute the allegation of bribing the president to obtain a pardon.

November 21st. This afternoon, after a sharp market decline, the probability on Polymarket of "Bitcoin breaking below $80,000 in November" has risen to 55%, while the probability of "breaking below $75,000" has simultaneously risen to 21%.

November 21st. The U.S. Department of Labor released the September nonfarm payroll data, showing an addition of 119,000 jobs, far exceeding the market's expectation of 52,000 jobs. However, the unemployment rate unexpectedly rose to 4.4%, reaching a four-year high. This delayed employment report, released after the government shutdown, has become the last key data before the December FOMC (Federal Open Market Committee) meeting. The data itself is lagging and contradictory, further deepening policy divergences and making it difficult for the market to determine a clear interest rate path. The latest federal funds futures indicate that the probability of a rate cut in December has dropped to less than 40%, reflecting a rapid cooling of market expectations for easing.On a macro level, the stronger-than-expected nonfarm payroll data should have been hawkish. However, the sharp rise in the unemployment rate clearly indicates a weak internal structure in the labor market, sending a "fractured" signal and causing policymakers to have greater disagreements when interpreting the economic strength/weakness. The lagging nature of this data also makes it harder for the market to confirm the true economic momentum, leading to a renewed flight to safety in a high-interest-rate environment. This uncertainty is rapidly being reflected in risk assets.In the crypto market, BTC was significantly suppressed by the $93,000 resistance level and further dragged down by the cooling rate expectations, with prices briefly falling to around $85,000. Structurally, if unable to hold above $86,800, it may further test $80,200.A Bitunix analyst stated: In the vacuum of unclear interest rate and employment signals, the market is prone to amplified volatility, and short-term sentiment-driven technical structure trading is favored. It is advised to focus on three key points: 1) Whether subsequent labor market data revisions will reverse the market's assessment of economic weakness; 2) Whether the internal divisions within the Fed regarding rate cuts will continue to widen; 3) Whether BTC's structure can hold the low point, and whether it can retest the upper boundary of the range with liquidity replenishment. These factors will drive the price rhythm and risk preference direction in the coming week.

November 21st, in conjunction with analyst Yujin's compilation of Bitmine's latest position data, as of the 21st, Bitmine holds 3.56 million ETH, with an average price of $4009, a unrealized loss ratio of 31.87%, and an unrealized loss amount of $4.531 billion.

November 21. According to Hyperinsight monitoring, on November 21, BTC briefly dropped to $81,000. Within an hour, the on-chain activity of prominent long position whales was as follows:「CZ Counterparty」 Whale: ETH and XRP long positions partially liquidated, resulting in a $7.3 million loss. The current unrealized loss of the account is $37.1 million, with a total position size of approximately $220 million, now the largest long position on Hyperliquid for ETH and XRP;「Buddy」: ETH long positions liquidated 4 times consecutively, reopening a 25x leveraged ETH long position with $16,000;「Long All Shitcoins」 Whale: Except for ASTER and STRK, the remaining 20 shitcoins all suffered significant losses, with all margins locked. The current total position size is approximately $24.07 million;「Precise Long ZEC」 Whale: Floating profits increased from $400,000 to $900,000, with a position size of approximately $10.53 million, now the second-largest ZEC long position on Hyperliquid;「Suspected XPL Insider Trading」 Whale: BTC long positions liquidated 3 times in a row, resulting in a $7.48 million loss. Previously made large BTC purchases on the 17th, with a position size of approximately $31 million. This whale was previously the largest long position for XPL;「Calm Order Opener」: ETH, SOL, UNI, HYPE long positions liquidated 10 times, resulting in a loss of approximately $12.92 million, with only a $5.2 million position size remaining, mostly in a sizeable loss SOL long position;Current largest BTC long position on Hyperliquid: BTC long position with a floating loss of $18.14 million, recently added nearly $10 million to average down within an hour, with a current position size of around $117 million.Additionally, starting from 3:30 PM, 35 addresses on Hyperliquid (with positions over $1 million) opened new BTC long positions, with 29 of them being long positions.