gm 14/11

Summary
gm, Bitcoin fell below $100,000 for the third time this month amid a broader market selloff that triggered over $500 million in liquidations. Several key developments shaped market sentiment, including the Czech National Bank becoming the first central bank to officially purchase Bitcoin as part of a $1 million test portfolio, Jack Dorsey's Cash App revealing plans to implement stablecoin payments on Solana's network, and Canary Capital's XRP ETF making a strong debut with $58 million in first-day trading volume. Meanwhile, major corporate news included Uniswap's "UNIfication" proposal to activate protocol fees and implement token burns, Coinbase announcing its move from Delaware to Texas, and Grayscale filing for an IPO, all occurring against a backdrop of economic uncertainty as traders anticipate the Federal Reserve's potential rate cut decision in December.

News Headlines
🔍 What's Driving Bitcoin's Dip Below $100,000?

• Long-term holders sold approximately 815,000 BTC in the past month, marking the highest selling pressure since early 2024, while ETF outflows and a negative Coinbase premium reveal limited buying support.
• Market uncertainty has increased following the U.S. government reopening after a shutdown, which has hindered economic data reporting and raised questions over Federal Reserve policy decisions.

💰 Ark Invest Buys $30.5M Circle Shares as Stock Falls 12%

• Ark Invest purchased $30.5 million worth of Circle Internet (CRCL) shares across its ETFs as the company's stock price fell 12% following concerns about revenue effects from potential interest rate cuts.
• Circle's earnings per share of 64 cents exceeded analyst estimates, but fears of reduced returns triggered the stock's largest decline since June, creating what Cathie Wood's firm saw as a buying opportunity.

💥 New Strike Force Set to Target Overseas 'Pig Butchering'

• U.S. federal agencies are launching a strike force to combat large-scale crypto scams in Southeast Asia that have defrauded Americans of billions in cryptocurrency.
• The initiative will target organized crime networks in countries like Burma, Cambodia, Laos, and the Philippines, many of which use human trafficking victims to perpetrate frauds.

🚀 The Rise of DATCOs: Active Treasuries Are Replacing VC in Crypto

• Digital Asset Treasury Companies (DATCOs) are transforming from passive asset holders to active capital engines, leveraging crypto assets for staking and validator operations as traditional venture capital funding declines.
• Public companies now own over one million bitcoin, with DATCOs enabling real-time risk assessment and automated treasury functions while attracting regulatory attention due to their transparent on-chain transactions.

📊 Large Traders Take Diverging Strategies on Crypto Market Volatility

• Bitcoin traders are favoring non-directional options strategies like strangles (16.9%) and straddles (5%) to profit from price volatility regardless of direction.
• In contrast, XRP traders are shorting strangles, betting against volatility and expecting the price to remain range-bound, highlighting divergent market expectations.

Market Metrics

Fundraising & VC
1. Acurast (Undisclosed, $11M) - Decentralized verifiable compute network
2. Self Protocol (Seed, $9M) - Digital identity and trust infrastructure platform
3. Shodai Network (Seed, $2.5M) - Crypto project financing platform

Regulatory
⚖️ Singapore to Introduce Stablecoin Regulations and CBDC Trials

• The Monetary Authority of Singapore is drafting stablecoin regulations focusing on sound reserve backing and redemption reliability while also trialing tokenized bills settled with a wholesale CBDC.
• MAS will publish a guide on tokenized capital markets to help firms understand how these products fit within existing regulations, emphasizing interoperable networks in Singapore's digital finance landscape.

🏛️ Taiwan Lawmaker Pushes for Bitcoin Strategic Reserve

• A Taiwanese legislator is advocating for the government to include Bitcoin in its reserve assets amid concerns about reliance on U.S. debt and China's economy.
• Taiwan's Premier announced plans for an updated reserve assessment and a complete inventory of the country's Bitcoin holdings by year-end, acknowledging the shift of virtual assets from speculation to national security considerations.

💰 Czech Central Bank Makes Historic Bitcoin Investment

• The Czech National Bank has established a $1 million test portfolio including Bitcoin, becoming the first central bank to hold Bitcoin on its balance sheet.
• This pilot program aims to gain practical experience in managing blockchain-based assets and explore cryptocurrency's potential for diversifying reserves, with insights to be shared over the next 2-3 years.

🕵️ Australia Warns of Crypto Scams Exploiting Government Platform

• Australian authorities have issued a warning about scammers impersonating federal police to steal cryptocurrency by exploiting the national cybercrime reporting platform, ReportCyber.
• Criminals file false reports using stolen personal information and use official reference numbers to create credibility, with authorities emphasizing that genuine officers will never request crypto account access.

🦘 Nearly 25% of Asian Adults with Internet Access Own Crypto

• A CoinDesk and Protocol Theory report indicates approximately 25% of adults with internet access in the Asia-Pacific region own cryptocurrency, with adoption driven by lack of traditional financial services.
• Nearly 18% of surveyed individuals in emerging markets are using stablecoins, with growth dependent on ease of integration into daily life and clearer regulatory environments.

Technical Analysis
Bitcoin - Bitcoin is in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Bitcoin. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 102000 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. RSI is below 30 after the falling prices of the past weeks. The currency has strong negative momentum and further decline is indicated. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The RSI curve shows a falling trend, which supports the negative trend. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum has broken down through the floor of the falling trend channel in the short term, which signals an even stronger falling rate. The negative development, however, may give rise to short term corrections up from today's level. The price has had a strong fall after the negative signal from the rectangle formation at the break down through the support at 3777. The objective at 3187 is now met, but the formation signals further development in the same direction. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 3830 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.