2025 Hot Topics in the Cryptocurrency Space

1.Bitcoin Plunge and Long-Term Holder Sell-Off

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Core Event: Bitcoin fell below the $100,000 psychological threshold on November 5, hitting its lowest point since June. What makes this decline unique is that it wasn’t driven by leveraged liquidations, but rather by deliberate selling from long-term holders.

Key Data:

– Long-term holders (LTH) sold approximately 400,000 BTC over the past month, representing a massive $4.5 billion exodus

– Around $640 million in long positions were liquidated within the last 24 hours, marking the second-largest single-day liquidation since June 2021

– BTC briefly dipped to $98,000 before rebounding to the critical $101,000 support level

Why does this matter? This isn’t panic selling but profit-taking. According to analysis by K33 Research Head Vetle Lunde, over 319,000 BTC were reactivated in the past month, primarily from holdings aged 6-12 months—indicating substantial real selling pressure since mid-July. This pattern suggests eroding market confidence rather than purely technical pressure.

Battle for Key Support: $101,000 serves not only as a psychological threshold but also marks the bottom of the long-term ascending channel since October 2023. A daily close below this level could severely undermine the bullish structure.

2. U.S. Stocks’ “Black Tuesday” Triggers Risk Asset Sell-off

Macro Context: On November 5, U.S. stocks experienced “Black Tuesday” with all three major indices plunging:

– Nasdaq fell over 2%

– Tech stocks took a heavy hit: NVIDIA and Tesla dropped over 5%

– Asian markets also declined: South Korea’s KOSPI dropped over 4%, Japan’s Nikkei 225 fell 2.7%

Impact on Crypto: The US dollar rose to a three-month high. A stronger dollar and shifting Fed rate cut expectations eroded investor confidence in risk assets. This explains why BTC and high-valuation tech stocks faced simultaneous pressure—a systemic correction across global risk assets.

3. RWA (Real-World Assets) Emerges as DeFi’s Next Growth Engine

Breaking News: Standard Chartered Bank released a report projecting the tokenized real-world assets (RWA) market to reach $2 trillion by 2028—a 57-fold increase from its current $35 billion size.

Projected capital flows:

– 💵 $7.5 trillion → Money market funds

– 📈 $7.5 trillion → Tokenized U.S. equities

– 🏦 $2.5 trillion → Tokenized U.S. funds

– 🏢 $2.5 trillion → Private equity, commodities, corporate bonds, real estate

Actual Progress: Sei Network has already attracted $2 billion in RWA tokenization within just 90 days, including products from institutions like BlackRock, Hamilton Lane, Apollo, and Brevan Howard. The fastUSD stablecoin ecosystem is emerging as the RWA liquidity hub on Sei.

Why this matters: RWA signifies DeFi’s shift from “mimicking traditional finance” to “truly integrating traditional finance.” This is no longer hype—it’s real institutional capital entering blockchain.

4. Solana ETF defies the trend, emerging as the sole bright spot

Stark contrast: While Bitcoin ETFs experienced $566 million in net outflows (November 4), Solana ETFs attracted capital inflows. This signals a structural rotation in risk assets—shifting from BTC to SOL.

Underlying Logic: Investors may be seeking higher-risk/reward alternatives or demonstrating greater confidence in the application prospects of the Solana ecosystem.

5. Major Development in Hong Kong JPEX Case

Regulatory Crackdown: Hong Kong police formally charged 16 individuals in the JPEX virtual asset platform case, marking the first prosecution under the “fraudulent or improperly inducing others to invest in virtual assets” charge under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

Case Scale:

– 80 individuals arrested

– HK$228 million in assets frozen

– Over 2,700 victims

– Total involved amount exceeds HK$1.6 billion

Significance: This signals regulators’ zero-tolerance stance toward crypto fraud and serves as a warning to investors about platform risks.

6. Crypto Mining Stocks Outperform BTC

Staggering Data: Crypto mining company stocks have significantly outperformed Bitcoin over the past 12 months:

– Riot Blockchain: +110%

– Hut 8 Mining: +211%

– By comparison, BTC rose only 65%

New Narrative: Mining firms are pivoting toward AI and high-performance computing infrastructure, creating revenue streams independent of BTC prices. JPMorgan analysts note, “Entering AI provides miners with a more stable and profitable revenue source than Bitcoin mining.”

Market Sentiment Summary

Key Insight: This pullback signals market repricing, not a bear market. Long-term holder sell-offs, sustained institutional accumulation, and explosive RWA growth indicate cryptocurrency‘s transition from “speculative phase” to “institutionalization and utility.” Short-term volatility is normal, but long-term structural opportunities persist.