Selected News

1. DAT flywheel extinguished, top investors hint that DAT company will sell reserves, market will continue to undergo deep washout

2. Bitcoin falls below $82,000 again, 24-hour decline expands to 8.9%

3. Independent researcher claims $610 billion AI Ponzi scheme has collapsed

4. Global mainstream assets decline, US stocks, European stocks, crude oil, and silver experience varying degrees of drop

5. “Binance Life” market cap falls below $100 million, 24-hour decline exceeds 26%

Selected Articles

1. 《What’s next for the strongest altcoin ZEC in this round?》

Over the past two months, ZEC has surged nearly tenfold and has been the focal point of the market with its independent trend. The discussions surrounding ZEC have gradually evolved from early endorsements by figures like Naval, Arthur Hayes, and Ansem focusing on the privacy concept, to a more nuanced view that considers actual demand in the privacy sector and a bearish perspective based on mining power and profitability. So, outside of the endorsements from well-known figures, what are the detailed arguments from both the bullish and bearish sides regarding ZEC?

2. 《The strongest dialogue between bulls and bears in the crypto circle: Is the four-year crypto cycle invalid?》

The 2025 crypto market is at a delicate turning point: Bitcoin ETF approval, intertwining liquidity cycles and debt refinancing cycles, the AI boom siphoning off funds, and traditional finance and tech giants accelerating their embrace of blockchain. Against this backdrop, the market structure has become abnormal, with a lack of buying in long-tail assets, and high-performance public chains like Solana showing weak performance. Investor sentiment swings between extreme optimism and panic. In this episode of “The Journey Man,” Raoul Pal (former global macro investment manager and founder of Real Vision) and Chris Burniske (partner at Placeholder) delve into market cycles, liquidity drivers, investment psychology, and structural changes in the industry.

On-chain Data

On-chain capital flow situation for the week of November 21

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