Fear and Greed Index: 24 (Fear)
Bitcoin Price: $102,867
BTC/ETH Spot ETF Fund Flow (11.5)
BTC Net Inflow: $121.51 M
ETH Net Inflow: $24.57 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (11.5)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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According to Hong Kong media Ming Pao, the Hong Kong police have prosecuted 16 individuals in the JPEX case, including internet celebrity Lin Zuo. The case will be heard tomorrow at the Eastern Magistrates' Court. Among the 16 individuals charged, 6 are core members of JPEX, involved in conspiracy to commit fraud, money laundering, and obstructing justice; 7 are members of virtual currency over-the-counter exchanges; and 3 are puppet account holders. This is the first time the police have invoked the crime of "fraudulently or recklessly inducing others to invest in virtual assets" under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance for prosecution. The police have arrested a total of 80 individuals and have identified two masterminds and one key member who are still at large, issuing a red notice through Interpol. The case involves over 2,700 victims, with losses exceeding HKD 1.6 billion, and the police have frozen assets worth approximately HKD 228 million. The police do not rule out conducting a second round of prosecution actions.
]( JPEX case prosecutes 16 individuals, police have frozen assets of approximately HKD 228 million, masterminds still at large
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[]( CEO Weng Xiaoqi: New Fire Technology launches international business brand Bitfire
Weng Xiaoqi, Executive Director and CEO of New Fire Technology, announced at a press conference the achievements since the company announced its strategic transformation to "private banking-level digital asset management" on August 27: the high-net-worth client base has rapidly expanded, the number of institutional accounts has increased eightfold, and over 130 new accounts have been opened, including more than 50 institutional clients. Meanwhile, the overall asset management scale is expected to grow from USD 40 million to USD 500 million within three months after the official launch, with an anticipated growth of 12 times.
Professor Wang Yang, Vice President of the University of Hong Kong, delivered an opening speech at the event, sharing Hong Kong's innovative achievements and progress in cryptocurrency regulatory policies in recent years as an international financial innovation center. From the virtual asset trading platform (VATP) licensing system to the "Hong Kong Digital Asset Development Policy Declaration 2.0" released in May this year and the "Stablecoin Regulation" passed in August, these demonstrate that Hong Kong has always been at the forefront of Web3 innovation and has been a pioneer in the cryptocurrency industry.
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]( Selected events in Hong Kong for November
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
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[]( Selected events in Hong Kong for November
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
The crash in October was essentially a liquidation. Blue-chip DAT reduced leverage and repaired balance sheets by selling coins, while altcoin treasuries passively exited during the leverage collapse. The cyclical nature of the cryptocurrency market once again confirms a simple rule: during an uptrend, leverage acts as an amplifier; during a downtrend, it becomes a winch.
U.S. listed semiconductor company Sequans Communications (NYSE:SQNS) redeemed 50% of its convertible bonds by selling 970 bitcoins. This transaction reduced the company's total debt from USD 189 million to USD 94.5 million. Sequans currently holds 2,264 bitcoins, down from 3,234 previously. Based on current market prices, the company's net asset value in bitcoins is approximately USD 240 million, and the debt-to-net asset value ratio has decreased from 55% to 39%. This debt reduction is expected to enhance the company's previously announced ADS repurchase plan. Sequans focuses on wireless 4G/5G cellular technology in the Internet of Things sector and announced earlier this year that it would adopt bitcoin as a primary asset allocation.
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NASDAQ-listed SOL treasury company Forward Industries has submitted a supplemental document to the U.S. SEC for the resale prospectus of the company, based on the effective registration statement filed earlier this year under S-3. This document registers the resale of certain common stock previously issued in the private placement ("PIPE") in September 2025, and becomes effective automatically upon submission. Additionally, the Forward Industries board approved a stock repurchase plan on November 3, 2025, under which the company may repurchase up to USD 1 billion of its issued common stock. This authorization will expire on September 30, 2027.
]( Treasury company Forward Industries board approves new USD 1 billion stock repurchase plan<div class=)
[Regulation/Macro]( Treasury company Forward Industries board approves new USD 1 billion stock repurchase plan<div class=)
[](
White House Press Secretary Karoline Leavitt stated at a press conference on Tuesday that the pardon for Binance founder Zhao Changpeng underwent standard review procedures before being submitted to President Trump's desk for final approval. Leavitt clarified on Tuesday that Trump's remarks were meant to indicate that he does not personally know Zhao Changpeng. Leavitt stated, "What he meant was that he does not know Zhao Changpeng, meaning he has no personal relationship with this person." Leavitt indicated that the pardon process is handled with "extremely serious attitude." She also stated that Zhao Changpeng has faced "over-prosecution by a weaponized Department of Justice," echoing Trump's criticism of the previous administration's handling of the case.
The Canadian government has officially announced a regulatory plan for stablecoins in its fiscal planning, following the regulatory footsteps of the United States, requiring issuers to maintain sufficient reserves and adopt sound risk management measures for fiat-backed stablecoins. The Bank of Canada will allocate CAD 10 million over the next two years starting in the 2026-2027 fiscal year to ensure everything proceeds smoothly, with an expected annual cost of CAD 5 million to be borne by stablecoin issuers regulated under the Retail Payment Activities Act.
The State Council Tariff Commission has issued an announcement regarding the cessation of the implementation of additional tariffs on certain imported goods originating from the United States, stating that to implement the consensus reached in the China-U.S. economic and trade consultations, and in accordance with the laws and regulations such as the Tariff Law of the People's Republic of China, the Customs Law of the People's Republic of China, and the Foreign Trade Law of the People's Republic of China, and the basic principles of international law, approved by the State Council, from November 10, 2025, at 13:01, the additional tariff measures stipulated in the Announcement of the State Council Tariff Commission on Additional Tariffs on Certain Imported Goods Originating from the United States (Tariff Commission Announcement No. 2 of 2025) will be ceased.
U.S. Congressman Ro Khanna introduced a resolution numbered H.Res.849 on October 31, calling for a ban on public officials profiting from cryptocurrency-related businesses and promoting the establishment of regulatory mechanisms to prevent conflicts of interest and foreign influence. The resolution has been submitted to the House Financial Services Committee, the Government Oversight and Reform Committee, the House Administration Committee, and the Judiciary Committee for review. The document points out the need for increased transparency and regulation of digital asset activities of political figures to ensure fairness in policy-making and public trust.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on November 4 that it has implemented a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of participating in money laundering for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program. The U.S. Treasury stated that over the past three years, North Korea has stolen more than USD 3 billion in digital assets through malware and social engineering attacks, surpassing any other country's related actors. Those sanctioned include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately USD 5.3 million in cryptocurrency.
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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on November 4 that it has implemented a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of participating in money laundering for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program. The U.S. Treasury stated that over the past three years, North Korea has stolen more than USD 3 billion in digital assets through malware and social engineering attacks, surpassing any other country's related actors. Those sanctioned include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately USD 5.3 million in cryptocurrency.
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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on November 4 that it has implemented a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of participating in money laundering for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program. The U.S. Treasury stated that over the past three years, North Korea has stolen more than USD 3 billion in digital assets through malware and social engineering attacks, surpassing any other country's related actors. Those sanctioned include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately USD 5.3 million in cryptocurrency.
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[](
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on November 4 that it has implemented a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of participating in money laundering for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program. The U.S. Treasury stated that over the past three years, North Korea has stolen more than $3 billion in digital assets through malware and social engineering attacks, surpassing any other country's related actors. Those sanctioned include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency.
<h3 dir=)[DeFi research and risk management company Gauntlet has proposed in the Compound forum for the Ethereum lending protocol to implement a temporary emergency pause on the following independent lending Comet markets in Compound v3: USDC on Ethereum, USDS on Ethereum, and USDT on Ethereum. Gauntlet stated that it has observed liquidity crises for both deUSD and sdeUSD under Elixir, both of which are listed as collateral on Ethereum USDC, USDS, and USDT. Gauntlet has suggested updating the risk parameters (Tally), which have not yet been approved by the governance committee. Before the proposal is passed, Gauntlet recommends pausing withdrawals of the affected tokens. This means that Ethereum USDS, USDC, and USDT tokens in Compound v3 will not be able to establish new lending positions or withdraw liquidity.
]( Proposal suggests emergency pause on USDC, USDS, and USDT lending markets on Ethereum<p class=)
[]( Proposal suggests emergency pause on USDC, USDS, and USDT lending markets on Ethereum<p class=)[The Madras High Court in India has legally recognized XRP as property and protected it under criminal law.
]( XRP recognized as property and protected under criminal law<p class=)
[]( XRP recognized as property and protected under criminal law<p class=)[
Metaplanet has raised $100 million by collateralizing its Bitcoin assets, with the funds primarily intended for purchasing more Bitcoin, expanding income-generating businesses, and repurchasing shares. Part of the funds will also be used for a revenue-generating business that will create and sell cash-backed Bitcoin options, thereby earning stable income while holding Bitcoin. As of October 31, the company holds 30,823 Bitcoins (approximately $3.517 billion), and this borrowing amount accounts for about 3% of that holding.
]( Raised $100 million by collateralizing Bitcoin assets for purchasing more Bitcoin and expanding revenue-generating businesses<div class=)
[Bitmain Technologies (NASDAQ: CAN) has received a strategic investment of $72 million from three well-known institutional investors: Brevan Howard, Galaxy Digital, and Weiss Asset Management. This investment was completed in the form of direct equity, with an ADS price of $1.131 per share, without involving warrants or other derivatives.
]( $72 million strategic investment, Galaxy Digital participates<p class=)
[]( $72 million strategic investment, Galaxy Digital participates<p class=)[Berachain announced that all funds lost due to the BEX / Balancer v2 vulnerability (approximately $12.8 million) have been returned to the Berachain Foundation Deployer address. The blockchain has resumed operation. The minting/redeeming function of HONEY has also been restored accordingly, but all BEX functions are restricted, including exchanges, withdrawals, deposits, etc.
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[]( Community votes to pass the proposal for a $50 million ETHFI buyback<div class=)Ether.fi community has voted to pass the proposal for a $50 million buyback of ETHFI. The proposal plans to allocate up to $50 million from its treasury for the buyback of ETHFI tokens when the price of ETHFI tokens falls below $3.
[Bitcoin lending platform Lava has completed a $200 million financing and launched a new product—Bitcoin Line of Credit (BLOC). This product functions similarly to securities-backed loans or home equity lines of credit, but allows users to borrow flexibly using Bitcoin as collateral without the monthly repayment or term restrictions common in the current Bitcoin mortgage market.
]( Lava completes $200 million financing<p class=)
[]( Lava completes $200 million financing<p class=)[Founded by Tyler and Cameron Winklevoss, cryptocurrency exchange Gemini is planning to launch prediction market contracts to enter the prediction market space. Gemini applied to the U.S. Commodity Futures Trading Commission (CFTC) in May this year to establish a designated contract market (DCM) and is considering launching prediction-type derivative contracts on that platform. This application is still under review and is expected to face additional delays due to the government shutdown.
]( Planning to enter the prediction market, intends to launch event contracts<p class=)
[In-Depth & Outlook]( Planning to enter the prediction market, intends to launch event contracts<p class=)
DeFi once promised a trustless system, but Stream and Elixir have proven: you don't need to eliminate trust, just eliminate disclosure before smart money completes its reallocation. When stability relies on unquestioned authority, what exactly are you building—protocols or performance art?
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The new regulations are no longer merely about "setting limits," but actively "bridging" to pave the way for institutional participation in virtual asset activities; they not only "block risks" but also aim to "facilitate innovation," bringing gray areas into a transparent regulatory framework.
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[Views](
The new regulations are no longer merely about "setting limits," but actively "bridging" to pave the way for institutional participation in virtual asset activities; they not only "block risks" but also aim to "facilitate innovation," bringing gray areas into a transparent regulatory framework.
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[Global liquidity continues to expand, but funds have not flowed into the cryptocurrency market. ETF inflows have stagnated, decentralized AI activities have dried up, and only stablecoins continue to grow. Leverage has been completely cleared, and the market structure appears healthy, but the rebound of ETF or DAT funds is the key signal for liquidity recovery and the potential initiation of a catch-up rally.
