Recent multidimensional dynamics in the cryptocurrency market: leading exchanges are continuously expanding trading pairs, the cryptocurrency-stock linkage sector is showing a clear differentiation between "sell-off waves" and "layout heat," while multiple project token unlocks are imminent, raising short-term market volatility risks.

New Trading Platforms Launched: Upbit and Coinbase Expand Trading Pairs

On November 26, the cryptocurrency trading platforms were very active:

• Upbit Launches PLUME KRW Trading Pair: According to the official announcement, Upbit has officially opened the KRW trading pair for PLUME, adding KRW market liquidity for this token.

• Coinbase Launches Irys (IRYS) Spot Trading: Coinbase has simultaneously launched Irys (IRYS) spot trading on its website and app, further enriching the asset trading categories on the platform.

The expansion actions of these two leading exchanges may bring short-term liquidity increases for PLUME and IRYS, but specific performance still needs to be observed in conjunction with market sentiment.

Cryptocurrency-Stock Linkage: A Tale of Two Extremes, Sell-Off Waves in Treasury and Government Layouts

Currently, the cryptocurrency-stock linkage sector is showing significant differentiation:

Cryptocurrency Treasury Companies in a "Sell-Off Vicious Cycle"

On November 26, the Financial Times reported that as cryptocurrency prices have corrected, cryptocurrency treasury companies are collectively selling off their held tokens to support declining stock prices, accelerating the collapse of the "digital asset treasury" model:

• The world's largest corporate Bitcoin holder, Strategy Company led by Michael Saylor, has seen its stock price plummet by 50% over the past three months, dragging down the stock prices of similar cryptocurrency treasury companies;

• Currently, the market value of Strategy Company is below the value of its held Bitcoin, raising concerns that its "reliance on rising crypto prices + equity debt issuance" virtuous cycle model is on the verge of collapse;

• Kaiko senior research analyst Adam Morgan McCarthy bluntly stated: "These companies will experience a sell-off wave, and price declines will trigger a vicious cycle of competitive price cutting, which may continue to worsen."

Differentiated Layouts by Governments/Enterprises

In contrast to the passive sell-offs by treasury companies, some entities are still advancing their layouts in cryptocurrency assets:

• Texas Launches Bitcoin Reserve Program: The Texas Blockchain Council announced that it has utilized $10 million authorized by SB 21 to purchase approximately $5 million worth of BlackRock's IBIT (Bitcoin spot ETF), becoming the first state government in the U.S. to purchase Bitcoin; if the full allocation is completed, IBIT will become the third-largest holding in the Texas Treasury Trust's investment portfolio.

• Reliance Adjusts Digital Asset Treasury: U.S. publicly listed company Reliance Global Group announced the completion of asset adjustments, selling its previously held Digital Asset Treasury (DAT) assets and reallocating the proceeds to Zcash (ZEC), positioning ZEC as a core cryptocurrency reserve asset.

Token Unlock Warning: Multiple Projects Set to Release Soon, Short-Term Selling Pressure Risks Must Be Heeded

The cryptocurrency market is about to welcome a batch of project token unlocks, with key information and risk alerts as follows:

Several projects, including XOCITY, Mira, and Snapx, are simultaneously starting token releases:

• XOCITY (XO): Unlocking 61.87M XO (valued at approximately $271,800), accounting for 1.24% of the total locked amount;

• Mira (MIRA): Unlocking 10.12M MIRA (valued at approximately $1.54 million), accounting for 1.01% of the total locked amount;

• Snapx (XNAP): Unlocking 18.48M XNAP (valued at approximately $42,300), accounting for 1.48% of the total locked amount;

• Sahara AI (SAHARA): Unlocking 132.6M SAHARA (valued at approximately $107,600), accounting for 1.33% of the total locked amount;

In addition, projects like Sharpe AI and NFPrompt will also see token releases of varying scales. Token unlocks typically trigger short-term selling pressure fluctuations, prompting market participants to closely monitor the unlocking rhythm, manage positions reasonably, and prepare for risk defense.

Currently, the cryptocurrency market is experiencing increased short-term uncertainty due to the intertwining of new asset launches, differentiated cryptocurrency-stock linkages, and unlocking risks. Would you like me to help you organize a timeline of recent core events in the cryptocurrency market?

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