[Bitunix Analyst: Fed Power Struggle Intensifies, Dollar Strengthens Alongside BTC Leverage Cooling] BlockBeats reports that on November 12th, BTC fluctuated around $73,700, with the market showing a divergence between contract selling pressure and passive spot buying. Contract CVD was approximately negative $1.864 billion, while spot CVD was only positive $195 million, with spot trading accounting for approximately 10.1% of total trading volume. The coin-margined OI decreased from 3.41B to 3.38B, and the stablecoin-margined OI was approximately 227.29K, still lower than the previous 235K, indicating that leveraged positions are cooling. However, the large-account long/short ratio of 2.35 still reflects that the position structure has not fully turned bearish. In the short term, it's crucial to observe whether the support level of $72,690 to $72,800 can hold. A rebound would require a recovery of the $74,000 to $74,400 level to reverse the current weakness. On the macro level, a power struggle is emerging within the Federal Reserve regarding personnel appointments. Whether New York Federal Reserve Bank President Williams can serve until June 2028, completing his current ten-year term, or must step down at age 65 in June 2027, remains a point of contention due to differing interpretations of the rules. The New York Federal Reserve Bank has permanent voting rights on the FOMC; if Williams leaves early, Warsh could potentially influence his successor selection. However, the appointment still involves the selection of bank directors and approval by the Federal Reserve Board. The core of the controversy lies in the boundary between the concentration of power in Washington and the autonomy of regional Federal Reserve banks. A stronger dollar will transmit pressure to Asia. The US dollar is nearing 160 against the Japanese yen. Japan's corporate price index rose 7.1% year-on-year in October, while yen-denominated import prices increased by 24.8% year-on-year, indicating that the yen's depreciation continues to push up input costs. Japanese officials have again warned the market not to ignore the risks of intervention. Meanwhile, media reports that NVIDIA's board of directors is considering Jensen Huang's future has caused the stock price to fall by more than 8% in after-hours trading, but this is still based on information from sources and is not yet a formal decision. Market risks no longer only stem from the US dollar and interest rates, but also extend to the governance and succession uncertainties of leading AI companies.