Bitget Daily Briefing: BTC falls below $86,000, with approximately $834 million in liquidations in the crypto market over the last 24 hours.

Author: Bitget

Today's Outlook

1. Federal Reserve's Hamak: The non-farm payroll report is “slightly outdated,” but meets expectations;

2. Financial Times: The unexpected increase of 119,000 non-farm jobs in the U.S. for September will make the Federal Reserve's decision on interest rate cuts more complicated.

3. Yesterday, the United States announced that the number of initial jobless claims for the week ending November 15 was 220,000, with an expectation of 230,000.

Macro & Hotspots

1. Bitget Data: The cryptocurrency market is generally down, with BTC falling 5.71% to below $86,000, and ETH dropping 7.46% to below $2,800;

2. Solid Intel: The average weekly capital outflow from US tech stocks over the past four weeks has reached $2.5 billion, exceeding the record of about $800 million set in 2021. In the most recent week, a net sell-off of $1.6 billion was recorded.

3. The Block: According to a report by JPMorgan, the recent correction in the crypto market has been primarily driven by non-native retail investors. Since November, approximately $4 billion has flowed out of Bitcoin and Ethereum spot ETFs, surpassing the record set in February.

Market trend

1. BTC and ETH have been continuously declining for 12 hours, with the market in extreme panic. Approximately $834 million was liquidated in the last 24 hours, of which $722 million was from long positions.

2. The U.S. stock market closed lower on Thursday, with the Dow initially down 0.84%, the S&P 500 down 1.55%, and the Nasdaq Composite down 2.15%. NVIDIA ( NVDA.O ) fell 3.1%, having risen as much as 5% during the day, while Oracle ( ORCL.N ) fell more than 6%;

3. The Bitget BTC/USDT liquidation map shows: the current price of BTC is $86,010, with a high leverage long liquidation zone mainly concentrated around $85,400–$88,000. The current price of $86,010 is right in the middle of this range, and once it fluctuates downward, it is likely to trigger a series of long liquidations. Short accumulation liquidations are relatively flat in the $77,600–$83,000 range, while long liquidation volumes are rising rapidly in the $88,000–$95,000 range, indicating a significantly long skew in the overall leverage structure, which poses a greater risk for price declines.

4. In the past 24 hours, BTC spot inflow was 392 million USD, outflow was 472 million USD, with a net outflow of 80 million USD.

News Updates

1. The Argentine Congress report states that President Milei provided “key assistance” in the LIBRA project;

2. OpenAI launches ChatGPT group chat feature for global users;

3. Bridgewater Associates founder Ray Dalio: Bitcoin accounts for about 1% of his personal investment portfolio and believes it is difficult to become a reserve currency for major countries.

4. Market News: Polymarket plans to raise a new round of financing at a valuation of $12 billion.

Project Progress

1. Jesse Pollak, the co-founder and protocol lead of Base, saw the creator token being targeted as soon as it went live, with 26% of the supply being bought out in the same block for an arbitrage of $1.3 million.

2. Sign launched a sovereign state Layer2 solution based on the BNB Chain, supporting stablecoins and RWA on-chain;

3. MOVE repurchased tokens continue to flow back, Movement will transfer 50 million pieces to Binance again;

4. The blockchain game Illuvium has deployed Staking v3 on the Base chain.

5. Bitmine purchased an additional 17,242 ETH, worth approximately 49.07 million US dollars.

6. The U.S. government has transferred the seized assets from the FTX and Bitfinex hacking cases to a new wallet address, including: 15.13 million TRX, 545,000 FTT, 744,000 KNC, and 1,066 WETH;

7. The US-listed company ANPA plans to purchase up to $50 million in EDU tokens within 24 months.

8. Bitcoin ETFs had a net inflow of 1,840 BTC yesterday, while Ethereum ETFs had a net inflow of 12,986 ETH;

9. MegaETH will launch a pre-deposit cross-chain bridge on November 25, with a total limit of $250 million;

10. Aster: The total repurchase volume of ASTER has exceeded 155 million pieces, and the S3 airdrop will open for claims on December 15.

Disclaimer: This report is generated by AI, and human involvement is only for information verification, not for any investment advice.