1. Headlines
1. The Ethereum Fusaka upgrade is at the final stage, with data expansion and DoS defense being the main highlights.
Ethereum will undergo the Fusaka upgrade in December 2025, which will bring significant changes such as data expansion, DoS defenses, and development tools. Among them, Peer Data Availability Sampling (PeerDAS) enhances the throughput of data blocks (blobs) by “sampling data instead of storing complete data on full nodes,” boosting it by 8 times.
The new EIPs will set blob fees, limit block sizes, and introduce features such as pre-confirmation and P-256 signature support. This is the largest change to Ethereum since the merge upgrade in 2022, aimed at enhancing network scalability and resistance to DoS attacks, clearing obstacles for future development.
Analysts point out that the Fusaka upgrade will significantly enhance Ethereum's data processing capabilities, paving the way for more on-chain applications. However, potential centralization risks and issues such as network splits that may arise during the upgrade process should also be watched closely. Overall, Fusaka is a crucial step for Ethereum towards the vision of “trustless and high throughput.”
2. The surge of privacy coin altcoins is overwhelming, with regulatory pressure becoming an unexpected driving force.
As of November 9, 2025, the total market value of privacy coins soared by 41.6% in a single day, reaching 41.7 billion USD, marking the beginning of a new altcoin season. Leading privacy coins such as Monero (XMR) and Zcash (ZEC) saw increases of over 10% within 48 hours, driven by factors including tightening global regulations (such as revisions to the EU's MiCA framework) and the demand for digital sovereignty sparked by data breach incidents.
At the same time, Tornado Cash branch projects such as Cyclone and Railgun have also emerged in this round of market trends. Railgun saw a daily increase of up to 320%, with a market capitalization surpassing $1 billion.
Analysts believe that the demand for privacy protection is the fundamental driving force behind the development of privacy coins. The uncertainty of regulatory policies has unexpectedly benefited privacy coins, allowing them to capture a larger market share in the cryptocurrency market. However, it is also necessary to be vigilant against illegal risks such as money laundering, as future regulations will increase scrutiny on privacy coins.
3. Federal Reserve's Williams: Household “wealth disparity” puts December rate cut in a dilemma
New York Fed President Williams pointed out that data and conversations with community leaders indicate that many low-income families are facing a crisis of payment ability. The so-called “divergence” behavior of American households could become a key factor affecting whether they support the Federal Reserve's rate cut in December.
Structurally, corporate profits are still driven by the productivity of artificial intelligence, but workers have not been able to share in the dividends. The wave of layoffs in the technology and retail sectors is intensifying, and the University of Michigan's Consumer Confidence Index has hit a three-year low, with asset differentiation and class anxiety eroding the foundations of recovery.
This “K-shaped economy” has exacerbated the policy dilemma faced by the Federal Reserve: inflation remains sticky, while employment is rapidly cooling. In the absence of official indicators, the Federal Reserve will inevitably rely on market signals and changes in financial conditions to assess the turning points in the cycle. When both layoffs and confidence indices decline, the “interest rate cut expectation” is no longer an illusion of the market, but rather a result that policy transmission will be forced to follow sooner or later. In the coming weeks, the economic black box of the United States may open a new round of fluctuations for global liquidity.
4. Digital asset financial storage companies are rising rapidly, becoming a new type of capital force.
Analysts point out that although the funding situation remains solid, market confidence is becoming cautious in the short term. The inflow volume to exchanges has slightly increased, indicating that investors are adjusting their position structures.
On the other hand, several mainstream tokens are experiencing large unlocks this week. According to Tokenomist data, projects such as APT, LINEA, AVAX, CONX, and ARB have collectively unlocked over $200 million in tokens. Among them, LINEA's single unlock accounts for over 16% of its circulating supply, becoming the focal point of attention this round. Institutions generally believe that supply pressure this week may exacerbate the volatility of certain tokens in the short term, especially for projects with lower liquidity in the secondary market.
At the same time, Digital Asset Treasury (DAT) companies are rapidly emerging as a new capital force. Since 2020, the number of DAT companies has increased from 4 to 142, with 76 new companies added just this year, accumulating a total investment of 42.7 billion USD in crypto assets. Among them, Strategy remains the largest holder, accounting for approximately 50%.
5. Japan plans to mandate registration for cryptocurrency custodial service providers, DMM was hacked prompting policy acceleration.
The Financial Services Agency (FSA) of Japan is considering mandating that cryptocurrency custody and trading service providers register with the authorities. A committee working group discussed this issue on November 7, planning to restrict exchanges to only use registered service providers.
This move stems from the 2024 DMM Bitcoin hack, where approximately 48.2 billion yen (around 312 million USD) worth of Bitcoin was stolen, with the breach point identified as the contractor Ginco. The FSA plans to require custodial and trading service providers to register with the supervisory authorities, while trading platforms can only use systems provided by these registered custodians. This measure aims to address security vulnerabilities and prevent risks such as asset theft or system failures.
Analysts believe that this move by Japanese regulators reflects an increasing emphasis on the regulation of crypto assets. As the popularity of cryptocurrencies continues to rise in Japan, it will become a necessary trend to improve the regulatory framework to protect investors' rights. However, there also needs to be a balance in regulatory intensity to avoid overly constraining industry development.
2. Industry News
1. The U.S. government ends the shutdown, Bitcoin breaks through the $106,000 mark.
On November 10, the U.S. Senate reached an agreement to end a 40-day government shutdown, which boosted overall risk assets and drove Bitcoin back up to $106,000. Although Bitcoin had fallen below the $100,000 mark multiple times in the previous week, market liquidity remained robust.
Analysts point out that although the funding situation remains stable, market confidence is becoming cautious in the short term. The inflow to exchanges has slightly increased, indicating that investors are adjusting their position structures. The risk reversal structure in the options market shows that bearish sentiment has notably eased, and concerns about further liquidation in the market have decreased. However, analysts believe that the direct market impact resulting from the end of the government shutdown is expected to be limited after early next week.
Overall, Bitcoin may maintain range fluctuations in the short term, and investors need to closely monitor U.S. inflation, employment, and other macroeconomic data, as these factors could trigger a new round of directional choices in the market.
2. Mainstream tokens are facing a large amount of unlocking, supply pressure may exacerbate volatility.
According to Tokenomist data, several mainstream tokens experienced significant unlocks this week, with projects like APT, LINEA, AVAX, CONX, and ARB unlocking over $200 million worth of tokens in total. Among them, LINEA's single unlock accounted for over 16% of its circulating supply, making it the focus of attention this round.
Institutions generally believe that supply pressure this week may exacerbate the volatility of some tokens in the short term, especially for projects with lower liquidity in the secondary market. However, for leading projects, a large unlocking may lead to profit-taking, providing investors with a good opportunity to build positions.
At the same time, the digital asset treasury company ( DAT ) is rapidly emerging as a new capital force. Since 2020, the number of DAT companies has increased from 4 to 142, with 76 new companies added this year alone, accumulating a total investment of $42.7 billion in crypto assets. Among them, Strategy remains the largest holder, accounting for about 50%.
Analysts believe that the rise of DAT Company reflects institutions' long-term optimism towards crypto assets, which is expected to bring more liquidity to the market. However, it is also important to be cautious of the systemic risks that may arise from DAT Company's large-scale involvement.
3. Privacy coins and utility tokens lead the surge, ZEC skyrocketed 20 times in a month
On November 10, privacy coins and utility tokens performed strongly, with ZEC surging 20 times in a month, and utility tokens like Chainlink rising 32.25% during the same period, reflecting market funds rotating towards privacy-enhanced and utility assets.
Analysts point out that privacy coins may continue to lead the cryptocurrency bull market until 2026, but it is important to beware of the volatility risks brought by macroeconomic uncertainties and regulatory fluctuations. Meanwhile, the sustained strength of utility tokens is also attributed to the driving force of institutional adoption, ensuring a considerable total value locked and market share.
However, some analysts are cautious about the long-term prospects of privacy coins and utility tokens. They believe that the price increase of these tokens is more driven by speculative demand and market sentiment, lacking real application scenarios for support, thus the risk of a bubble cannot be ignored.
Overall, when investors are allocating resources to privacy coins and utility tokens, they need to carefully assess their fundamentals while closely monitoring changes in regulatory policies to avoid potential systemic risks.
4. Trump announces the distribution of “tariff dividends,” which may trigger a new round of bull market.
On November 10, U.S. President Trump announced the implementation of the “tariff dividend” plan, promising to distribute at least $2,000 to each eligible American citizen, expected to cover about 220 million adults, with a total scale of $440 billion.
Analysts generally believe that this massive influx of funds could drive the cryptocurrency market towards a new bull market through direct stimulus and liquidity spillover effects. However, Treasury officials have revealed that the payment method may involve tax cuts rather than direct checks, which could weaken its immediate impact on the market.
This policy resonates with the Federal Reserve's interest rate cut cycle, but it may also reignite inflationary pressures, bringing uncertainty to the market. Investors need to closely monitor the specific implementation details of the policy and cautiously assess its actual impact on the cryptocurrency market.
At the same time, some analysts are skeptical about the effectiveness of the “tariff dividend” plan. They believe that even if funds are indeed injected into the market, the rise in cryptocurrency prices may only be a temporary speculative bubble due to the lack of actual application scenarios to support it.
Overall, Trump's “tariff dividend” plan will undoubtedly bring new uncertainties to the cryptocurrency market, and investors need to remain highly vigilant and cautiously grasp market opportunities.
5. SodaBot launches AI trading system, meme trading enters a new stage of intelligent execution.
According to reports, SodaBot is committed to bridging the information gap between ordinary traders and market insiders, helping users gain a competitive advantage in a rapidly changing market through an intelligent decision-making system.
SodaBot has two core Agent modules: Signal Agent and AI Trading Agent. Among them, Signal Agent analyzes the behavior of top wallets on the blockchain through AI, identifying high-probability trading opportunities with a success rate exceeding 80%; AI Trading Agent utilizes the RFM model and large language models (LLMs) to track smart money (Smart Money) and whale movements, automatically executing strategies to achieve high-speed and stable trading around the clock.
The launch of SodaBot marks a new phase in meme trading, shifting from “manual speculation” to “AI intelligent execution”. Analysts believe that AI trading systems are expected to further level the information asymmetry and increase the winning probability for ordinary investors. However, it is also important to be cautious of the manipulation risks that AI systems may bring.
Overall, the rise of AI trading systems reflects that the cryptocurrency market is developing towards a more mature, transparent, and fair direction. However, investors must remain rational and cautious when using AI-assisted trading tools, and should avoid blindly following trends.
3. Project News
1. Sui: Move ecological new stars accelerate rise, on-chain assets are rich and worth期待
Sui is a brand new blockchain project created by engineers who have previously participated in the development of Ethereum and Diem. The project is built on the Move programming language and aims to provide high-performance, low-cost decentralized applications.
Latest Updates: Sui officially launched its test network in May this year and rolled out its mainnet in September. Recently, the Sui ecosystem has welcomed several heavyweight partners, including Grayscale Trust and Circle. Grayscale Trust will launch a Bitcoin trust product on Sui, while Circle will issue the native USDC stablecoin on Sui. These collaborations will undoubtedly inject more vitality and liquidity into the Sui ecosystem.
Market Impact: As a brand-new blockchain project, the emergence of Sui has brought new vitality to the industry. Its high performance and low-cost characteristics are expected to attract more developers and users. At the same time, the use of the Move programming language also brings unique advantages to the ecosystem. However, the current variety of on-chain assets in Sui remains relatively limited, and ecosystem development will require time.
Industry feedback: Analysts believe that Sui, as an emerging project, has a promising development outlook worth paying attention to. The use of the Move language brings it technical advantages, and the addition of partners injects momentum into it. However, there are also opinions that Sui needs to further enrich its ecosystem and attract more high-quality projects to truly become a new force that cannot be ignored.
2. Allora: The open-source AI network mainnet is online, and the tokenomics design has received praise.
Allora is a decentralized artificial intelligence network aimed at promoting the development and application of artificial intelligence through open source and community governance.
Latest News: Allora officially launched its mainnet on November 11, marking another important milestone for the project since the release of its white paper in March this year. Before the mainnet launch, Allora also announced its tokenomics design plan. According to the plan, the total supply of Allora will be 3.105 billion ALLO tokens, which will be distributed to early supporters, core contributors, community members, and others through various methods.
Market Impact: As an open-source AI network, the emergence of Allora brings new possibilities to the industry. Through community governance and token incentive mechanisms, Allora is expected to attract more developers and enthusiasts to participate, promoting innovation and development in AI technology. At the same time, its tokenomics design has also received positive feedback from industry insiders.
Industry feedback: Analysts believe that Allora, as an open-source AI network, has a vision and concept that deserves recognition. Through its tokenomics design, Allora has laid the foundation for ecological construction. However, there are also viewpoints that suggest Allora still faces many challenges on the road to realizing its vision and needs to further prove its technical strength and community vitality.
3. SodaBot: AI-driven trading system launched, the era of intelligent Meme trading has arrived.
SodaBot is a DeFi AI intelligent operating system driven by on-chain data, integrating artificial intelligence, machine learning, and blockchain data, aimed at providing users with real-time, accurate trading signals and automated trading strategies.
Latest update: SodaBot has officially launched recently, introducing two core modules: Signal Agent and AI Trading Agent. Signal Agent analyzes on-chain top wallet behaviors through AI to identify high-probability trading opportunities; AI Trading Agent utilizes large language models to track smart money movements, enabling automated trade execution.
Market Impact: The emergence of SodaBot marks a new phase in Meme trading, transitioning from manual speculation to AI-driven execution. With the application of AI technology, SodaBot is expected to assist ordinary traders in gaining more trading information and advantages, narrowing the gap with market insiders. At the same time, its automated trading features are also anticipated to improve trading efficiency.
Industry feedback: Industry insiders have given positive evaluations of SodaBot's innovative model, believing it will bring a new experience to Meme trading. However, some analysts caution that excessive reliance on AI trading systems may also introduce new risks, and traders should remain rational and aware of risks. Overall, SodaBot has brought beneficial exploration to the industry.
4. Economic Dynamics
1. The U.S. government shutdown now has a turning point, with economic data gaps causing policy uncertainty.
Economic Background: The U.S. economy maintained a strong recovery momentum in the first half of 2025, with an annualized GDP growth rate reaching 3.2% in the third quarter, the job market continued to improve, and the inflation rate also declined. However, a 40-day government shutdown led to the suspension of the release of official economic data, leaving the market struggling to assess the economic outlook.
Important event: On November 10, the U.S. Senate passed a temporary funding bill with over 60 votes, clearing the final procedural hurdle to end the government shutdown. This development is expected to allow the federal government to reopen its doors this Friday, and delayed economic data will also be released as soon as possible.
Market reaction: Investors are showing cautious optimism towards the government's restart. U.S. stock futures rebounded slightly, and the dollar index has pulled back from recent highs. However, there are differences in the market's interpretation of economic data, and there is uncertainty regarding the Federal Reserve's interest rate hike expectations in December. If the data shows a slowdown in economic growth, it may provide an earlier window for the Federal Reserve to turn hawkish.
Expert Opinion: Vasu Menon, Managing Director of Investment Strategy at OCBC Bank Singapore, stated that the end of the shutdown means the U.S. government will be able to release delayed economic data. If the data shows an economic slowdown, it could provide the Federal Reserve with an earlier window to ease policies, which may be interpreted by the market as a precursor to a low interest rate environment, benefiting safe-haven assets such as gold.
2. The Federal Reserve faces a “wealth gap” dilemma, and the path for interest rate cuts in December is obstructed.
Economic Background: The U.S. economy is showing a “K-shaped” recovery trend in 2025. High-income earners in sectors such as technology and finance benefit from a booming stock market, while middle and low-income families face an increasingly severe crisis in their ability to make payments. This “wealth divide” exacerbates the conflict between inflation and employment, presenting new challenges for the Federal Reserve's policy-making.
Important Event: On November 10th, New York Fed President Williams stated in a speech that both data and discussions with community leaders indicate that many impoverished families are under significant financial pressure. This situation may affect their support for the Federal Reserve's decision to continue raising interest rates in December.
Market Reaction: There is a divergence in the market regarding the direction of the Federal Reserve's policy in December. Most institutions expect that, given inflation remains high and the labor market shows no signs of weakening, the Federal Reserve may choose to hold steady. However, some analysts believe that signs of a slowdown in employment may become the last straw for the Federal Reserve to turn hawkish.
Expert Opinion: A Unix analyst stated that when the economy enters a data blind spot, decision-makers are more likely to be guided by “situational intuition.” The Federal Reserve, lacking official indicators, will inevitably rely on market signals and changes in financial conditions to assess the turning points in the cycle. When layoffs and confidence indices both decline, the “interest rate cut expectation” is no longer a market fantasy, but rather a result that policy transmission will eventually be forced to follow.
3. Iran pushes for a national roadmap for cryptocurrency, aiming for a 10% share of the digital economy.
Economic Background: Iran, which has been under sanctions for many years, is accelerating its transformation into a digital economy. According to the latest National Development Plan Law, Iran aims to increase the proportion of the digital economy in GDP to 10% in the coming years. Crypto assets are seen as a key lever to achieve this goal.
Important event: On November 6-7, Iran hosted the first International Conference on Blockchain and Cryptocurrency deBlock 2025. Mohammad Bagher Ghalibaf, the Speaker of the Iranian Parliament, stated at the conference that formulating a national roadmap for crypto assets is “a matter of urgency” and called crypto assets “an inevitable necessity for Iran's future economy.”
Market Reaction: The Iranian government's close stance has greatly encouraged the crypto market. Local Iranian exchanges like Noex and Wallex have launched new products and activities. However, some analysts have expressed concerns about the transparency and effectiveness of Iran's regulatory system.
Expert Opinion: Ghalibaf urges the country's Ministry of Economy and Industry, the Central Bank, and other government agencies to work together to ensure standardized development in this area. He pointed out that Iran needs to utilize cryptocurrency to achieve its digital economy goals. Otherwise, this goal will not be attainable.
5. Regulation & Policy
1. The US CFTC pushes for the launch of cryptocurrency spot leverage trading on regulated exchanges.
Caroline Pham, acting chair of the Commodity Futures Trading Commission (CFTC), confirmed that the agency is directly consulting with regulated trading platforms and plans to launch cryptocurrency spot trading, including leveraged products, as early as next month.
Policy Background:
The CFTC, as the main regulatory body for cryptocurrency derivatives trading in the United States, has been seeking to expand its regulatory authority over the spot cryptocurrency market. This move aims to provide greater protection for investors while bringing higher transparency and liquidity to the cryptocurrency market.
Policy Content:
Pham has held talks with several designated contract markets (DCM) regulated by the CFTC. The list includes CME, futures exchanges, ICE Futures, the crypto-native platform Coinbase Derivatives, and prediction markets Kalshi and Polymarket US. The discussions focus on launching crypto spot trading products with margin, leverage, and financing features.
Pham stated in an interview, “As we continue to work with Congress to bring legislative clarity to these markets, we are also leveraging existing authority to swiftly implement the recommendations in the Presidential Digital Asset Market Working Group Report.”
Market Reaction:
This move marks a significant shift in the approach of US regulators towards cryptocurrency market oversight. Industry insiders generally believe that the introduction of leveraged trading will enhance liquidity and trading activity in the cryptocurrency market, but it may also bring higher risks and volatility.
Expert Opinion:
Former Chairman of the U.S. Commodity Futures Trading Commission J. Christopher Giancarlo stated, “This is a significant advancement that will pave the way for institutional investors to enter the crypto spot market. Regulators need to seek a balance between protecting investors and fostering innovation.”
Oppenheimer analyst Owen Lau believes that “the introduction of leveraged trading may attract more speculative funds into the crypto market, but it may also exacerbate market volatility. Regulators need to establish strict risk management measures.”
2. The Japanese Financial Services Agency plans to require mandatory registration for cryptocurrency custody and trading service providers.
In response to the frequent hacker intrusions and asset outflows in the cryptocurrency field, the Japanese Financial Services Agency is finally taking action. In the future, not only cryptocurrency exchange operators will need to be regulated, but even external companies (such as custodians) that provide related management systems may also be included in the reporting mechanism.
Policy Background:
In 2024, the Japanese cryptocurrency exchange DMM coin was hacked, resulting in losses of approximately 48.2 billion yen (equivalent to 312 million USD). The point of intrusion in this incident came from the outsourced trading system provider Ginco. This event has raised concerns among Japanese financial regulators regarding the security of crypto assets.
Policy Content:
It is reported that the Financial Services Agency of Japan is considering establishing a new system that requires digital asset custodians and trading service providers to declare and register with regulatory authorities before providing services to cryptocurrency exchanges.
The FSA plan requires that custodians and trading service providers must be registered with the regulatory authorities, and trading platforms can only use systems provided by these registered custodians. This move aims to fill security gaps and prevent risks such as asset theft or system failures.
Market Reaction:
Industry insiders generally believe that this move will help enhance the security and transparency of the entire crypto asset industry, preventing similar incidents to the DMM coin event from happening again. However, some are concerned that excessive regulation may increase operational costs and barriers in the industry.
Expert Opinion:
Kazuhiko Hashimoto, president of the Japan FinTech Association, stated, “This new regulation is crucial for rebuilding investor confidence. The cryptocurrency industry needs higher transparency and security standards to gain mainstream recognition.”
Cointelegraph analyst Yashu Gola believes that “stricter regulations may hinder innovation, but at the same time, they also bring more opportunities to the industry. Companies need to maintain good communication with regulatory agencies.”
3. The Bank of England proposes new regulations for stablecoin supervision.
The Bank of England announced the long-awaited new regulations for stablecoin supervision on Monday. This is the first time the Bank of England has proposed specific recommendations for stablecoin regulation, aimed at addressing the potential risks posed by stablecoins.
Policy Background:
In the past, the Bank of England has been a major obstacle to the implementation of American-style stablecoin regulations, and Governor Bailey has always been skeptical about stablecoins and central bank digital currencies. However, in recent weeks, Bailey and his colleagues have softened their tone and stated that they will introduce more relaxed regulatory policies.
Policy Content:
The Bank of England has proposed that systemic stablecoin issuers will be able to invest up to 60% of the assets supporting digital currencies into short-term government debt; a limit of £20,000 will be set for individual stablecoin holdings, while a limit of £10 million will be set for businesses.
In addition, stablecoin issuers must meet a series of operational requirements, including sufficient risk buffer capital, effective redemption policies, and sound governance structures.
Market Reaction:
The UK fintech industry generally welcomes this regulation. They believe that this balanced regulatory approach will help promote innovation while protecting consumer rights. However, some are concerned that the holding limit may restrict the use cases of stablecoins.
Expert Opinion:
Huw van Steenis, former senior advisor to the UK's Financial Conduct Authority, stated: “This is a reasonable regulatory framework that provides the necessary protection for the development of stablecoins. However, regulators need to closely monitor market developments and adjust as necessary.”
Cryptocurrency analyst Noelle Acheson believes: “This regulatory approach may attract more traditional financial institutions into the stablecoin market, thereby promoting industry development. However, it may also intensify competition among existing participants.”
