Matrixport: Compared to market cap expansion, cryptocurrency trading volume is unusually low, indicating that Bitcoin may have entered a phase of a bear market

On November 12th, OKX announced that it will delist the BAL, PERP, FLM, DEP, NC, and LOOKS spot trading pairs on November 22 from 4:00 PM to 6:00 PM (UTC+8).
OKX has suspended the deposit operation of the above-mentioned coins since 4:00 PM (UTC+8) on November 12, 2025.

On November 12th, A16z Crypto presented a proposal to U.S. Treasury officials. It called for the clarification of key definitions in the new stablecoin regulations. The company argued that decentralized digital assets should be exempt from regulation in order to promote innovation. In a letter sent to Treasury Secretary Scott Bessent on November 4th, the firm responded to the proposed rulemaking notice issued earlier this year under the GENIUS Stablecoin Act. A16z Crypto praised the GENIUS Act in the letter, considering it a "significant step towards the future of digital finance." At the same time, it called for clarification on whether decentralized stablecoins are outside the scope of the Act. By citing LUSD backed by Ethereum collateral as an example, the company argued that decentralized stablecoins are issued through autonomous smart contracts and are not controlled by a central entity. The letter pointed out: "The Treasury should clearly state that, since decentralized stablec

On November 12th, the global payment giant Visa announced the official launch of a new pilot program. This program enables businesses to directly send payments to users in stablecoins. The first batch of supported stablecoins is USDC issued by Circle. The aim of this program is to provide nearly instantaneous cross-border payments to creators, freelancers, and workers in the gig economy. With businesses sending fiat, recipients have the option to receive in USDC. Visa claims that this "pioneering" pilot program will allow US businesses and platforms to send payments via Visa Direct with fiat as the funding source, while recipients can choose to receive the funds in USDC. For recipients, this indicates that they can receive income more quickly and without borders. This is particularly valuable in regions with significant currency volatility or inadequate banking infrastructure.

On November 12th, a strategist at Morgan Stanley pointed out that the crypto market has entered the "Autumn Phase" of the Bitcoin four-year cycle and advised investors to take profits before the potential "Winter" arrives. Denny Galindo noted that historical data indicates that Bitcoin's price cycle follows a stable "three steps forward, one step back" rhythm. Galindo suggested that investors lock in profits early to prepare for a possible crypto winter. "He said, 'We are currently in the fall. Autumn is the season of harvest, the time when you should take your gains. The only question is, how long can this 'autumn' last? When does the 'winter' begin?'" This "harvesting" metaphor shows that Wall Street executives have begun to view the rhythm of the Bitcoin market through a cyclical investment framework, similar to that of commodities or liquidity-driven macro cycles.

November 12th. Market risk sentiment has undergone a remarkable reversal. Michael Burry, the prototype figure from "The Big Short," and Jim Chanos, the legendary short seller who famously bet against Enron, have successively cautioned that the AI investment frenzy may be entering the late stage of a bubble. Both have pointed out that the substantial capital expenditures of large-cap tech companies on AI servers and chips will lead to depreciation pressure and overvaluation issues in the coming years. Goldman Sachs also issued a warning in a report that the current AI trading is repeating the prosperity turning point of the 1990s. For the crypto market, this reversal of fund sentiment signifies a new round of liquidity migration. As overvalued tech stocks face correction risks, some funds may take profits from the stock market and move to high-beta assets, with the crypto market becoming a natural alternative destination. BTC is forming a range between $102,000 and $108,000. If the US

November 12th. Nomura Securities now anticipates that the Federal Reserve will maintain the interest rate unchanged in December. It argues that although the government shutdown has affected the release of official data, recent indicators still demonstrate the resilience of the labor market. The bank stated in a report to clients that the unexpectedly tough tone of Federal Reserve Chairman Powell during the October press conference has strengthened the bank's view that the Fed may halt rate cuts after two consecutive cuts. A halt in rate cuts could reignite political pressure on the Federal Reserve. President Trump is expected to criticize this decision, claiming that it is an early restraint on economic growth as the election year approaches. (Jinshi P)