Bitwise has announced the liquidation of the Bitwise Dogecoin ETF (BWOW)

Crypto analyst Murphy wrote in a post that Bitcoin’s current correction has pushed the Short-Term Holders’ Profit/Loss Ratio (STH-PSIL) to 73%. By comparison, during the previous cycle—driven by interest rate hikes and a traditional banking crisis—the metric hit 51% in the first correction round and rose to 67% in the second. Murphy dubbed the current trend a "giant pit start" and noted it bears similarities to the market performance between 2019 and 2020. During the 2019 first correction, the metric once climbed to 97%, and the market took roughly a year to recover from the slump afterward. Murphy said there’s no need for excessive pessimism right now, but investor confidence has been damaged. A large volume of trapped positions above the current price may continue to exert selling pressure when the price rebounds to key levels, making the current recovery more challenging than the 2019 cycle. He added that he built a heavy BTC position from February to June, and despite the current price being near his cost basis, he has no plans to sell.

Beating AI News Flash: The personal AI agent protocol Poppy, co-launched by Meta and Sierra, has released its 1.0 version, marking its shift from draft to large-scale application. Shopify has automatically rolled out onboarding documents for millions of its merchants, with no extra action required from store owners. Meta’s personal AI agent Muse has also fully adopted the protocol, prioritizing Poppy integration whenever accessing websites. Poppy acts as a "merchant pass" for AI agents: merchants only need to publish one onboarding specification, allowing AI to identify callable services, login methods, and required user permissions. Once integrated, AI can directly call merchants’ APIs or communicate with their customer service bots, eliminating the hassle of repeatedly opening web pages and clicking buttons. Shopify has also integrated Poppy with the shopping protocol UCP, where the former handles identity verification and authorization, and the latter manages product search, cart addition, and checkout. Fintech firm Mercury lets AI check bank balances, organize transaction records, and even initiate transfers, though fund transfers still require account approval. Turkish Airlines allows AI to query flights, retrieve booking details, and identify business class upgrade opportunities, completing upgrade payments after user confirmation. Sixty additional companies, including Salesforce, Zoom, and Delta Air Lines, have joined the protocol’s design, bringing the total number of partners to over 100.

Bitwise Chief Investment Officer Matt Hougan wrote that the current crypto market evokes memories of mid-2018: industry morale is low, with many participants exiting the space. He believes the market still needs to digest the long-term impacts of midterm election results, the Binance incident, and monetary policy tightening, adding that the slump could persist for some time. A major buying opportunity will arise in the future, but its timing is hard to determine. Hougan noted that back then, it was the innovative breakthroughs from DeFi that ended the industry slump. He predicts this market cycle may also require new innovations to emerge from the downturn, though the actual breakthrough is difficult to forecast in advance.

On-chain analyst Ai Yi (@ai_9684xtpa) has monitored that amid the crypto market plunge, related entities including "Xian Ding 10 Ge Da Mubiao", 48Clublan, and Bit have seen a cumulative asset drawdown exceeding $230 million. "Xian Ding 10 Ge Da Mubiao" previously held long BTC positions; its cumulative profit stood at over $110 million in early October, but after several rounds of price drops, the profit shrank to around $17.76 million, erasing roughly $93 million in gains. BNB whale 48Clublan reported trading losses of approximately $91.36 million over the past 30 days, with its account assets netting a reduction of about $77.86 million. The Bit-related entity had earned over $67.05 million from long positions between April and August this year. During the current market slump, its 20x-leveraged long positions carry an unrealized loss of around $50.75 million and remained open at the time of statistics.

According to Defillama data, amid the crypto market slump, Hyperliquid generated $3.91 million in revenue over the past 24 hours, ranking third—only behind Tether ($17 million) and Circle ($6.76 million). Hyperliquid’s revenue over the past seven days stood at $18.37 million, marking a 20.37% increase in the period. The sharp crypto market decline drove a surge in Hyperliquid’s perpetual contract trading volume. Per DefiLlama, Hyperliquid’s perpetual contract trading volume hit $71.567 billion over the past seven days, up 14.36% from the prior seven-day window; the perpetual contract business contributed $17.76 million in revenue in the same period, accounting for roughly 97% of total revenue. During periods of extreme price volatility, liquidations, hedging, and forced liquidations can all boost trading activity, generating higher transaction fees.

Trade.xyz stated in a post that NVIDIA will release its Q3 fiscal 2027 financial results after US stock market close on Tuesday, November 17 (Eastern Time). Ahead of the earnings release, Trade.xyz will temporarily cut the maximum leverage for the xyz:NVDA contract from 20x to 10x, effective at 9:05 AM Beijing Time on November 16. The maximum leverage will revert to 20x immediately after the earnings announcement.