Trader Eugene: Looking Forward to Ethereum Reaching $3,800-$4,000 Again

CZ responded to Elon Musk's "CZ meme" on social media with another meme "Arrow in the knee", hinting at "didn't expect it to drop so sharply" or "didn't anticipate the meme being used here". BlockBeats Note: The "Arrow in the knee" meme originates from an NPC line in the game *The Elder Scrolls V: Skyrim*: "I used to be an adventurer like you, until I took an arrow in the knee." After the game became a massive hit, the meme spread widely and evolved into a versatile "turning point template" used to lament an unexpected event that creates a gap between prior expectations and current reality. Musk is a fan of *The Elder Scrolls V: Skyrim* and has publicly expressed his love for the game on multiple occasions.

According to on-chain data analyst Yu Jin Monitoring, a certain address has withdrawn a total of 9,777 ETH from Binance to the on-chain network over the past four days, amounting to approximately $22.53 million, with an average withdrawal price of around $2,304. The address is 0x4AB785F639D....a228A4845b8.

Binance Wallet officials announced on social media that Binance Alpha is currently undergoing a system upgrade. The team took this opportunity to thank the community for its continuous support and participation, and is launching an exclusive appreciation airdrop. As of 23:59:59 UTC on November 6, 2026, users holding 200 or more Alpha points will be eligible to share the $350,000 airdrop pool. This distribution will not deduct Alpha points, with no first-come, first-served (FCFS) or manual claim requirement—rewards will be automatically distributed to eligible users’ Alpha accounts. More details regarding the rewards and distribution timeline will be announced soon.

According to Lookonchain’s monitoring, a whale with address prefix FGjDGz sold approximately 674.32 million PUMP tokens around 7 hours ago, receiving roughly 2.59 million USDC in exchange, incurring a loss of about $409,000 on the transaction.

According to an article by analyst Axel Adler Jr., the U.S. tech sector recorded its largest single-day drop since the COVID-19 pandemic. The Nasdaq 100 index closed 6.36% lower at 26,630 points, the S&P Tech sector fell 7.3%, and the Philadelphia Semiconductor Index plummeted 12%. The VIX volatility index surged nearly 70% in a single day, climbing from 16.6 to 28.2. The author states that after the Democratic Party won gubernatorial elections in Texas, Ohio, Georgia and other states, plans for new data center construction were suspended. Markets are worried that AI infrastructure development and chip procurement will slow, prompting position cuts in risk assets. Bitcoin has come under pressure, retreating from around $80,000 to roughly $75,000. The article notes that when stock market volatility rises, some funds will simultaneously reduce exposure to risk assets such as cryptocurrencies to control portfolio risk, even if Bitcoin’s on-chain metrics do not necessarily deteriorate in sync. If the Nasdaq stabilizes and the VIX falls, external pressure could ease; however, as long as tech sell-offs persist, the crypto market still faces further deleveraging risks.

According to Bitget market data, Hong Kong stocks weakened in afternoon trading. Minimax fell 8.4%, Zhipu dropped 10.34%, Alibaba (09988.HK) declined nearly 5%, Xiaomi Group (01810.HK) and Tencent Holdings (00700.HK) fell over 3%, while Kuaishou (01024.HK) and JD.com (09618.HK) also fell.