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Global Market Experiences "Circuit-Breaker" Crash, December Rate Cut in Doubt Amid AI Bubble Theory Leading to Multiple Risks Emerging

4 hours ago

November 5th. This morning, the crypto market sustained a severe setback. In the past 24 hours, the total market value plummeted by 4.8% to $3.455 trillion. Bitcoin dipped below $100,000 in the early hours, and Ethereum neared $3,000. On Tuesday, the US stock market closed with the Dow Jones Industrial Average initially down by 0.53%, the S&P 500 down by 1.17%, and the Nasdaq down by 2%. Tesla (TSLA.O) witnessed a 5% decline, Nvidia (NVDA.O) dropped by nearly 4%, and MicroStrategy (MSTR.O) saw a more than 6% decrease. US and European stock index futures also continued to decline. The Euro Stoxx 50 index futures fell by over 1%, the Germany DAX index futures by 1%, and the UK FTSE index futures by 0.4%. The market is currently encountering several risk events. Concerns about an artificial intelligence bubble have emerged, and doubts regarding a rate cut in December have begun to surface. Institutional analysis indicates that the US Supreme Court's consideration of Trump's tariff powers is another potential source of market unrest. ADP anticipates adding 22,000 jobs in October, following a September reduction of 32,000 jobs. On Wednesday morning, Asian stock markets followed the overnight sell-off in the US. Investor concerns about high market valuations weakened confidence. The South Korean stock market took the lead in the decline, dropping by over 6% as the KOSPI index fell below the 4,000-point mark. This decline led to a cumulative two-day drop of over 7%, marking its worst performance since August 2024. After a 5% fall in Korea Composite Stock Price Index 200 futures, a circuit breaker was triggered for the KOSPI index. The Nikkei 225 index fell below 50,000 points for the first time since October 27th, with an intraday drop of 3.7%. The Taiwan Weighted Index opened down by 1.67% on Wednesday. The Hang Seng Index in Hong Kong opened down by 0.97%, and the Hang Seng TECH Index opened down by 1.75%. In A-shares, the Shanghai Composite Index opened down by 0.95%, the Shenzhen Component Index opened down by 1.68%, and the ChiNext Index opened down by 2.08%.

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The trader holds 5.91 million JELLYJELLY coins for over 9 months, resulting in a total profit of $1.06 million.

On November 5th, as per LookOnChain's monitoring, a trader who had purchased 5.91 million JELLYJELLY tokens for $450,000 nine months ago still retains them. With the recent price hike, they sold 2.91 million JELLYJELLY tokens for a combined total of $813,500 and still holds 3 million tokens, which are valued at $698,700. In total, the trader has achieved a profit of $1.06 million. Previously, the trader also made profits of $28.4 million, $7.7 million, and $6.36 million on TRUMP, PNUT, and MELANIA, respectively.

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「Bullish on ETH」 Whale Long Position Liquidated, Overnight Defection to Bear Camp; Abraxas Capital's nearly 5-month short position turns profitable today

On November 5th, according to the monitoring of HyperInsight, the "Staunchly Long ETH" whale (0xb9f) closed its long position in ETH today, incurring a loss of $2.04 million. This whale had held the position for more than 34 days since buying at the dip on November 10th. At one time, the position had a floating profit of over $6 million (approximately 300%), with a peak position size of $71.75 million. It was previously ranked second on the ETH long contract leaderboard on Hyperliquid but has now switched to the short side and opened an ETH short position with an average price of $3337 and a position size of $62.45 million. According to the monitoring data, the largest ETH short position on Hyperliquid, held by the main address (0x5b5) of "Abraxas Capital", which opened an ETH short position on May 9th, has now turned losses into gains, with a profit of $10.41 million (approximately 61%). The current ETH position size is around $

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Analysis: U.S. 10-Year Treasury Yield May Decline to 3.5%

On November 5th, a global stock market sell-off gave rise to risk-off sentiment. Analysts began to focus on the downside target of the U.S. bond yield. JPMorgan Chase predicted that by the end of 2026, the U.S. 10-year Treasury yield would decline to 3.50%. DBS Bank estimated that if the stock market continued to fall, this benchmark yield could drop as low as 3.8%, which is currently around 4.07%. (FX678)

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Announcement: October ADP Employment Report to Be Released Tonight as Scheduled, Most U.S. Economic Data Will Experience a "Downtime" of Over 60 Days

November 5th: The US October ADP Employment Change (in thousands) is scheduled to be released at 21:15 Beijing time tonight. It serves as one of the few recent macro data references for the Federal Reserve. The previous value was -32k, and the expected value is 28k. Yesterday evening, the US Department of Labor stated that economic data will not be released until the government shutdown ends. This means that US economic data has been "interrupted" for more than 60 days. This interruption includes the monthly jobs report, monthly unemployment rate, monthly CPI inflation data, monthly PPI inflation data, monthly retail sales data, and monthly housing starts data. The Federal Reserve's rate cut decision is facing difficulties in navigating through the "darkness".

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GIGGLE experiences a short-term 20% price increase, with its market capitalization briefly rising to $130 million.

On November 5th, as per the monitoring by GMGN, the market capitalization of GIGGLE witnessed a significant surge of more than $130 million in a short span. Currently, its market cap stands at $127 million, showing a short-term increase of over 20% and a 24-hour growth of 150%.

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NewFire Technology Holdings has announced the launch of "Bitfire" to enter the global digital asset management market.

On November 5th, New Margin Technology Holdings Limited (01611.HK) declared the commencement of the international brand "Bitfire" and entered the global digital asset management market.

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