If Bitcoin rebounds above $97,000, the mainstream CEX cumulative short-squeeze intensity will reach $5.91 billion
On November 16th, based on Coinglass data, if Bitcoin rebounds and goes above $97,000, the cumulative short liquidation intensity on mainstream CEXs will amount to $591 million.
Conversely, if Bitcoin drops below $95,000, the cumulative long liquidation intensity on mainstream CEXs will reach $135 million.
BlockBeats Notes: The liquidation chart does not display the precise number of contracts to be liquidated or the exact value of the liquidated contracts. The bars on the liquidation chart actually represent the significance of each liquidation cluster in relation to adjacent liquidation clusters, that is, intensity.
Therefore, the liquidation chart shows to what degree the price of the underlying asset will be influenced when it reaches a certain level. A higher "liquidation bar" indicates that the price will undergo a more intense reaction due to a liquidity cascade once it reaches that specific point.
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A whale went short with 10x leverage on around $21.43 million worth of ZEC, and is currently facing an unrealized loss of $1.177 million.
November 16th. According to on-chain analyst Ai Mama (@ai_9684xtpa), the address 0x7b7...2734e opened a 10x short position on ZEC 16 hours ago. Currently, this position holds 31,015.92 ZEC (approximately $21.43 million), and it is the second largest short position on Hyperliquid ZEC. The position is currently facing an unrealized loss of $1.177 million.
Furthermore, the address also holds a $149 million BTC short position and a $27.83 million XRP short position. The overall short position of the account totals $198 million, with a combined unrealized loss of $1.22 million.
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Hunter Horsley: The Four-Year Cycle Will Be Broken Due to "Reflexivity," 2026 Remains Undefined
On November 16th, Hunter Horsley, the CEO of Bitwise, posted and said, "This is what I have observed happening every four years:
Consensus: People have faith in the four-year cycle, thus 2026 is expected to be a bear market year for Bitcoin;
First-order effect: People will start to sell in 2025 in order to avoid the bear market year;
Second-order effect: The sellers in 2025 lead to 2025 becoming a bear year, breaking the four-year cycle;
Third-order effect: 2026 is still uncertain, but the four-year cycle has been disrupted.
Recently, Hunter Horsley stated, "The four-year cycle is a remnant of the past. Since the launch of the Bitcoin spot ETF, we have entered a new market structure: new participants, new dynamics, and new reasons for people to buy and sell. I believe we have probably already experienced a bear market for nearly 6 months and are about to exit it. The development environment for cryptocurrencies has never been more favorable."
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Analysis: The Super Whale's losses in this retracement were significantly lower than before, with key holdings still being held firmly.
On November 16th, on-chain analyst Murphy stated that against the backdrop of deteriorating market sentiment, the super whale group that truly holds a huge amount of chips remains relatively calm. On-chain data shows that large wallets holding 1000 to 10000 BTC have realized a loss of only $80 million (7D-SMA), a scale significantly lower than that seen during the two key pullback periods in August 2024 and March 2025. The larger whale group is in a similar position. Super whales holding 10,000 to 100,000 BTC have realized a loss of about $40 million (7D-SMA) in this drop, also significantly lower than the loss scale from the previous two periods. In terms of psychological expectations, risk tolerance, and position management, the main force in this round appears more mature and stable, and these core chips are still being firmly held.
Looking at the chip structure, the BTC price is still within the range of a large chip stack zone at $92,000 to $117,000. The majority of high-level tr
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Global ETF Issuance Explodes, with 15 New Cryptocurrency ETFs Listed in October
On November 16th, KobeissiLetter issued a market analysis indicating that the global ETF issuance is witnessing explosive growth. In October, the global ETF issuance increased by 19% year-on-year and reached a record high of 137. This has led to the total ETF issuance so far this year reaching 918, which is 25% higher than the full-year record of 736 in 2024.
In October, there were 95 new listings of stock ETFs, accounting for 69% of the total; 15 new listings of cryptocurrency ETFs, more than doubling the number in September. Leveraged stock and structured product ETFs accounted for nearly half of all new funds, with a total of 67. At the current rate, the total issuance of ETFs for the full year of 2025 is expected to exceed 1100, ushering in a new historical issuance boom.
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