Iran: Reopening of the Strait of Hormuz Depends on U.S. Conditions; Iranian Navy Says It Has Captured a U.S. Underwater Drone

According to Bitget's market data, South Korea's KOSPI index has extended its gain to 2.55%, SK Hynix rose more than 6%, and Samsung Electronics gained over 3%.

Binance Futures will launch the HYPEUSDC Perpetual Contract at 17:30 Beijing Time on November 11, and the TRXUSDC Perpetual Contract at 17:35 Beijing Time. Both contracts are settled in USDC, support up to 75x leverage, and will open contract copy trading within 24 hours of their respective launches.

Ripple’s former Chief Technology Officer (CTO) David Schwartz has stated he considers himself "low-risk tolerant," leading him to sell nearly all of his cryptocurrency holdings. His crypto positions have shrunk from approximately 26 million XRP, 1,500 BTC, and 40,000 ETH to roughly 3 million XRP, 1 BTC, and 6 ETH. Schwartz stepped down as Ripple’s CTO at the end of 2025. During his over 13-year tenure at the company, he led core development of the XRP Ledger and served as CTO for seven years.

Police in Dezhou, Shandong Province, China have cracked a cross-provincial online extortion case. The criminal gang posed as environmental inspection officials and journalists, using drones to film livestock farms and releasing negative videos to induce farmers to pay for removing the posts. The gang collected funds via payment QR codes and third-party payment platforms, which then settled accounts with money laundering groups using virtual currency. Police reported that the gang committed 268 crimes across 22 cities in five provinces—Shandong, Henan, Hebei, Jiangsu, and Anhui—over two months, with the case involving more than 800,000 yuan. To date, 23 suspects have been arrested, and assets worth over 2 million yuan linked to the case have been seized, impounded and frozen. (Source: Dazhong Daily)

Crypto-friendly securities platform UMX has announced the launch of a long-term user benefits program: UMI "Youmi" Points. The first 7-day "Trade to Earn Points" campaign kicked off at 00:00 (UTC+8) on November 11. From November 11 to 18, users trading spot, perpetual, delivery, and options on UMX will earn triple points for eligible transactions. The total points pool for this campaign is 5 million UMI, with no cap on individual account earnings, designed to reward users and the community. Full campaign details are available on UMX’s official event page. UMI "Youmi" Points is UMX’s long-term incentive mechanism for users, aimed at continuously tracking users’ participation and contributions on the platform, and will gradually unlock more ecosystem benefits and exclusive perks. After the first 7-day triple-point period ends, UMX will launch its initial pool on November 18, with the points system entering regular operation phase simultaneously. UMX targets professional-grade users and is dedicated to connecting traditional securities and digital asset markets. Users can trade US stocks and Hong Kong stocks via a unified account using USDT, and also use held securities as margin for digital asset positions, reducing cross-platform transfers and capital turnover steps.

Morgan Stanley’s Prime Brokerage team stated in its latest monitoring report released Tuesday that global equity hedge funds carried out the most dramatic de-risking action in over a decade during the first week of November. A broad-based liquidation wave is spreading across global markets. In Asian markets, hedge funds are cutting risk exposure via two-way operations: reducing long positions and adding put shorts. This phenomenon is particularly prominent in the tech-heavy South Korean market. Selling pressure is mainly driven by fundamental stock-picking funds, while multi-strategy, macro and quantitative funds took the chance to cover their existing short positions, showing a clear divergence in institutional strategies. On the other hand, data from Goldman Sachs indicates that deleveraging has not been fully unwound. The gross leverage of its US fundamental long-short funds plunged 8.7 percentage points in a single week, the largest drop since the March 2020 COVID-19 outbreak. However, for full-scope prime brokerage clients, overall gross leverage remains as high as 314.2%, sitting at the 85th percentile of the past year, a high level. JPMorgan Chase’s assessment is more positive. The bank’s Global Head of Market Strategy Dubravko Lakos-Bujas argues that this round of adjustment is essentially concentrated deleveraging by momentum traders. Currently, "capitulation selling has gone quite deep," and technical signals show short-term oversold and bottoming signs are accumulating.