BNB Falls Below $580

In the U.S. midterm elections, voters in 10 states approved 38 data center restriction measures and elected multiple Democratic governors who advocate pausing data center construction. Newly elected governors of Ohio, Georgia, Michigan, New Mexico and Texas pledged during their campaigns to halt or suspend statewide data center construction; new governors of New York and Oregon, meanwhile, promised to extend existing local moratoriums. Candidates in Alaska and Kansas who support construction pauses are currently leading, but results have not been finalized. According to market intelligence firm Cleanview, around 40% of the planned data center capacity under development in the U.S. is set to be built in the aforementioned states. Additionally, 46 local ballot measures have been approved or are expected to pass, which will also impede data center development, with at least 17 directly banning large-scale data center construction.

According to Reuters, four people familiar with the matter said potential investors doubt whether Anthropic will be able to complete its roadshow in the week after next and go public in November as planned. The roadshow was originally scheduled to kick off the week of November 9, with pricing set for the following week. Some now view the $1.5 trillion valuation cap as already priced in, but given Anthropic’s consecutive quarterly losses and its heavy investments in AI sector partners, the company may need to offer a larger discount. Sources noted that if AI-related assets continue to face pressure, Anthropic could delay its IPO until market conditions stabilize. Anthropic declined to comment. Two sources told Reuters that investors are also awaiting Anthropic’s October revenue data, which was left blank in the company’s updated S-1 filing, to assess whether its growth has recovered from the recent slowdown.

MetaMask issued a security update on November 5, revealing that unauthorized access to some of its infrastructure occurred on September 28. Attackers modified the reward receiving addresses of certain Ethereum validators, transferring around 0.385 ETH in staking rewards. MetaMask stated the relevant issue was fixed the same day, and all affected Ethereum validators have now exited. The incident caused temporary withdrawal delays for some customers and potential staking reward losses. MetaMask emphasized there is currently no evidence that users’ wallets, private keys, or staking principal have been leaked or unauthorizedly withdrawn.

Over the past 24 hours, 235,397 traders were liquidated for a total of $1.24B!

An anonymous seller is auctioning a roughly $500 million data center loan portfolio via a bidding process, comprising over a dozen loans. Bids are due by November 19, with a minimum offer of $10 million per bid. The portfolio includes a $25 million stake in the New Mexico Stargate project, a joint initiative by OpenAI, SoftBank, and Oracle—the site where Oracle issued a force majeure notice. The auction, which followed the Democrats’ landslide victory in the U.S. midterm elections, is seen as a landmark event signaling the credit market’s growing pessimism over AI infrastructure expansion and hedge funds’ large-scale sell-off of AI-related debt. Analysts identify the anonymous seller as hedge fund Walleye. Separately, news yesterday revealed Walleye Capital is restructuring its internal equity business and preparing to return capital to investors. The $17 billion hedge fund, which posted its worst monthly performance since March 2020, is parting ways with its long-short equity leadership team and multiple portfolio managers.

Solana Labs’ Leap has unveiled a beta version of its mobile trading app, now accessible via Apple’s public TestFlight for iPhones. The application consolidates trading of tokenized stocks, ETFs, metals, fiat currencies, and crypto assets on the Solana network, with all transactions executed via on-chain swaps. Leap stated it will not charge its own trading fees during the initial launch phase; the platform plans to use future fees to repurchase and burn SOL tokens. An Android version is scheduled to roll out subsequently.