US Stock Futures Dive Further

On November 24th, Vlad Tenev, the CEO of Robinhood, stated on the a16z podcast that the securities lending market is a significant source of revenue for brokers and counterparties. However, its operation is highly opaque and inefficient. A considerable amount of trading still occurs through chat tools in the Bloomberg terminal, using peer-to-peer matching. If these assets were tokenized, a liquidity pool could be established, which would make the entire process extremely simple. Just imagine being able to directly lend or borrow stocks using a protocol like Aave. In comparison to the current cumbersome system that has evolved over decades, this would be much more efficient and user-friendly for end users.

November 24th. Wealth management firm Swissblock put out a post indicating that the current risk aversion signal has decreased significantly. The selling pressure has eased to some extent, and the worst of the selling phase may have passed temporarily. If risk aversion sentiment is regarded as a bottoming alert indicator, then the next week will be of great importance. Investors need to observe the continuous decline of selling pressure. Generally, the second wave of selling (weaker in intensity compared to the first wave and the price remains above the previous low) will become one of the most reliable bottoming signals. The second wave usually indicates the exhaustion of sellers, and control reverts to the bulls.

On November 24th, as monitored by The Data Nerd, Wintermute withdrew 24,124 AAVE from Kraken, which was approximately worth $4.1 million.

On November 24th, according to Reuters citing Hashrate Index data, China used to be the world's leading cryptocurrency mining country. However, in 2021, due to concerns about national financial stability and energy conservation, it completely banned all cryptocurrency trading and mining. With the market share gradually recovering to 14% by the end of October, China has re-entered the global third position. Wang, a private miner in Xinjiang, stated that he mines in an area abundant in electricity, saying, "A large amount of energy cannot be transmitted from Xinjiang, so it is used through cryptocurrency mining." At the same time, as investors' distrust of the dollar intensifies, mining has become more profitable. CryptoQuant estimates that currently about 15% to 20% of the global Bitcoin hashrate comes from China.

On November 24th, as per official channels, the original staking service provider Kiln announced the launch of the institutional-facing yield infrastructure Railnet. The announcement indicated that Railnet is an open yield layer that standardizes the flow of capital among different yield sources. It does not partake in deposit competitions but rather connects asset management firms, protocols, and platforms through a unified conduit. The protocol is collaborating with Ethena, Sentora, Chainlink, and others. In September, the staking service provider Kiln announced that following the hack of SwissBorg, which led to a loss of approximately $41 million worth of SOL, it will begin the orderly exit of all Ethereum validating nodes on September 10, 2025. The process is anticipated to take between 10 and 42 days to finish, with an additional 9 days for withdrawal as a precautionary measure to safeguard asset security.