Morning News | US stocks closed, with the Dow down 225 points and the Nasdaq up 0.46%; Bitcoin lending platform Lava announced the completion of $200 million in financing; token network protocol was hacked, and Ethereum briefly fell 9%
Overview of Important Market Events on November 4整理：ChainCatcher
Important News:
- Token network protocol hacked, Ethereum briefly plummets 9%
- Data: Crypto sector declines across the board, BTC falls below $108,000, ETH drops nearly 8% at one point
- Yi Lihua: Current crypto market is overly fearful, short-term investment value is present
- US stocks close, Dow down 225 points, Nasdaq up 0.46%
- Analyst: Gold pullback has temporarily calmed, optimistic target looks towards $4,700
- Bitcoin lending platform Lava announces completion of $200 million financing, Anthony Pompliano among investors
- Standard Chartered: Will launch Bitcoin and Ethereum custody services in Hong Kong next year
What important events have occurred in the past 24 hours?
Wintermute denies plans to sue Binance, CEO claims the rumor is unfounded
According to ChainCatcher, Wintermute's CEO denied rumors that they are suing Binance, stating on X that the rumors are baseless, "We have never had plans to sue Binance, and there is no reason to do so in the future."
Token network protocol hacked, Ethereum briefly plummets 9%
ChainCatcher reports that, according to Jinshi, Ethereum fell by 9% on Monday, dropping below the key support level of $3,600, approximately 25% down from the high of $4,885 set on August 22. Before the Ethereum crash, the decentralized finance protocol Balancer, based on Ethereum, suffered losses potentially exceeding $100 million in a hacker attack. This vulnerability is the latest in a series of bearish events over the past few weeks, causing unease among digital asset investors. Stocks related to digital assets also faced pressure, with Coinbase down nearly 4% and Strategy down over 1%.
ChainCatcher reports that, according to SoSoValue data, all sectors of the crypto market declined, with general declines ranging from 2% to 10%. Bitcoin (BTC) fell 2.31% in 24 hours, briefly dropping to around $105,000, and has since rebounded to $107,000.
Ethereum (ETH) dropped nearly 8% at one point, currently narrowing its decline to 4.94%, rebounding above $3,600. Additionally, the SocialFi sector led the decline with a drop of 10.1%, where Toncoin (TON) fell 10.67%. In other sectors, the PayFi sector declined 5.55% in 24 hours, but Dash (DASH) rose 25.71% for two consecutive days; the CeFi sector fell 6.54%, with Aster (ASTER) down 20.72%; the Meme sector fell 6.92%, with MemeCore (M) and BUILDon (B) rising 1.01% and 3.93%, respectively; the Layer1 sector fell 7.06%, while Zcash (ZEC) rose 7.09%; the DeFi sector fell 7.66%, with World Liberty Financial (WLFI) down 12.51%; the Layer2 sector fell 8.48%, with Merlin Chain (MERL) relatively firm, rising 1.13%. The crypto sector index reflecting historical performance shows that the ssiSocialFi, ssiLayer2, and ssiDePIN indices fell by 10.21%, 9.05%, and 9%, respectively.
Yi Lihua: Current crypto market is overly fearful, short-term investment value is present
ChainCatcher reports that Yi Lihua, founder of Liquid Capital (formerly LD Capital), stated on X, "In the context of the Nasdaq continuously rising, the current sentiment in the crypto market is overly fearful. In the short term, the crypto market has investment value. When others are fearful, be greedy, but of course, also ensure risk control and stop-loss, as there may be risks we are unaware of. It is still advised that non-genius professional traders avoid playing contracts, as the volatility in the crypto spot market is already significant."
US stocks close, Dow down 225 points, Nasdaq up 0.46%
ChainCatcher reports that, according to Jinshi, US stocks closed with the Dow Jones Industrial Average initially down 225 points, the S&P 500 index up 0.17%, and the Nasdaq Composite index up 0.46%. Some star tech stocks performed strongly, with Micron Technology up 4.8%, Amazon up 4%, Tesla up 2.59%, and Nvidia up 2.17%. The Nasdaq Golden Dragon China Index closed up 0.26%.
Analyst: Gold pullback has temporarily calmed, optimistic target looks towards $4,700
ChainCatcher reports that UBS analysts state that the current pullback in the gold market is only a temporary phenomenon, with gold prices expected to reach $4,200 per ounce; in an optimistic scenario, gold prices could even surge to $4,700 per ounce if geopolitical or market risks escalate.
"The long-awaited pullback has temporarily calmed," UBS stated in a research report released on Monday, "Aside from technical factors, we have not found fundamental support for this sell-off."
The Swiss banking giant noted, "The weakening price momentum has triggered a second round of decline in futures positions," but emphasized that the potential demand for gold remains strong.
UBS analysts also cited the World Gold Council's "Q3 Gold Demand Trends Report," which confirmed that "the demand for gold purchases from central banks and individual investors remains strong and continues to heat up."
ChainCatcher reports that ZKsync founder Alex (@thealexgluchowski) released the "ZK Token Proposal Part I," proposing significant updates to the ZK token economic model, with the core mechanism being that all revenue generated by the network will be used for repurchasing and burning ZK tokens.
Alex stated that in the future, ZK tokens will no longer be limited to governance purposes but will have actual value capture functions. The sources of network value include: all this revenue will flow into a governance-controlled mechanism for ZK repurchase and burn, staking rewards, and ecological development funds. Alex emphasized that this move aims to directly link the value of ZK tokens with network usage, promoting ZKsync to form a self-reinforcing sustainable economic system.
ChainCatcher reports that stablecoin payment infrastructure platform Zynk has completed a $5 million seed round financing, led by Hivemind Capital, with participation from Coinbase Ventures and other institutions.
Zynk stated that it will use the new funds to expand its payment channels, enhance liquidity and compliance infrastructure, and establish partnerships with major payment service providers.
Standard Chartered: Will launch Bitcoin and Ethereum custody services in Hong Kong next year
ChainCatcher reports that according to Hong Kong media Ming Pao, Standard Chartered's CEO for Hong Kong and Greater China, Mary Huen, stated that Standard Chartered will launch innovative digital asset solutions in Hong Kong next year, including custody services for the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, as well as strategic cooperation plans with other institutions.
Standard Chartered Hong Kong noted that the bank plans to be the first to launch custody services for Bitcoin and Ethereum in Hong Kong in January next year, expanding services already offered in Luxembourg and the UAE (through the Dubai International Financial Centre).
CZ: Increased holdings in ASTER yesterday, every short-term investment has been trapped
ChainCatcher reports that CZ shared on social media, "I have been trapped every time I buy coins, with a 100% record. In 2014, I bought BTC at an average price of $600, and it dropped to $200 within a month, continuing for 18 months. In 2017, I bought BNB, and it also fell by 20-30%, lasting for several weeks. This time… it's still uncertain. I added a bit more yesterday. So everyone should be aware of the risks. I won't disclose anymore in the future to avoid affecting everyone's market."
Data: BitMNR and SharpLink ETH holdings have a combined unrealized loss of over $1.9 billion
ChainCatcher reports that, according to on-chain analyst Yu Jin's monitoring, as ETH prices fell below $3,500, both BitMNR and SharpLink's ETH treasury experienced significant unrealized losses.
BitMNR holds 3,395,422 ETH, valued at $11.88 billion, with an average cost of $4,037, currently facing an unrealized loss of $1.82 billion.
SharpLink holds 860,299 ETH, valued at $3.01 billion, with an average cost of $3,609, currently facing an unrealized loss of $93.77 million.
US government "shutdown" enters day 35, tying the longest record in history
ChainCatcher reports that as Eastern Time enters November 4, the US federal government "shutdown" has reached day 35, tying the longest "shutdown" record in US history. Over the past 30 days, the US Democratic and Republican parties have been at an impasse, failing to pass a temporary funding bill proposed by the Republicans in 13 votes in the Senate. It is reported that the Senate will hold the 14th round of voting today (November 4). The US Congressional Budget Office recently stated that depending on the duration of the federal government's "shutdown," the annual growth rate of the US real GDP is expected to decline by one to two percentage points in the fourth quarter of this year. This means that if the "shutdown" lasts for 4 weeks, the US economy will lose $7 billion; if it lasts for 6 weeks, the loss will rise to $11 billion; and if it lasts for 8 weeks, the loss could reach $14 billion.
Meme Popular List
According to the meme token tracking and analysis platform GMGN market data, as of November 5, 09:00,
The top five popular tokens in ETH over the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular tokens in Solana over the past 24 hours are: TRUMP, PENGU, Fartcoin, ME, DOOD
The top five popular tokens in Base over the past 24 hours are: B3, ZORA, VIRTUAL, USI, DEGEN
What are some interesting articles worth reading in the past 24 hours?
Note: Today, the DeFi protocol Balancer suffered a hacker attack, with the amount of stolen funds exceeding $116 million. Multiple projects have taken self-rescue measures: Lido has withdrawn its unaffected Balancer positions; Berachain has directly announced a network suspension to conduct an emergency hard fork to fix vulnerabilities related to Balancer V2.
Additionally, Hasu, strategic director of Flashbots and strategic advisor to Lido, stated, "Balancer v2 was launched in 2021 and has since become one of the most watched and frequently forked smart contracts. This is very concerning. Whenever a contract that has been online for such a long time is attacked, it sets back the adoption process of DeFi by 6 to 12 months."
Here is the original content:
On November 3, the veteran DeFi protocol Balancer was reported to have over $70 million in assets stolen. Subsequently, this news was confirmed by multiple parties, and the amount of stolen funds continued to rise. As of the time of writing, the amount of stolen assets from Balancer has increased to over $116 million. This article provides a brief analysis of the incident.
As the first native ZK Rollup to achieve real-time proof in the Bitcoin ecosystem, GOAT Network recently announced its complete roadmap after TGE, with a clear core goal of making Bitcoin truly liquid.
ChainCatcher invited GOAT Network core contributor Kevin for an in-depth conversation. Kevin is also a co-founder of Metis, an important infrastructure in the Ethereum ecosystem, with rich practical experience in ZK and scaling. In this interview, he will systematically explain how GOAT builds a sustainable ecosystem for Bitcoin Layer2 through a three-pronged approach of product, ecology, and institutional layout, and share his judgments on key nodes for the explosive growth of the sector and future trends.
Giants halt, ETF cools: What is the real reason behind Bitcoin's recent decline?
For most of 2025, the support level for Bitcoin seems unshakeable because of the unexpected alliance between corporate digital asset treasuries (DAT) and exchange-traded funds (ETF), which together form a solid support base.
Corporations purchase Bitcoin by issuing stocks and convertible bonds, while ETF funds quietly absorb the new supply. Together, they have built a solid demand foundation, helping Bitcoin withstand the tightening financial environment.
Now, this foundation is beginning to loosen.
Let me tell a ghost story, even Koreans are not trading coins much anymore
South Korea has always been one of the most fervent countries for cryptocurrency globally, even coining the term "Kimchi Premium," where Korean traders once paid significantly more for Bitcoin than the global price.
However, by 2025, the winds have changed. The trading volume on South Korea's largest crypto exchange, Upbit, has dropped by 80% compared to the same period last year, and the activity of Bitcoin-KRW trading pairs is far less than in previous years; instead, the South Korean stock market is booming, with the KOSPI index rising over 70% this year, continuously setting historical highs.
Risk warning
