Morning Report | Bitcoin records the largest weekly drop in months; Japan's Financial Services Agency plans to reclassify BTC and 105 other cryptocurrencies as "financial products"; ETF sees a net outflow of over $1.4 billion in a week
Overview of Important Market Events on November 16整理：ChainCatcher
Important News:
- Japan's Financial Services Agency plans to reclassify 105 cryptocurrencies including BTC as "financial products," with tax rates expected to drop to 20%
- The main suspect in the laundering case involving 60,000 bitcoins, Qian Zhimin, purchased at an average price of 2815 yuan; the UK High Court will hold a disposal hearing on November 17
- Brown University and Emory University collectively hold over $65 million in bitcoin-related assets
- 10x Research: Bitcoin records the largest weekly drop in months, with weak fundamental demand
- Analysis: ETH breaks below short and medium-term moving averages, with over $1.4 billion net outflow from ETFs in a week
- Yala: Aware of community concerns regarding stablecoin YU, currently under investigation
- Michael Saylor releases Bitcoin Tracker information again, possibly indicating another BTC purchase
What important events have occurred in the past 24 hours?
According to ChainCatcher, as reported by Dlnews, Japan's Financial Services Agency (FSA) plans to reclassify 105 crypto assets, including Bitcoin and Ethereum, as financial products and bring them under the regulation of the Financial Instruments and Exchange Act.
Currently, Japanese residents must report cryptocurrency gains as miscellaneous income, with a maximum tax rate of 55%. After reclassification, the trading gains from these 105 tokens will be taxed as capital gains, with the rate reduced to a uniform 20%, in line with stock trading tax rates. Reports indicate that this proposal is expected to be included in the budget plan for early 2026.
According to ChainCatcher, as reported by Caixin, Qian Zhimin, the main suspect in the laundering case involving 60,000 bitcoins, purchased bitcoins at an average price of 2815 yuan each, while on the day of her sentencing in the UK, the price had surged 266 times to 750,000 yuan each.
Regarding the disposal of the assets frozen in the UK, there has been no substantial progress towards returning or sharing them with Chinese authorities. The Tianjin Public Security Bureau's Hedong Branch, which is investigating the Lantian Ge Rui case, announced on October 30 that the police are still collaborating with UK law enforcement to pursue cross-border fugitives and recover losses for investors.
On November 17, 2025, the UK High Court will hold another hearing regarding the disposal of the 60,000 bitcoins.
Brown University and Emory University collectively hold over $65 million in bitcoin-related assets
According to ChainCatcher, as reported by Decrypt, the latest 13F filings submitted by US universities to the SEC show that as of September 30, Brown University holds approximately $13.8 million worth of IBIT stock.
Meanwhile, Emory University holds 1,023,417 shares of Grayscale Bitcoin Trust, valued at approximately $51.82 million, significantly increasing its holdings compared to the previous quarter, and has disclosed holding 4,450 shares of iShares Bitcoin Trust, valued at approximately $289,000.
10x Research: Bitcoin records the largest weekly drop in months, with weak fundamental demand
According to ChainCatcher, 10x Research reports that Bitcoin's price is currently below the 7-day and 30-day moving averages, indicating a bearish signal; the weekly drop is -6.7%, and it has fallen below the $100,000 mark due to large holders (whales) beginning to sell, marking the largest weekly drop in months; the outflow of funds from US spot Bitcoin ETFs has surged, indicating weak institutional demand.
Additionally, the correlation between Bitcoin and the Nasdaq 100 index continues to show a negative skew, meaning that Bitcoin's decline is greater when tech stocks are sold off than its increase when tech stocks rise, exacerbating investor caution.
Despite macro catalysts such as central bank rate cuts and ETF inflows still being present, these factors have failed to create upward momentum due to weak fundamental demand.
According to ChainCatcher, 10x Research analysis shows that ETH has now broken below the 7-day and 30-day moving averages, with a bearish technical formation, and has dropped 6.6% in the past week. Meanwhile, ETH ETFs have seen a net outflow of over $1.4 billion, with on-chain long-term holders (3-10 years) selling at the fastest rate since 2021, creating additional supply pressure.
Despite the increased selling pressure, large addresses have been accumulating during the downturn, with multiple whales accumulating over a billion dollars' worth of ETH.
According to ChainCatcher, Strategy founder and executive chairman Michael Saylor posted again on the X platform in response to the market decline, stating, "If you want to ride a rocket, you must be prepared to endure the gravitational acceleration."
Yala: Aware of community concerns regarding stablecoin YU, currently under investigation
According to ChainCatcher, the stablecoin protocol Yala has stated that the team is aware of recent community concerns regarding stablecoin YU and is conducting an investigation, with updates to be released in due course.
Previously, there were reports that Yala's stablecoin YU exhibited suspicious behavior similar to USDX, with related addresses borrowing USDC at extremely high-interest rates but failing to repay.
Arthur Hayes: The Christmas gift I want is ZEC
According to ChainCatcher, BitMEX co-founder Arthur Hayes posted on social media stating, "The Christmas gift I want is ZEC. This week, we are holding a meme contest for a value of 10 ZEC; please create a meme about what Christmas gift you want from Black Santa."
Michael Saylor releases Bitcoin Tracker information again, possibly indicating another BTC purchase
According to ChainCatcher, Strategy founder Michael Saylor has released Bitcoin Tracker information again.
Following previous patterns, Strategy always discloses Bitcoin purchase information the day after related news is released.
According to ChainCatcher, BitMine chairman Tom Lee posted on social media stating that Bitcoin is a volatile asset. His company first recommended Bitcoin to clients in 2017 (with an allocation of 1% - 2%), when the BTC price was around $1,000.
Over the past 8.5 years, BTC has experienced six drops of over 50% and three drops of over 75%. As of 2025, Bitcoin has increased 100 times compared to when it was first recommended. Tom Lee pointed out that to benefit from this 100-fold super cycle, investors must hold on during critical moments.
He explained that cryptocurrency prices reflect huge expectations for the future, so skepticism can lead to volatility. Tom Lee believes that ETH is currently entering a similar super cycle but emphasizes that the upward path is not a straight line.
Tom Lee: There appears to be a significant "gap" in the balance sheet of one or two market makers
According to ChainCatcher, BitMine chairman Tom Lee posted on social media early this morning, stating that the current weak performance of the cryptocurrency market has distinct characteristics, suggesting that there may be a significant "gap" in the balance sheet of one or two market makers.
Tom Lee pointed out that "sharks" in the market are attacking, trying to trigger liquidations and push BTC prices down. He believes this pain is temporary and will not change the trend of the ETH super cycle being built on blockchain by Wall Street. Now is not the time to use leverage, and he advises avoiding liquidation.
WisdomTree executive: Cryptocurrency index ETFs may become one of the next waves of investment
According to ChainCatcher, as reported by Cointelegraph, WisdomTree's head of digital assets Will Peck expects that ETFs holding diversified cryptocurrency portfolios will fill a significant gap in the market in the coming years, which seems likely to become one of the next waves of investment.
Peck explained that while many new investors now understand the concept of Bitcoin, they often struggle to assess the value of the next 20 assets. A diversified cryptocurrency portfolio allows them to engage with the field while reducing the specific risks of investing in individual tokens.
Meme Popularity Ranking
According to meme token tracking and analysis platform GMGN, as of November 17, 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, PUMP, VINE, DBR, ZEUS
The top five popular tokens in Base over the past 24 hours are: ZORA, VIRTUAL, B3, USI, TOSHI
What are some interesting articles worth reading in the past 24 hours?
Will Bitcoin rise or fall next year? Institutions and traders are in a heated debate
After experiencing the rapid plunge on "10.11" and facing the consecutive blows of the US government shutdown in November, the crypto market has become somewhat jittery.
What’s more concerning is that traders and institutions have developed serious divergences regarding the market's direction. Galaxy Digital just cut its year-end target price from $185,000 to $120,000, while JPMorgan insists that Bitcoin could reach $170,000 in the next 6-12 months.
Ultimately, the biggest influencing factor on the crypto market's rise and fall right now is liquidity. When US dollar liquidity is abundant, funds flow into risk assets, and Bitcoin rises; when liquidity tightens, funds flow back to government bonds and cash, and Bitcoin falls. The recent US government shutdown has set a historical record, causing the Treasury's total account balance to approach $1 trillion, completely locking liquidity and affecting almost all financial markets globally. Bitcoin is certainly no exception. This also shows that the factors influencing liquidity are largely political.
Ethereum Interop Roadmap: How to Unlock the "Last Mile" for Mass Adoption
In the Web3 world, the narrative of "cross-chain" to interoperability (Interop) has always been evergreen.
Of course, many people may not strictly distinguish between the two concepts; if summarized in one sentence, cross-chain focuses more on assets, mainly solving the "transportation" issue; while interoperability (Interop) encompasses multiple dimensions such as assets, states, and services, aiming to solve the "collaboration" issue.
As a "Meme minting factory" in the Solana ecosystem, Pump.fun has accumulated astonishing revenue and wealth. However, the price of its platform token PUMP is struggling under continuous selling pressure. To recover from the downturn, Pump.fun is attempting a dual approach of a strong token buyback and the experimental introduction of a new AI agent feature called "Mayhem Mode."
In the face of a complex market environment and internal challenges, can this Meme aircraft carrier really regain its momentum?
Risk warning
