老黑说Crypto

BTC 8 o'clock delivery is just a line during these few days of the US market's break, the chart is just for fun 😂#加密市场反弹

#哈基米 的起飞已经印证了BSC可以脱离2圣 各种2次元 抖音 TIKTOK ...都会在BSC大放光彩
会有更多像 #恶俗企鹅 #阿米嘎蒂朵 #苦蛋 的标地起来#加密市场反弹

Waking up to see $SAHARA, an AI with a funding of 50 million dollars, halved
Market liquidity demystifies VC projects with no practical applications. In an uncertain market, control your own hands; both long and short are giving away money 😂#加密市场反弹

It has been reported that Binance has changed the spot exchange code to allow Chinese tokens to be listed on the spot

The latest commit (ID: 7516690a6a6885d844f1274c164d5fd2b56ea3c0) in the Binance Spot API GitHub repository. This change is part of the diff-b14f21c68f86ea95dc55c25dac01a5d4d5be3d460d7e49a9534d4165bce3d5b1, which updated the symbol and symbols parameters to support UTF-8 encoded Unicode characters (such as Chinese).
This has been interpreted by the community as "the spot API supports the listing of Chinese trading pairs," as the API was previously limited to ASCII (Latin letters), which restricted the integration of non-English tickers (such as "Binance Life").

Chinese tokens represented by $Binance Life have rebounded sharply.
The trading volume in the Chinese Meme segment has surged 2-3 times (according to estimates from DexScreener).

The market is truly messed up right now, liquidity is at a historically low level, even more absurd than the end of the 2022 bear market. It seems that only 10%-15% of real cash is circulating across the entire network; the rest is just air and leverage cutting each other down.
In the secondary market, altcoins jump 50%-200% in an instant, and when they crash, they are directly halved again and again, completely a roller coaster in a liquidity vacuum. Anyone who is late by half a step becomes a victim.
The situation with altcoin contracts is even more exaggerated, with 24-hour liquidation amounts starting casually at 100 million dollars, both sides being harvested, like a perpetual motion machine.
New VC projects are purely "listing equals peak" now. Whether it's Binance Alpha, Bybit, Gate, or directly on major exchanges, the script is basically the same: opening directly at 20-50 times, retail investors swarm in, VC + institutions + market makers precisely offload and smash the price down, pulling one last wave before it goes to zero to give the last batch of bag holders some hope, repeating in cycles.
On the MEME side, it's even more ruthless. Apart from a few with top-tier conspiracy groups (platforms, KOLs, group leaders, and large contract holders are all in cahoots) controlling the coins, the remaining 99.9% of MEME tokens are "short-lived seeds." No matter how impressive the narrative is or how passionate the community is, as long as there are no backers, they go up just to come back down the same way. It’s pure PVP among retail investors; whoever calls out a trade just happens to be a bag holder. The more aggressively they shout, the more brutally they get cut, and everyone in the group is all in every day, but in the end, they all stand in line on the mountaintop.
This market is no longer about investing; it is a naked zero-sum slaughter, in the late stage of total liquidity depletion. The only way to survive is to be colder, faster, and harsher than others. #加密市场反弹

The X402 protocol seems to have quieted down a bit after a wave of excitement following its launch.

The x402 protocol, as an open-source HTTP native payment standard launched by Coinbase in May 2025, utilizes the HTTP 402 status code to achieve instant, frictionless cryptocurrency micropayments (mainly based on USDC), designed specifically for AI agents, enabling autonomous trading between machines without the need for accounts or complex signatures.

Virtuals Protocol is the "leading player" in the x402 ecosystem, similar to Chainlink's position in the oracle domain, having processed hundreds of millions of agent transactions. The community on X views it as the "backbone of the AI economy," with a projected market value to double by 2026 (Gartner predicts the AI agent market will reach $30T).
Compared to the B2B focus of $PAYAI, it leans more towards the decentralized agent market, making it suitable for long-term holding. PayAI has shown impressive performance on Solana, with x402 integration turning it into an "agent hiring platform," and recent hackathon victories have boosted confidence. However, previous analysis shows that its -85% retracement reflects market panic, with short-term rebounds depending on ETF inflows.
Daydreams and Heurist represent "mid-tier innovators," focusing on vertical applications (creative vs. data). They have low market capitalizations (< $15M), but the low fees of x402 (< $0.0001) make it competitive in AI micropayments. Discussions on X indicate that developers prefer these tools for their ease of integration, but caution is advised regarding liquidity depletion in a bear market.
Ping, as a "narrative starting point," has shifted from fervor in October to a wait-and-see approach. Its lack of utility makes it feel more like a gamble, suitable for ultra-short-term trading.

High-quality x402 projects range from the "pure narrative" of $PING to the "infrastructure-level" of Virtuals, showing tremendous overall potential #加密市场反弹

In November 2025, the cryptocurrency ETF market faced overall pressure, mainly due to macroeconomic uncertainties (such as adjustments in Federal Reserve interest rate expectations) and profit-taking by institutional investors. Bitcoin (BTC) and Ethereum (ETH) ETFs experienced historic large outflows, while the Solana (SOL) ETF attracted funds against the trend, becoming a highlight.

The SOL ETF saw inflows for 20 consecutive days, with institutions (such as Bitwise and Fidelity) viewing it as a 'high-growth alternative.' The DeFi total value locked (TVL) reached $4.6 billion (YoY +365%), and the real-world assets (RWA) scale was $0.08 billion. On X, traders referred to the SOL:BTC ratio as 'stronger than ETH:BTC,' with funds rotating from BTC/ETH to SOL. In contrast, the BTC/ETH ETF outflows indicate short-term weakness.

The BTC/ETH ETF outflows reflect institutions' 'de-risking' strategies, with the BTC price dropping over 35% from the October peak of $126,000 to around $87,000; ETH fell 20% from $39,500 to $29,000. The SOL ETF benefited from an active DeFi ecosystem and institutional 'rotation,' with its price dropping 30% to $14,000, but inflows indicate confidence. #加密市场观察

Recently, the AI bubble described by major short sellers is definitely going to happen, but it is not based on the current market. The Americans have not given up on further inflating the bubble, and they are very actively organizing a 'market rescue.' Don't just shout 'bull market' when you see a rebound; we are currently still in the process of bottoming and repairing, so be patient.#加密市场反弹

Brothers, this trench is still long. BA needs to capture the traffic, otherwise, we will be surrounded. Currently, there are moonshot on Coinbase, level 1 has OKX, various tools, and contracts like HYPE. So hold onto your valuable coins, when institutions push, retail investors will have a chance #加密市场反弹 .

The BTC market is in a typical range oscillation pattern, fluctuating between 80600 and 89000. Currently, BTC is at a low point building a bottom. My feeling is that it needs some time to recover #比特币波动性 .

2800 joined E Guard, unafraid of short-term being trapped, believing that the bull is still on, will keep buying $ETH#比特币波动性

The current market is extremely pessimistic about BTC, and in the short term, it is a phase of fear where many are licking blood on the knife's edge, with many having already admitted losses and either exiting the market or watching from the sidelines. This is a typical cyclical correction (similar to the 20–40% pullbacks seen during previous bull markets), but the magnitude and speed have exceeded expectations.
Mainstream consensus: It is difficult to say we have reached the bottom in the short term, so don’t rush to buy the dip; wait for the Fear & Greed index to return to 30+ and for ETF inflows before reconsidering. For the long term (2026+), we still maintain a bullish outlook, but the remaining time in 2025 will likely focus on recovery. $BTC #加密市场回调

$PING, as the x402 "first launch coin", has collectible value and cultural symbolism, many see it as the iconic meme of the Base ecosystem. If the x402 protocol is widely adopted (in AI agent payment scenarios), $PING may benefit from narrative spillover, but in the long run, it has no actual function and is completely driven by sentiment, with most analysts believing its long-term value is close to zero.

$PAYAI is the AI agent payment token on the Solana chain, positioned as the "payment network of the AI era", supporting 24/7 autonomous hiring and payments between AI agents (based on the x402 protocol).
It has certain utility: AI agent marketplace + x402 micropayments, and some believe it has more long-term potential than the purely meme $PING. After migration, a new chain, hackathon, and reward mechanism are about to be launched, and the community looks forward to a "second spring". The dual narrative of AI + payments is still present, with a few advocates suggesting that the low point is a bottom-fishing opportunity #加密市场回调 .

Analysis of the Current Status of Bitcoin CME Gap Filling:
The "gap" on the CME (Chicago Mercantile Exchange) Bitcoin futures chart originates from its weekend closure mechanism: the spot market trades 24/7, while the CME does not open on weekends, which can lead to price "gaps" at Monday's opening. Historically, the Bitcoin CME gap filling rate has reached 80-90%, which has become an important psychological and technical reference for traders—prices often "retrace" to fill the gap, forming support or resistance. As Bitcoin has fallen below 92000, the weekend gap has been filled. #加密市场回调

Selling in a bustling crowd is generally not wrong. Waiting at the grass bottom, just finish it #加密市场回调

Bad news: The pancake is affected by external environment and continues to decline.
Good news: Level 1 and the knockoffs haven't really followed the decline, the pancake is almost at the bottom. HOLD! #加密市场回调

The White House is reviewing a policy proposal that allows the IRS to access data on Americans' overseas cryptocurrency accounts by joining the Global Crypto Asset Reporting Framework (CARF). This is essentially part of an international tax transparency mechanism aimed at combating cross-border tax evasion. Overall judgment: bearish (negative impact) Why is it bearish? Increased regulation and transparency: CARF requires foreign exchanges and service providers to automatically report information on U.S. users' cryptocurrency holdings, transactions, and wallet information to the IRS. This is similar to the existing FATCA (Foreign Account Tax Compliance Act), but targeted at crypto assets, which will significantly narrow the 'gray area' that Americans use to evade taxes on overseas platforms. The result could lead to more transactions being tracked, audited, and taxed, reducing the privacy and appeal of cryptocurrencies.
Curbing offshore activities: White House advisors have explicitly stated that joining CARF will "discourage U.S. taxpayers from moving their digital assets to offshore digital asset exchanges." This is unfavorable for high-net-worth users (such as whale investors) who rely on offshore liquidity and may push funds back to U.S. domestic platforms, but it will increase overall compliance costs.
Market short-term reaction: Such regulatory news often triggers panic selling, especially in the privacy coin or DeFi space. Global implementation is set to begin in 2027, but the review process itself may amplify uncertainty and lead to increased volatility.
This is bearish for the cryptocurrency ecosystem as it reinforces government surveillance and undermines the asset's 'decentralization' appeal #加密市场回调

The blockchain analysis company Nansen has released its latest weekly activity report, indicating that Solana remains at the top with 424.7 million transactions, although it has slightly decreased by 1.7% compared to last week, it still holds the position of the busiest chain in the cryptocurrency sector. BNB Chain ranks second with a transaction volume of 110.2 million, showing a larger decline of 8.2%, reflecting a cooling in its DeFi and gaming ecosystem activities. However, the standout performer last week was not one of the top two ranked blockchains, but Coinbase's Layer-2 network Base. Base's transaction volume surged to 102 million, increasing by 20%, making it the fastest-growing among all mainstream blockchains. This growth has firmly placed Base in third position, with its ecosystem accelerating in development, thanks to the circulation of social applications, meme coins, and stablecoins on the L2 platform. The data highlights a broader trend: Solana remains unmatched in its original performance, but Base is rapidly rising to become the fastest-growing chain in cryptocurrency, and it may be the chain to watch in the last few months of 2025. #加密市场回调

After experiencing a period of rapid growth, artificial intelligence stocks are facing increasing scrutiny as investors question whether the soaring valuations align with actual usage and profits. Over the past two years, the market capitalization of AI-related stocks has increased by $17.5 trillion, pushing Nvidia, Microsoft, and other tech giants' valuations to historic highs. Despite high valuations, some economists warn that the current hype may exceed the actual business impact. For example, OpenAI's revenue last year was $3.7 billion, while expenses reached $8 to $9 billion. Venture capital funding for private AI companies fell by 22% quarter-over-quarter, reflecting a growing cautious sentiment among investors. Experts believe the market may experience a correction rather than a full-blown crash, as companies focus on measurable returns and return on investment for AI projects. Nvidia's earnings report, scheduled for November 19, is seen as a key indicator of whether the AI boom can maintain its momentum.

Next week, we will look at Nvidia's earnings report; if AI crashes, crypto will only fare worse #加密市场回调 .