【Breaking】U.S. midterm election results come in; BTC falls below $76,000 to a two-month low, with over $140 million liquidated in one hour
As early U.S. midterm election results showed Democrats in the lead, risk assets weakened in tandem. $BTC briefly fell below $76,000, its lowest level since September 15 (CoinDesk).
📊 Liquidation data ・TRdesk statistics: As of 11:51 Taipei time, approximately $140 million was liquidated across the market in the past hour, including about $137 million in long positions. The 24-hour total was around $351 million, with long positions accounting for roughly 77%. ・Swolecharts: Today's (UTC) largest single liquidation was a Binance long position worth about $5.03 million in $ETH , liquidated at around 2,231. ・By token, BTC, ETH, and $SOL ranked among the top three by liquidation volume.
🔍 Possible reasons (no single confirmed cause at this time) 1️⃣ Midterm elections: The market is betting that Democrats may win control of Congress, raising concerns that crypto legislation such as the CLARITY Act could be delayed and regulation could tighten (Bloomberg, TradingKey). 2️⃣ Risk assets falling in tandem: Nasdaq futures briefly dropped more than 2% (CoinDesk), while South Korea's KOSPI fell about 4% intraday (zerohedge). 3️⃣ Continued outflows from spot BTC ETFs: Approximately -$643 million on 10/30 and -$399 million on 11/2 (Block Stream Media).
📈 Current situation: Prices have rebounded somewhat after long positions were flushed out. BTC is currently around $76,800 on Hyperliquid, down about 0.2% over 24 hours. Vote counting is still underway, and short-term volatility may continue. Please be mindful of leverage risks.
⚠️ The above is for informational purposes only and is not investment advice. Please assess the risks for yourself. Sources: CoinDesk, Bloomberg, TradingKey, TRdesk, Swolecharts, Block Stream Media, Hyperliquid
ZEC Falls More Than 9% in a Day: Whale Stop-Losses, Fund Infighting, and the NU7 Upgrade Collide
Privacy coin $ZEC was the 4th-highest by trading volume on Hyperliquid today, with approximately $555 million in 24-hour notional volume. It fell about 10% intraday, trading near $1,130. Meanwhile, $BTC fell only about 2%, while $XMR actually edged up, so this looks more like a problem specific to ZEC rather than a broad market decline. 🔹 Cause 1: Whale stop-loss. On-chain analyst Ember noted that one address spent 31.78 million USDT over 4 days to buy approximately 25,002 ZEC (at an average price of about $1,271), while also opening a 18,910-ZEC long position on Hyperliquid (at an entry price of $1,378). When the price fell below $1,200, the entire long position was stopped out. Including unrealized losses on spot holdings, the total loss was about $5.84 million.
Five Days After Binance’s $6.3 Billion Theft: 95% Replenished, Proof of Reserves Released—What’s Next?
10/29: Approximately $6.3 billion was stolen from a Binance hot wallet, making it the largest hack in crypto history. Five days later, here’s a roundup of what’s been confirmed so far: 🔹 How it happened: Reuters, citing TRM Labs, reported that the attackers breached Binance’s “signing infrastructure,” and most of the funds were transferred out within about 20 minutes. The FBI attributed the attack to North Korea’s TraderTraitor (Lazarus) group, while North Korea denied responsibility. 🔹 Freezes: About half of the stolen assets were stablecoins, and issuers including Tether, Circle, and Ripple have frozen them. TRM estimates that about $2.4 billion in BTC and ETH remains unrecoverable.
【Breaking】ZEC plunges about 11% in 24 hours; whale long positions liquidated below $1,200, with total losses of about $5.84 million
$ZEC fell below $1,200 this morning, hitting a 24-hour low of around $1,127.88 and currently trading near $1,135 (CryptoTicker). Over the same period, $BTC fell only about 2%, suggesting this move was driven mainly by ZEC-specific negative news, not a market-wide sell-off.
📌 What happened ・On-chain analysts reported that a whale bought 25,002 ZEC for about 31.78 million USDT over four days (average price around $1,271), and is currently sitting on an unrealized loss of about $3.26 million. Meanwhile, the whale's 18,910 ZEC long position opened on Hyperliquid at $1,378 was fully liquidated after the price fell below $1,200, resulting in a realized loss of about $2.58 million, for a combined loss of around $5.84 million (ChainCatcher, CryptoTicker). ・Liqwall data: About $13.4 million in ZEC positions were liquidated over the past 24 hours, including around $12.2 million in long positions (about 91%).
🔍 Possible reasons (not yet officially confirmed) 1. The whale's stop-loss and long-position liquidations were triggered around the $1,200 psychological threshold, amplifying the selling pressure in a cascade. 2. Controversy in the Zcash community over control of the approximately 91,500 ZEC ZCG (Zcash Community Grants) funding pool has intensified. 3. The NU7 network upgrade is expected to launch on 11/6, adding uncertainty ahead of the upgrade. 💡 Takeaway: When leveraged long positions are concentrated and negative news is specific to a token, a round-number threshold can easily become a trigger for cascading stop-losses. Volatility may increase around the upgrade, so be mindful of leverage risks.
Sources: CryptoTicker, ChainCatcher, Liqwall, CoinGlass ⚠️ The above is for informational purposes only and is not investment advice. Please do your own research (DYOR).
ZEC ranks 4th in Hyperliquid trading volume: What you need to know about the NU7 upgrade hitting mainnet on 11/5
According to Hyperliquid’s public API (retrieved at 09:08 on 11/2 Paris time), the $ZEC perpetual contract had about $278 million in 24-hour trading volume, ranking 4th behind $BTC , $ETH , and $HYPE. Open interest was about $646 million, up approximately 1.6% over 24 hours. Why are so many people talking about ZEC lately? 🔹 NU7 upgrade: Zcash developers have set the mainnet activation block at 3,543,405, with activation expected around 11/5. The goal is to reduce block times from 75 seconds to 25 seconds for faster transaction confirmations. NU7 went live on testnet on 10/4. 🔹 Community governance: A CoinDesk Research report says holders voted 2,375,932 ZEC to 22,385 ZEC to keep the four-year halving schedule—the highest voting weight ever recorded.
Day One of Binance’s Withdrawal Reopening: $3.64 Billion in Net Outflows, 2.1% of Assets—What Does This Say About Market Confidence?
Last week, Binance suffered what is considered the largest cryptocurrency hack in history, involving approximately $6.3 billion. The U.S. FBI has attributed the attack to the North Korean hacking group TraderTraitor. On November 1, Binance resumed withdrawals in phases. According to data posted by Binance on X, between 06:00 and 15:30 UTC it processed $4.649 billion in withdrawals and $1.01 billion in deposits, for a net outflow of about $3.64 billion. Based on total assets of $171 billion in its October 28 Proof of Reserves, this amounted to about 2.1%. Binance said withdrawal volumes had declined and stabilized after an initial peak, while deposits remained “substantial.”
After the biggest exchange hack in history: Binance resumes withdrawals, what should we pay attention to?
On October 29, Binance’s hot wallet was hacked, with losses estimated at about 6.3 billion USD, regarded as the largest cryptocurrency theft on record. On 10/31, the FBI stated that the attackers were the North Korea state-sponsored hacking group TraderTraitor. [Compensation and recovery progress] According to Reuters, Binance has used company funds to make up about 6 billion USD, or 95% of the stolen assets, and has additionally set aside about 6.34 billion USD to cover the losses, with about 3 billion USD already traced. Starting November 1, withdrawals will be restored in phases, with the first phase opening 15 assets, including $BTC, $ETH, $XRP, $DOGE, $BNB and some stablecoins.