It feels like things will remain under pressure, and there may be quite a few black swan events too.

1. Negative catalyst: Nov. 12 at 8:00 (UTC+8), MSCI reshuffle; MSTR and Metaplanet may be removed.

2. Positive catalyst: Nov. 23, tokenized U.S. stocks from OKX and ICE go live. Crypto stocks benefit.

3. Neutral: Dec. 9, rate decision. Rates are expected to stay basically unchanged, and there’s also the dot plot (the main thing to watch).

4. Neutral: Dec. 25, BTC year-end options, $10.6 billion, max pain at 75,000.

5. Positive catalyst: Jan. 18, the U.S. GENIUS Act takes effect. CRCL benefits, while banks also enter the competition.

6. Rate decision on Jan. 27. CPI releases on Jan. 13 and Feb. 11. Reassessment of 2027 monetary policy.

Potential risks

1. The risk of MEXC going bankrupt; its isolation has become a reality. When will this ticking time bomb go off?

2. If the Democrats take power, they may investigate Trump's WLFI. USD1 could also come under scrutiny. Was CZ's previous pardon justified?

3. Binance must submit anti-money laundering documents before 1/4. If it is penalized again, on top of having been hacked before, that would be another ticking time bomb.

4. Could the CLARITY Act be put on hold next year?