马大帅1203

What does it mean when an established public blockchain decides to stop competing on its own and instead build on Ethereum?
On November 5, several crypto media outlets reported on Zilliqa’s transition plan. The official page indicates that the project plans to build the Zilliqa Institutional Layer for institutions, use Ethereum as its settlement layer, and retain the ZIL token.
The interpretation that might get people excited is: institutions are coming in, Ethereum is expanding, and an old token is gaining a new use. But for token holders, the real question should be more straightforward: after the move to L2, will there be customers willing to pay over the long term?
Independent public blockchains need to attract developers, users, and liquidity while also maintaining the security of their own networks. Moving fast on technology solves only part of the problem. Without enough applications and capital, low fees may not be enough to generate steady revenue for the network.

Institutional buying does not necessarily mean prices will rise in the short term. But why institutions are willing to buy is more worth examining than “how much they bought.”
On November 5, Aave officially disclosed that an affiliated investment fund under Payward, Kraken’s parent company, and its clients had bought an undisclosed amount of AAVE on the secondary market and might continue to increase their holdings in the future.
First, let’s be clear: what was bought this time was the AAVE token, not an equity stake in Aave Labs. The amount, share of the holdings, and pace of any future purchases have not been disclosed, so this cannot be taken as direct evidence of “institutional support,” a “controlling-interest agreement,” or a clear price floor.

After a sharp drop, the phrase most likely to surface in the market is: “The bulls have all been wiped out; now it’s time for a rebound.”
The problem is that fewer forced liquidations do not mean new buyers have entered the market. To assess whether BTC can stabilize, ETF flows, spot-market demand, and futures leverage need to be considered separately.
First, let’s look at the capital flows that have already occurred. As of the afternoon of November 6, data showed that U.S. spot BTC ETFs saw net outflows of about $430 million on November 5. Over the five trading days from October 30 to November 5, cumulative net outflows totaled about $1.513 billion.
One detail should not be overlooked: there was a net inflow of $74.6 million on November 4, so this was not five consecutive trading days of net outflows. There was a return of funds during this period, but it did not offset the outflows on the other trading days.

Tech stocks came under selling pressure, and Bitcoin was no exception. Rather than focusing on which price level it fell below, the more important question this time is: If people bought BTC to diversify risk, why did it end up under pressure alongside tech stocks?
During U.S. stock trading on November 5, BTC briefly fell below $76,000. The Nasdaq Composite fell 5.52% that same day. This synchronized pullback once again put “digital gold” at the center of debate.
But declaring this narrative dead based on a single day’s price moves is much like declaring BTC has become gold based on a few months of correlation: both mistakes treat a temporary pattern as a permanent trait.

People who follow crypto are starting to explore U.S. stocks, while those who follow U.S. stocks are also paying attention to Bitcoin. The options are growing, but another question is often underestimated: How much does it actually cost to move funds from one asset to another?
When comparing platforms, many people look at commissions first. But a transaction may involve transferring digital assets, exchanging currencies, moving funds between accounts, and buying or selling securities. A low cost at one step doesn’t mean the entire process is the most cost-effective.
First, let’s clear up the most common point of confusion: USDT, a U.S. dollar balance, and stocks are three different asset types.

With Bitcoin back above $80,000, the most tempting conclusion is that the correction is over.
But a price rebound and a trend recovery still need to clear several hurdles. When checking BiyaPay on November 5, the page showed a BTC price of about $80,600. This puts the price back in an area where bulls and bears have repeatedly clashed recently. What matters next is what can keep the price there—not just how high it touched intraday.
First, let’s look at what the market went through before the rebound.
In its weekly report released on November 2, it noted that Bitcoin had previously fallen below $80,000, with active selling in perpetual contracts among the sources of pressure; spot buying, by contrast, proved more resilient. Meanwhile, futures open interest remained near the upper end of its observed range, and funding payments by longs were also elevated.

When markets move quickly, people usually look first at gains and losses in their holdings. But when it’s time to make an adjustment, another issue comes to light: having assets in your account doesn’t mean you have funds available to use right now.
Selling, exchanging, transferring, settling, and withdrawing all seem related to “money,” but they’re different steps. Even if your market outlook is right, not understanding these processes in advance can mean that what you actually do falls short of your plan.
So, rather than asking “What will be the most valuable asset in the future?”, I’d like to discuss a more specific question: when your investment plan changes, can you use your funds as expected?

Prices fell and then rose, and the market’s interpretation shifted along with them. Rather than rushing to declare the bull market back, the bigger question is: who is buying this rebound?
Reports show that Bitcoin rebounded from below $76,000 to around $77,700, moving back toward $78,000. These are prices at the time of reporting, not real-time quotes.
On the same day, Farside’s fund flow table showed a different set of figures: U.S. spot Bitcoin ETFs saw net outflows of approximately $115.6 million on November 3, $398.6 million on November 2, and $643.2 million on October 30.
Outflows totaled approximately $1.1574 billion over three trading days. Outflows on the latest day were about 71% lower than the day before, but reduced outflows are clearly not the same as net inflows.

The company continues to increase its ETH reserves, yet its stock has not followed suit. This contrast is more worth examining than simply noting that “another major institution has bought in.” On November 2, Bitmine announced that its ETH holdings had reached approximately 6.06 million tokens. BiyaPay market data showed that BMNR closed regular trading that day at $19.54, down 3.17%. Holdings were growing while the stock was falling, suggesting that investors need to assess far more than just how many coins were bought.
First, distinguish between two questions: a company’s willingness to continue holding ETH does not mean it will absorb all selling pressure in the market; and a record-high total holding does not mean an equal amount of new capital flowed in on the day of the announcement. The announcement reports holdings at a particular point in time, and some purchases may have been completed earlier. It can help assess the company’s asset allocation strategy, but it does not directly imply that the token price will rise after the news is released.

A noteworthy topic outside the crypto world today: Li Jiaqi has started selling tokens.
According to reports, on the evening of November 2, Qianwen Office’s personal monthly membership card went on sale in Li Jiaqi’s livestream, selling nearly 100,000 copies in half an hour and offering a total of about 2 trillion tokens in AI computing credits. But these tokens are a unit for measuring how much information a large language model processes—not cryptocurrencies that can be traded in a wallet. What buyers get are membership benefits, not assets whose value rises and falls with the market.
Why should this matter to crypto users? Because it makes a question more tangible: beyond buying and trading coins, can digital assets be used more widely to pay for everyday services? AI software subscriptions are one area worth exploring. In the past, when discussing AI, people often asked which model was the most powerful. Once they start using it, the questions become: which tools should they use for writing, design, and programming; is a membership worth renewing; and how should payments and bills be managed? The focus is shifting from the novelty of trying something new to solving specific tasks.

Ethereum has many applications, so why is capital still flowing out? There’s no contradiction. A network becoming increasingly useful and investors being willing to add to their positions at current prices are two separate questions that need to be answered independently.
Data shows that from October 26 to 30, U.S. Ethereum ETFs saw total net outflows of about $431.4 million, including net outflows of about $155.7 million on Friday. At the same time, different products performed differently: ETHA saw net outflows of about $391.1 million that week, while FETH saw net inflows of about $63.1 million. Overall pressure is real, and so are the differences between products.

Bitcoin’s return to around $78,000 may naturally make people wonder: Has the selling pressure from earlier already been absorbed? But looking at both price and capital flows, this now seems more like a rebalancing of buying and selling forces. Several hurdles remain before a trend reversal can be confirmed.
BiyaPay market data on November 2 showed BTC trading around $78,000. Meanwhile, Farside data showed net outflows of about $643.2 million from U.S. Bitcoin ETFs on October 30. Notably, net inflows totaling about $440.8 million over the previous four trading days were entirely offset by Friday’s outflows, leaving a net outflow of about $202.4 million for the week.

The issuer is making money, but several issues separate that from holders being able to use their funds at any time. On October 30, Tether released attestation information for the third quarter: net operating profit for the quarter was $1.5 billion. As of September 30, reserve assets totaled approximately $191.451 billion, while total liabilities were approximately $183.496 billion, a difference of about $7.955 billion.
The figures are worth noting, but profit, reserve buffers, and liquidity are not the same thing.
First, profit. Tether said that short-term U.S. Treasury bills and reverse repos continued to contribute most of its operating income. This shows that reserve assets can generate income, but it does not mean that ordinary users holding USDT automatically earn the same return.

Prices have recovered for now, but sustained buying still needs to be confirmed. At 16:47 on November 1, The Daily Economic News reported that Bitcoin was trading at around $78,133.5, up approximately 1.1% over the previous 24 hours. This was a market snapshot at the time, not the closing price for the day.
But another set of figures tells a different story about fund flows: statistics show that on October 30, U.S. spot Bitcoin ETFs saw combined net outflows of approximately $643.2 million, exceeding their combined net inflows of approximately $440.8 million over the previous four trading days. Based on these figures, the week still saw net outflows of approximately $202.4 million.
This means the current rebound can no longer be explained by “consecutive ETF inflows.” However, this alone does not mean that prices are certain to fall again. ETFs are just one channel for Bitcoin demand and do not represent all spot and derivatives trading worldwide.

A stablecoin price close to $1 does not mean the user experience is the same on every chain.
Under the schedule Circle announced earlier, the legacy cross-chain protocol CCTP V1 enters its phase-out period on October 31, gradually lowering the burn amount required for transfers out, with the legacy contracts scheduled to be paused on December 1. The specific arrangements vary by network and should be checked individually. This is an existing plan entering its implementation window, not a sudden announcement today that USDC is stopping service.
Noble will not integrate with the new version of CCTP. Circle has separately scheduled the suspension of the USDC contract and related cross-chain routes on this chain for January 12, 2027, after which a conditional manual redemption process will be available.

Net profit was very high, but the stock didn’t reward it. Strategy’s latest earnings report is worth examining closely for both crypto holders and U.S. stock investors.
The company reported its third-quarter results on October 29: net income of $19.53 billion and digital asset gains of $20.91 billion. As of October 25, it held 848,517 BTC. Those are huge numbers, but they shouldn’t be taken to mean the company generated $19.5 billion in cash by selling software.
On October 30, U.S. Eastern Time, MSTR closed at $130.51, down 7.84%. That doesn’t mean the earnings report was solely responsible for the decline, but it is a reminder that the market looks beyond quarterly profits.

Bitcoin’s next story may not come from a price breakout. It could also come from a change in how money enters the market.
On October 29, Franklin Templeton announced the launch of two ETFs, FBEQ and FIBT. They combine U.S. equities and Bitcoin exposure in a single portfolio, with an initial allocation of about 95% to stocks and 5% to Bitcoin exposure. Dividends generated by the stocks are reinvested in Bitcoin exposure according to set rules. The index reviews the allocation quarterly, keeping Bitcoin as a secondary position.
The news is worth watching, but it shouldn’t be taken to mean that “institutions are about to buy BTC without limit.”
First, let’s look at the problem it solves. In the past, stock investors who wanted exposure to BTC often had to decide for themselves how much money to allocate and when to buy. The new product builds some of those decisions into its rules, using stock dividends to gradually increase its related exposure. It changes the allocation process, but does not eliminate Bitcoin’s price risk.

Bitcoin has rebounded, but the most important question right now is not whether it can quickly return to $80,000, but how long this round of buying can last.
According to BiyaPay market data, at the time of writing, BTC was trading at around $77,990 and ETH at around $2,228.
I’m more interested in three questions: Who is buying, are they buying spot or using leverage, and has trading volume remained consistent after the price rise?
First, the rebound may be driven by new buying or by short sellers closing their positions.
Short covering can also push prices higher, but this kind of buying has a caveat: once the positions are closed, the buying pressure may disappear. If no new capital steps in afterward, prices can easily become volatile again. By contrast, if spot trading continues to improve and buyers step in during pullbacks, the rebound is more worth examining closely.

BTC is seeing ETF inflows return, but ETH’s capital flows have not strengthened in tandem. This is more important to understand first than “when will Ethereum catch up?”
As of publication on October 29, the BiyaPay market page showed ETH at around $2,317 and BTC at around $80,000. These are snapshots from the page, not closing prices for the day. What is really worth discussing is that, following the same Federal Reserve meeting, different assets saw varying levels of buying support.
Data shows that U.S. spot Ethereum ETFs saw net outflows of $88.6 million on October 26, $60.2 million on the 27th, and another $21.4 million on the 28th, for a combined outflow of about $170 million over three trading days. Over the same period, Bitcoin ETFs saw combined net inflows of about $424 million.

The news is out, but Bitcoin hasn’t been given a pass to keep rising.
On October 28, U.S. Eastern Time, the Federal Reserve voted 10–2 to keep its target interest rate range at 3.75% to 4.00%, with two members favoring a 25-basis-point hike. After the decision was announced, BTC briefly returned to around $81,000. As of publication on October 29, BTC was trading at around $80,000, according to market data from the BiyaPay App. The change between these two points suggests that the market is still reassessing its expectations.
I think there are three questions to separate out right now: Did the rate decision bring any new developments? Has spot buying increased? And who, exactly, is driving this rebound?