星途科技资讯

On November 5, U.S. Eastern Time, U.S. stocks suffered their worst sell-off since March 2020.

First, the numbers. The Nasdaq 100 closed down 6.36% at 26629.81 points; the Philadelphia Semiconductor Index plunged 12%. Both posted their biggest single-day losses since the pandemic-driven market crash in March 2020. The fear gauge VIX surged 11.57 points in a single day, closing at 28.18. Retail investors were net sellers of $265 million in a single day, the highest level since March 2020.

Why was the sell-off so severe? The trigger was that, after the midterm elections, the Democrats took control of both chambers, and the market began pricing in the risk of stricter regulation for AI and data centers. Investors collectively pulled out of highly concentrated AI trades. Nvidia fell more than 9%, wiping out its gains for the year. Momentum-trading ETFs dropped 8.2% in a single day, as trend-following strategies were hit by a broad reversal.
My own view is that calling this the “worst since 2020” refers not to the absolute size of the losses, but to the intensity of volatility and cross-asset panic. Semiconductors and momentum strategies—the two sectors most sensitive to sentiment—were both hit with panic readings on par with those seen during the pandemic crash. That is the defining feature of this sell-off. In the short term, this looks like a concentrated unwinding of crowded trades; over the longer term, we still need to watch whether AI regulation turns into substantive policy.

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$BTC #美股遭遇2020年以来最严重抛售 $NVDAB $ZEC

This is an objective overview based solely on public information and market mechanisms, and does not constitute investment advice.

On the morning of November 6, South Korea’s KOSPI plunged shortly after opening, immediately triggering a circuit breaker and halting trading for 20 minutes.

Let’s look at the details. The index fell as much as 8.8% during the session, breaking below the 5,000-point mark and hitting a low of 4,911. This was the 11th time this year that South Korea’s stock market has triggered a circuit breaker. Major stocks took a beating: Samsung Electronics fell more than 10%, while SK Hynix was down nearly 14% at one point. South Korea’s finance ministry issued an urgent statement during the session, saying it would take measures to prevent excessive volatility.

Why did the market fall so sharply? The immediate trigger was an overnight collapse in U.S. tech stocks. The Nasdaq fell 5.5%, while the Philadelphia Semiconductor Index plunged 12.2%. Looking deeper, the trigger was the U.S. midterm elections: markets began worrying that AI and data centers could face tighter regulation, prompting a broad sell-off in U.S. tech stocks and wiping out $2.5 trillion in market value in a single day.

South Korea suffered the steepest losses because of the structure of its own stock market. The KOSPI is heavily weighted toward semiconductors, with Samsung and Hynix serving as bellwethers. When U.S. tech stocks collapse, South Korea’s market sits right at the front of the resulting sell-off chain, so its losses are naturally deeper than those in other Asian markets such as Japan’s Nikkei.

So this sell-off wasn’t caused by some independent piece of bad news in South Korea. Rather, fears over AI regulation in the U.S. were transmitted directly to Asia’s semiconductor supply chain. In the short term, sentiment and leverage are both driving the sell-off. Over the longer term, the key question is whether AI regulation will lead to substantive policy changes.

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$BTC #韩国KOSPI下跌触发熔断 $SKHYB $NVDAB

This is an objective summary based solely on public information and market mechanisms, and does not constitute investment advice.

Musk’s fortune evaporated by over $100 billion in two days. What happened?

On November 6, Beijing time, data from Forbes and Bloomberg showed that Musk’s personal wealth had fallen below $800 billion. Since the U.S. midterm elections, his net worth has shrunk by more than $100 billion in total, including a loss of about $91.2 billion in a single day on Thursday.

The immediate cause was a sharp drop in Tesla and SpaceX shares. The two companies lost a combined total of more than $450 billion in market value over two days.

At the heart of the decline is the impact of political risk. Musk is a major Republican donor, having contributed more than $470 million, but Democrats ultimately took control of both the House and the Senate. The market is concerned that Musk’s companies could face tighter regulation and congressional investigations, particularly his plans to expand AI data centers and chip factories in Texas, which may encounter policy hurdles. After Texas “turned blue,” the new governor called for a pause on approvals for new data centers, directly threatening SpaceX and Tesla’s local operations.
In my view, this drop in wealth isn’t due to problems with the companies’ fundamentals; rather, the market is repricing “political uncertainty.” Musk is still the world’s richest person, with a net worth about $420 billion greater than that of runner-up Jeff Bezos. But the real variable to watch is whether regulators take substantive action. In the short term, sentiment is driving down valuations; over the long term, it remains to be seen whether the policies will actually be implemented.

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$BTC #中期选举 $TSLAB $SPCXB

This is an objective summary of publicly available information and relevant mechanisms, and does not constitute investment advice.

China’s State Council General Office announced the 2027 holiday schedule on November 5. The main change this time is that there are indeed fewer adjusted workdays.

First, the key dates. New Year’s Day: January 1–3, with no adjusted workdays. Spring Festival: February 5 (Lunar New Year’s Eve)–13, for a nine-day break; people will make up for this by working on the Sundays of January 31 and February 14. Qingming Festival: April 3–5, with no adjusted workdays. Labor Day: May 1–5, for a five-day break; people will work on Saturday, May 8. The Dragon Boat Festival and Mid-Autumn Festival both fall on a Wednesday, so each gets one day off, with no adjusted workdays. National Day: October 1–7, for a seven-day break; people will work on September 26 and October 9.

Here’s how it works. There are fewer adjusted workdays mainly because several holidays happen to fall on weekends or in the middle of the week, on a Wednesday. They can simply be observed as holidays without shifting other weekends to create longer breaks. Although the Spring Festival holiday lasts nine days, two weekend days—one before and one after—are still designated as workdays to avoid having people work seven consecutive days after the holiday.

In my view, this schedule strikes a balance between “creating more consecutive holidays” and “reducing disruption.” The immediate benefit is that the longest stretch of consecutive workdays throughout the year is limited to six, which is more comfortable than the seven-day stretches seen in some previous years. The trade-off is that make-up workdays are still unavoidable around major holidays such as the Spring Festival, Labor Day, and National Day, when longer breaks are arranged. In the short term, there’s less disruption; in the long term, the adjusted-workday system hasn’t really been phased out.

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#中国 $BNB $BTC $ZEC

This is only a summary of publicly available information and does not constitute investment advice.

Bloomberg broke the news on November 5 that the Kazakh government had put up around $100 million to invest in several crypto funds, including Brevan Howard Digital. But neither Kazakhstan’s central bank nor its own national crypto fund, Alem Crypto Fund, has publicly confirmed the deal so far, and there’s still no official announcement.

Kazakhstan’s move to invest state capital in crypto has actually been in the works for some time. Established in September 2025, the Alem fund had already bought BNB through Binance Kazakhstan. The central bank is also assessing whether to allocate $300 million to $350 million from its reserves to crypto assets, but it’s taking a conservative approach: its first choice is to buy ETFs and tech stocks rather than directly purchase tokens. Its target is to build a $500 million to $1 billion national crypto reserve by early 2026.
So this $100 million investment isn’t coming out of nowhere; it’s most likely part of the implementation process. My take is that the approach to using state funds is clear: don’t deal directly in spot crypto, but invest through professional crypto funds or buy indirect products. This lowers compliance risks, but transparency suffers. The key question now is whether officials will later disclose exactly where the money is going and who the fund managers are. In the short term, this looks like a trial run. In the long term, we’ll have to see whether this national crypto reserve can operate transparently.

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$SOL $BTC #据报哈国政府投1亿美元加密基金

This is an objective summary based solely on publicly available information and mechanisms, and does not constitute investment advice. $ETH

On November 5 and 6, U.S. stocks and crypto markets were hit hard at the same time.

The numbers make it clear. The S&P 500 fell 2.7%, and the Nasdaq dropped more than 4%. Bitcoin plunged from above $80,000, hitting a low of $75,463, down more than 6% in 24 hours. Ethereum fell to around $2,230, down more than 7%. Liquidations of leveraged positions were also brutal: in the first hour after the U.S. stock market opened, nearly $500 million was liquidated in crypto markets, bringing the 24-hour total close to $850 million. Crypto-related stocks fell even harder: Coinbase dropped more than 9%, MicroStrategy (MSTR) fell more than 10%, and Circle lost more than 11%.

Why did prices fall so sharply? The trigger was the U.S. midterm elections, in which the Democrats swept both chambers of Congress. Markets immediately began repricing assets. The biggest concern was that with the Democrats in power, regulation of AI and data center construction might tighten. The high valuations of tech stocks had previously been supported by these sectors. Now that expectations have changed, tech stocks were sold off first, sending the Nasdaq sharply lower.

In this chain of events, crypto assets were treated as high-beta risk assets. As large investors sought safety and risk appetite declined, crypto markets were dragged down too. On top of that, bullish traders had taken on too much leverage, and once prices broke through key levels, cascading liquidations magnified the losses. Meanwhile, geopolitical tensions in the Middle East pushed oil prices back above $90, further suppressing overall risk appetite.


One distinction is important: this isn't an independent negative catalyst specific to crypto markets, but a broad contraction in risk appetite. Selling pressure in stocks has been noticeably greater than in spot markets. Keep an eye on two upcoming factors: the October nonfarm payrolls report, due out soon, and whether AI regulations will actually be implemented. If the rhetoric proves stronger than the action, selling pressure may ease. But if policy measures do emerge, the linked decline in tech stocks and crypto could persist.

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$BTC #美股走弱，加密货币市场普遍承压 #中期选举

This is an objective overview based solely on public information and market mechanisms, and does not constitute investment advice. $ETH $SOL

On November 5, Hong Kong Wen Wei Po reported on the results of Cyberport’s “Blockchain and Digital Asset Pilot Subsidy Scheme.” Christopher Hui, Acting Secretary for Financial Services and the Treasury, revealed that by the end of June this year, the scheme had funded nine pilot projects, facilitating the tokenization of assets worth a total of HK$230 million.

Six of the nine projects have already been put to commercial use. They cover a broad range of areas, including real-world asset (RWA) tokenization, payment and stablecoin infrastructure, and security and risk management. Meanwhile, assets under management in Hong Kong’s tokenized retail products reached around HK$10.3 billion over the same period. These include tokenized money market funds and gold ETFs.

The money isn’t handed out as direct subsidies. The government selects projects through Cyberport and funds them to help move from proof of concept to real-world commercial applications. The fact that six projects have made it into commercial use shows that this approach can work.


HK$230 million is not a large sum in the context of the broader financial system. The key point is not the amount, but that a compliant pathway has been validated. Hong Kong’s current approach is to let institutions and regulated pilots test things first, and consider scaling up once the model has been proven. The next things to watch are whether the six commercial projects can generate sustainable transaction volumes and whether a second round of the subsidy scheme will be opened.

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#香港资助计划促成2.3亿港元代币化 $BTC $ETH $BNB

This is an objective summary of publicly available information and mechanisms only and does not constitute investment advice.

On November 5, the South Korean government announced plans to postpone the implementation of its crypto asset income tax by another two years, from the originally scheduled date of January 1, 2027, to 2029.

This is already the fourth delay since the policy was legislated in 2020.

The key figures in the new proposal remain unchanged: the tax rate stays at 22% (including local taxes), and the tax-free threshold is annual gains exceeding 2.5 million won (about $1,869). One new detail has been added: investors may be allowed to carry losses forward for up to three years to offset future gains.

Why does it keep getting pushed back? The most immediate reason is the timeline in the United States. South Korea plans to begin exchanging virtual asset tax information with the US in 2029. If the tax is introduced before then, authorities will be unable to check the records of overseas transactions. The result would be that domestic transactions are dutifully taxed while overseas transactions slip through the net—a situation that would be unfair to local investors.
In addition, detailed tax rules and the digital asset bill are still being developed. The government plans to establish a joint public-private task force to flesh out the tax system in the first half of 2027, then submit the amendments.

Put simply, this is a compromise between “tax fairness” and “market competitiveness.” Without a reliable global tax information network (CARF) in place, imposing the tax prematurely would likely drive funds and investors toward overseas platforms with looser regulations. Pushing the date to 2029 means waiting until the global tax information exchange network is largely in place before taking action. In the short term, it’s another two-year delay; in the long term, it’s a wait for conditions that will make the tax genuinely workable.

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$BTC #韩国寻求将加密税推迟至2029年 $SOL $ETH

This is an objective summary based solely on public information and mechanisms, and does not constitute investment advice.

On November 2, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui announced at Hong Kong FinTech Week that the city plans to launch gold tokens.

To be clear, this isn’t “paper gold” for retail investors to speculate on. Each token corresponds directly to one standard 400-ounce gold bar (about 12.44 kilograms), with the Hong Kong gold reference price, HAU, as its pricing benchmark.

The project is being developed under the Hong Kong Monetary Authority’s Ensemble framework (the e-HKD pilot programme) and involves tokenized transactions in the interbank wholesale market. Tokenized deposits will also be introduced to support settlement. The entire process will use delivery-versus-payment (DvP), with the aim of reducing interbank settlement risk.

As for the timeline, Hong Kong’s central gold clearing and settlement system began trial operations in July this year, with formal launch targeted for the first quarter of 2027.

I think the real significance here isn’t the issuance of tokens, but the groundwork being laid. The 400-ounce bar is an international standard, and HAU is a local pricing benchmark. Bringing the two together is an attempt to build a regulated digital gold channel for interbank settlement, anchored to Hong Kong pricing.

But it’s important to distinguish an interbank project from a publicly tradable product. The details disclosed so far focus on institutional users. How retail investors might gain access, whether there will be liquidity in the secondary market, and what the technical standards on-chain will be have not yet been discussed. So for now, what we have is a framework, not a finished product.
Two things to watch next: the virtual asset regulation bill to be submitted to the Legislative Council before the end of the year, and whether the system can generate real interbank transaction volume after its launch in 2027. In the short term, it’s about turning a concept into reality; in the long term, it remains to be seen whether institutions will buy in.

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#香港 #香港拟推400盎司金条黄金代币

This is an objective overview based solely on publicly available information and the mechanisms involved. It does not constitute investment advice. $XAU $BTC
$TRUMP

Mainland China is currently conducting nationwide financial inspections of Buddhist temples and Taoist temples. This is real, and it is part of a regular, ongoing special campaign.

In terms of scale, the inspections cover approximately 33,500 Buddhist temples and 9,000 Taoist temples across mainland China. As of April this year, more than 500 sites had already been shut down for rectification.

The main focus of the inspections is money. Tax authorities have put temples with annual revenue of around 5 million yuan (approximately US$700,000) on a separate list as key targets for tax audits.

The rules are also clear. Under the revised 2025 Measures for the Financial Management of Religious Activity Sites, twelve government departments are working together to enforce the rules. The red lines are: operating temples under contract is strictly prohibited, all forms of capital operation are banned, and sites with annual revenue exceeding 5 million yuan must undergo an independent third-party audit.
Cases reported from various regions reveal very specific problems. Some sites deposited their income into personal accounts, failed to record donations from offering boxes, did not use standardized receipts, and kept disorganized accounts. Local authorities are also taking firm action: in places such as Guangzhou and Chengdu, they have brought in third-party auditing firms to examine the books. For example, Shaolin Temple has canceled fee-based ceremonies and ticket sales, while seven illegal sites have been shut down in Mount Wutai.

Put simply, this is about drawing a firm line between places of spiritual quietude, as they should be, and businesses that are excessively commercialized or even involved in illegal fundraising. In the past, some places operated temples like businesses, running pooled-fund schemes or engaging in reckless fundraising. Now, the movement of funds is under strict supervision. For those concerned with financial compliance and anti-money laundering, this is a very clear signal: regardless of the guise they operate under, non-compliant fund pools are being cleaned up at an accelerating pace. Religious sites are not beyond the law, and financial transparency is a step that had to be taken sooner or later.

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#中国 $BNB $BTC $TRUMP

This is an objective overview based solely on publicly available information and mechanisms, and does not constitute investment advice.

On the evening of November 5, Zcash’s NU7 upgrade officially activated. The upgrade came with a tangible cost: about 12,226 ZEC, worth roughly $16 million at the time’s price of $1,300, are now stuck in the Sprout pool and can’t be transferred out.

The reason is straightforward. Sprout was Zcash’s first privacy pool when it launched in 2016, and assets could only be transferred out of it using Version 4 transactions. The central change in the NU7 upgrade was to disable Version 4 outright. Once the network updated, even people with the private keys could no longer initiate transfers, effectively locking those coins away permanently. During the window before the upgrade, 9,094 ZEC were urgently transferred out on Sunday, but the rest didn’t make it.

The upgrade was intended to modernize the network, for example by shortening block times from 75 seconds to 25 seconds. Zcash has a ZIP 2003 proposal that leaves open a theoretical possibility of recovering these assets through another upgrade in the future. But the proposal also explicitly warns that these assets may never be used again.
Put simply, for holders who still had assets in the Sprout pool, this was a hard deadline. Once the window closed, the assets’ liquidity dropped straight to zero. The technical upgrade was necessary, but some holders are bearing a very real cost.

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$ZEC #Zcash预计NU7升级致1600万美元ZEC无法转出

This is an objective summary based solely on publicly available information and mechanisms, and does not constitute investment advice.$BTC $TRUMP

On November 5, the yield on 10-year U.S. Treasury bonds fell to 4.845% intraday, its lowest level in nearly two months. Trading Economics reported it at around 4.85%, while the precise market quote tracked by domestic media such as CLS was 4.845%. The figures are consistent, so this is real.

Why did it fall so quickly? The immediate reason was the midterm elections. The Democrats won both chambers, resolving a major source of political uncertainty, and funds flowed straight into bonds and stocks. In addition, the election results eased tensions in the Middle East, sending oil prices sharply lower. That slightly eased inflation concerns and put further downward pressure on yields. Yields had already fallen by nearly 10 basis points on Wednesday, and Thursday’s move was a continuation.

One thing to be clear about, though: falling yields don’t mean the market is betting that the Fed will cut interest rates. The probability of a rate hike in December is still priced at around 79%. At its core, this decline reflects the removal of a political risk premium, not a shift in monetary policy expectations.


Next up is Friday’s jobs report. ADP data previously showed that private-sector employment remained resilient. If nonfarm payrolls don’t show a clear slowdown, there may not be much room for Treasury yields to fall further. In the short term, this decline looks more like an event-driven correction. Whether it continues will depend on how the jobs data turn out.

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$BTC #中期选举 #美国10年期国债收益率跌至4.845%

This is an objective summary of publicly available information and mechanisms only, and does not constitute investment advice.
$BNB $ZEC

Strategy’s floating-rate perpetual preferred stock, STRC, hit $100 intraday on November 4 for the first time since May this year. It slipped slightly to $99.98 at the close, then climbed back above $100 in after-hours trading.

You could say this price was propped back up with a lot of money. STRC once fell to a low of $71.25 in June. To bring the price back near par, Strategy had spent about $2.25 billion on open-market repurchases by November 1. In addition, in late October the company passed a resolution with 99.3% of shareholders voting in favor of changing dividend payments from once every two weeks to daily. This eliminated the technical price drop that occurred on each ex-dividend date. The annualized dividend yield currently stands at 12%.

The $100 mark is a key threshold: it is the issuance floor set by Strategy itself. The company’s policy is not to issue new STRC below its $100 par value. Since the price had stayed below par for the past few months, the company did not raise funds by selling STRC in the third quarter.


Put simply, STRC is a channel for raising funds to buy Bitcoin. Now that the price has returned to $100, that channel has, in theory, reopened.

But one point needs to be made clear: the price touching $100 does not mean the company has automatically started issuing new shares. Whether it issues shares, and in what amount, will depend on the company’s actions from here. In the short term, this is a price recovery; over the longer term, we’ll have to see whether this financing channel can genuinely get up and running again.

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$BTC #Strategy旗下STRC自5月以来首次触及100美元 $ETH $TRUMP

This is an objective summary of publicly available information and mechanisms only, and does not constitute investment advice.

The TRUMP token fell 18.1% over the past 24 hours, hitting a low of $1.22 and setting a new all-time low.

It is currently trading around $1.25. Compared with its peak of $73.43 in January 2025, it has fallen by more than 98%.

This decline is directly linked to macro-political events. Multiple media outlets have reported that after Democrats won control of Congress in the U.S. midterm elections, market expectations for Trump-related assets shifted, triggering sell-offs in political meme coins such as TRUMP. At the same time, major assets like Bitcoin and Ethereum were rising—a striking contrast.
My own view is that the pricing of meme coins like these depends heavily on narratives and sentiment. When the core narrative faces a substantial negative catalyst, capital can exit very quickly. Without the momentum of a hot-button event, these assets lack substantial fundamental support, and their subsequent performance depends entirely on market sentiment, making capital speculation highly risky. When following these assets, keep a close eye on large holders’ positions, and don’t be lured in by short-term rebounds.

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$TRUMP #TRUMP代币24小时跌18.1%创历史新低 $BTC $ETH

This is an objective summary of publicly available information and mechanisms only, and does not constitute investment advice.

On November 4, the U.S. District Court for the Southern District of New York denied an emergency request, meaning single-stock perpetual futures contracts can continue trading on U.S. exchanges for now.

This began on November 3, when the CFTC cleared this type of product. Prediction platform Kalshi launched the first four single-stock perpetual contracts that same day, based on Amgen, McDonald’s, Qualcomm, and Costco. These contracts have no expiration date, trade around the clock, and come with built-in leverage. In plain terms, they let people make leveraged bets on individual stock prices even after the U.S. stock market has closed.

That same day, the Capital Markets Alliance (CMA), representing institutions including Cboe and Citadel Securities, filed a lawsuit seeking a temporary restraining order to halt the contracts.

Judge Valerie Caproni denied the request. Her reasoning was straightforward: the plaintiffs had failed to show that launching these contracts would cause their members “imminent and irreparable harm.”


But I think the point really worth watching is what the judge left open. In her ruling, she noted that the CMA’s claim that the CFTC had exceeded its authority “may well succeed.” The contracts, she said, may be more akin to swaps regulated by the SEC than to security futures as classified by the CFTC. That said, this observation does not affect the ruling for now, and the products can continue trading as usual.

So here’s where things stand: the platform can continue operating, but the dispute over regulatory authority will have to be resolved through a full hearing on the merits. The courts will ultimately decide where the boundaries lie between the CFTC’s and SEC’s jurisdictions. In the short term, the products are live; in the long term, the regulatory framework remains unsettled.

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$BTC #法院驳回暂停个股永续合约请求

This is an objective summary of publicly available information and the relevant mechanisms, and does not constitute investment advice.$ETH $TRUMP

On November 5, South Korea’s Financial Services Commission announced plans to issue new guidelines requiring the “immediate reporting” of crypto security incidents.

Under the previous rules, virtual asset service providers (VASPs) only had to report security incidents to the Korea Internet & Security Agency (KISA). The new rules will expand the list of recipients, requiring reports to be sent to both the Financial Supervisory Service and the Financial Security Institute.

The reporting deadline will also be strict: incidents must be reported “immediately” after discovery, and reports must clearly state when the incident was discovered, what happened, and the expected types and scale of losses.

The key change is that regulatory involvement will begin earlier. Previously, the focus was on filing reports after the fact; now, companies will have to report incidents as they unfold, so financial regulators know what is happening right away. The message is clear: don’t wait until the situation has escalated to report it.

Alongside the immediate-reporting guidelines, officials also outlined longer-term plans. They intend to introduce a Digital Financial Security Act, aiming to complete the legislation and submit it in the first quarter of 2027. The proposed act would impose stricter security requirements on industries including VASPs and insurance agencies. In conjunction with these rules, officials also plan to conduct comprehensive security inspections of around 580 financial companies.


Officials say the reason is that virtual assets are becoming increasingly intertwined with traditional finance, so incident information needs to reach regulators quickly to enable timely investigations and consumer protection. In plain terms, crypto incidents can no longer be reported only within a small circle; financial regulators must be kept informed at the same time.

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#韩国拟设加密安全事件即报规则 $BTC

This is an objective summary of publicly available information and mechanisms, and does not constitute investment advice. $BNB $TRUMP

On November 4, ADP reported that U.S. private-sector employment increased by 86,000 in October, above market expectations of 65,000 to 69,000. September’s figure was revised down from 90,000 to 86,000, leaving the two months effectively flat. Hiring momentum cannot be called accelerating, but it did not stall as sharply as the September nonfarm payrolls figure, which showed an increase of just 29,000.

By sector, nearly all the growth came from services. Trade, transportation and utilities added 39,000 jobs; education and health services, 28,000; leisure and hospitality, 19,000; and financial activities, 15,000. But professional and business services shed 27,000 jobs, contracting for a third consecutive month. Weakness in white-collar jobs was the clearest sign of divergence in the report.

As for pay, base wages for workers who stayed in their jobs rose 3.0% year over year, while wages for job changers rose 4.8%, the fastest pace since March 2024. ADP Chief Economist Nela Richardson said that, beyond base pay, job changers were also attracted by a combination of bonuses, overtime and increased hours.


The impact of this data on interest-rate expectations is worth watching. Before the release, markets had already priced in a December rate hike to a considerable extent. After ADP’s stronger-than-expected report, there was little reason to dial back those expectations: the private sector had not collapsed, and wages remained sticky. ADP’s methodology differs from that of the official nonfarm payrolls report. It draws on anonymized payroll data covering more than 26 million private-sector employees, so it should not be treated as a precise forecast of Friday’s payrolls figure. Still, it adds further evidence to the narrative that “the labor market is cooling gradually, rather than breaking down.”

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$BTC #ADP美国10月私营就业增加8.6万人 $TRUMP $ETH

This is an objective summary of publicly available information and relevant mechanisms only; it does not constitute investment advice.

98% of assets have been replenished. The remaining 2% is the real challenge.

On November 4, Binance published an update on the recovery from the security incident. The announcement confirmed that approximately 98% of the affected user assets had been replenished. The platform had set aside its own funds worth more than 100% of the total to cover the shortfall.

The incident involved approximately $6.3 billion in assets across multiple blockchains, including 1.77 billion USDT, 18,270 BTC, and 460,000 ETH. According to Arkham records, issuers have frozen approximately $2.8 billion of those assets.

Why has the remaining 2% taken so long?

According to the official explanation, most of the unreplenished assets are small-cap tokens with low liquidity. Binance needs to continue buying them through market channels and over-the-counter (OTC) trades. This isn’t a matter of insufficient funds: reserves make it possible to quickly replace large-cap assets, but there simply aren’t as many sell orders for smaller tokens. Sweeping the market would send prices soaring, while finding OTC counterparties takes time.

There’s another development worth noting. On the same day, Binance completed a new Proof of Reserves (PoR) snapshot, increasing the number of covered tokens from 10 to 44. Once the ZK proofs are generated, users will be able to verify for themselves whether their balances are backed at least 1:1. The 98% figure in the announcement comes from the platform, but PoR provides on-chain data that anyone can check.


As for the cause of the incident, an initial investigation points to an engineer’s laptop being compromised. The attacker used it to submit unauthorized withdrawal transactions. So far, there’s no indication that private keys were leaked. The FBI has attributed the attack to a hacking group linked to North Korea; a detailed technical report is still pending.

If you hold any of the affected assets, we recommend checking your balance on the PoR page yourself—it’s more reassuring than relying on the percentage in an announcement.

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$BNB #币安安全事件恢复进展：98%被盗资产已回填

This is an objective summary of publicly available information and mechanisms only, and does not constitute investment advice.$BTC $TRX

Hong Kong’s Legislative Council formally passed the Inland Revenue (Amendment) (Crypto-asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 on November 4. Put simply, tax information on crypto-asset transactions in Hong Kong will have to be transparent from now on.

Here’s the specific timeline. The new rules will take effect on January 1, 2027. By 2028, the Hong Kong Inland Revenue Department will formally begin the automatic exchange of tax information with other jurisdictions.

How will this work in practice? The main measure is to implement the OECD’s Crypto-Asset Reporting Framework (CARF). From now on, licensed crypto exchanges and other service providers in Hong Kong will have to conduct due diligence on their clients to establish where they are tax residents. If you are found to be a tax resident of another jurisdiction, your transaction information will have to be reported to the Hong Kong Inland Revenue Department, and the authorities will then exchange it with the relevant countries. To ensure compliance, an “administrative penalty” has also been introduced: anyone who fails to register or keep records as required will be subject to an administrative fine, without having to go through lengthy criminal proceedings.


The message is clear. Previously, Hong Kong’s focus on the crypto sector was mainly on anti-money laundering and exchange compliance; now it is extending into taxation. This is not just about collecting taxes—it is also about aligning with the rules of the OECD and preventing Hong Kong from being used as a haven for cross-border tax evasion.

For ordinary retail investors and large investors alike, tax information will be highly transparent when using compliant platforms in Hong Kong. For exchanges, the costs and pressures of compliance reporting will undoubtedly increase.

If you’re also interested in Web3 compliance and developments in Hong Kong policy, follow me for more news and updates.

#香港通过加密资产申报框架修订

Disclaimer: The above content is compiled from the Hong Kong Legislative Council and publicly available documents. It is provided solely to summarize facts and discuss information, and does not constitute investment or tax advice.$BTC $ETH $US

It’s settled: mainland China will not bid to host the 2036 Summer Olympics. On November 2, the International Olympic Committee officially confirmed that the window for submitting expressions of interest had closed. Seven countries made the final shortlist, and China was not among them.

Here are the seven shortlisted countries: Germany, Hungary, India, Qatar, South Korea, South Africa, and Turkey.

Let’s go over the timeline. The preliminary list of these seven countries was announced publicly as early as October 6. On October 31, the IOC’s bidding window officially closed, and no further applications were accepted. November 2 marked the completion of the confirmation process, finalizing the list. Next, the seven countries will make online presentations this month, complete feasibility assessments by March 2027, and then have the final host selected by a vote at the IOC Session in mid-2029.

Why isn’t China bidding? The math is pretty straightforward. Hosting the Olympics is no longer a “surefire way to make money.” Venue construction, security, and urban infrastructure can easily cost tens of billions of dollars, and there are plenty of examples of venues sitting idle and running at a loss after the Games. The IOC itself is doing all it can to retain bidders, promoting “cost-conscious Games” and greater use of existing venues.
For Chinese decision-makers, the 2008 Beijing Summer Olympics and the 2022 Winter Olympics have already taken China’s international image and infrastructure to a new level. Now, spending money where it matters—on people’s livelihoods, industrial upgrading, or regional events like the recent National Games of the Guangdong-Hong Kong-Macao Greater Bay Area—clearly offers better value and tangible returns than pushing to host another Olympics.

Among these seven countries, India and Qatar are relatively enthusiastic, while many of the others also face pressure over budgets and public opposition. China’s decision not to get involved is a pragmatic one.

If you’re also interested in the international sports landscape and broader trends, follow me for more updates.

#2036奥运会

Disclaimer: The above content is compiled from publicly available IOC information and media reports. It is intended solely to summarize facts and discuss information, and does not constitute investment advice of any kind.$BTC $ETH $XAU