A trader spent $63000 to purchase FRIC with a total supply of 29.7%, earning over $1.5 million in less than an hour

BlockBeats news, on November 25th, QCP released a daily opinion stating that yesterday, the cryptocurrency market fell and over $100 million worth of BTC and ETH positions were liquidated on major exchanges. However, BTC and ETH are still trading steadily above key support levels (95000 and 3200 respectively). Despite the weekend market correction, the long-term volatility remains relatively high. The market seems to expect BTC to consolidate sideways before December, while the focus in the short term shifts to ETH. The risk reversal of ETH still heavily favors short-term call options, while the demand for BTC call options is mainly concentrated after December 27, 2024, driven by the potential impact of Trump's pro crypto policies, which are expected to take effect as early as later next year. As we mentioned last week, if BTC continues to fail to break through 100000, there may be a trend of funds shifting from BTC to ETH and other altcoins. In fact, this situation has already begun to occur. In the past week, the market value of BTC has decreased from 62% to 59%. Despite the sustained strong inflow of funds from spot ETFs and the bullish trend of IBIT options supporting BTC, it seems that BTC is still struggling to move forward in the face of a huge 100000 sell order wall.

The main large order is displayed on the K line in the form of a horizontal line, the thicker the line means the larger the pending order amount, and the longer the line represents the longer the pending order time

Odaily Planet Daily News: Formula News published an article stating, "To insider traders participating in the listing of Binance perpetual contracts, please sell your chips slowly next time. The WHY and CHEEMS crashes caused by you this time are 100% negative returns for all participants in the trading, and you are undermining the trading sentiment." Earlier, Binance announced the launch of the 1000WHYUSDT and 1000CHEEMSUSDT perpetual contracts, which subsequently triggered a short-term drop in WHY and CHEEMS and sparked intense discussions in the community.

According to Ki Young Ju, founder and CEO of CryptoQuant, approximately 4.43 million ASIC mining machines are currently providing computing power support for the Bitcoin network, driving the network's computing power to a historic high. This growth mainly comes from the increase in the number of mining machines, rather than the improvement of chip performance. Since the beginning of this year, the number of mining machines has increased by 826000 units, a year-on-year growth of 23%.

Odaily Planet Daily News: According to Onchain Lens monitoring, a newly built wallet withdrew 552 BNB (363000 US dollars) from Binance yesterday, bought 1.17 trillion WHY, and transferred all of them to Gate.