[CITIC Securities: U.S. Stocks May Experience Short-Term Volatility Until December FOMC Meeting] CITIC Securities' research report pointed out that the decline in U.S. stocks on November 20 was driven by macro factors, primarily due to the better-than-expected September non-farm payroll data and hawkish remarks from the Federal Reserve, which triggered profit-taking in the market. Considering the marginal weakening of the U.S. labor market, the December Federal Reserve FOMC meeting may mark the peak of "hawkish panic" sentiment, and the market's trading focus may shift to Trump's nomination battle for the new Federal Reserve Chair. The fundamentals of the AI sector remain solid, and the extreme narrative of an imminent "AI bubble burst" is unlikely to materialize in the short term. U.S. stocks may experience short-term volatility until the December FOMC meeting, with funds potentially rotating into defensive sectors. It is recommended to focus on technology, manufacturing, resource products, energy infrastructure (nuclear power), military industry, internet diagnostics, and financial (banking) sectors.

According to the heat ranking, ZEC's popularity has decreased by 130000 followers compared to yesterday, ranking first. The heat ranking is as follows: ① ZEC （$577.53，16.63%） ② ETH （$2808.90，3.07%） ③ TNSR （$0.1091，-3.45%） ④ ASTER （$1.16，-1.69%） ⑤ SOL （$129.65，2.77%） ZEC's main funds have strong buying power, with a net inflow of $797.128 million in 24 hours and a transaction volume of $4.598 billion in 24 hours, of which the main funds had a net inflow of $3.1853 million.

On November 23, according to monitoring by HyperInsight, 'Calm Order King' shifted from long to short positions, with current short position floating losses of $2.31 million. Specific holdings are as follows: - $41.22 million BTC short position, floating loss of $1.31 million; - $30.15 million SOL short position, floating loss of $680,000; - $10.15 million ZEC short position, floating loss of $530,000; - $6.72 million ZEC short position, floating profit of $210,000. This trader previously turned an initial capital of $3 million into over $30 million in two months. After this large-scale liquidation, there is still an overall profit of $4.8 million.

[Bitwise CIO Focuses on the Potential Market Impact of Ethereum Fusaka Upgrade] Bitwise Chief Investment Officer Matt Hougan stated that amid the current market pullback, many important developments may be overlooked, including Ethereum's planned Fusaka upgrade in December. This upgrade is expected to significantly enhance the token's value capture capabilities and introduce a minimum fee mechanism for Layer 2 data recording. He believes the Fusaka upgrade could become one of the key factors driving a rebound in the cryptocurrency market for Ethereum.

[Bloomberg Intelligence: Recent Bitcoin Decline May Reflect Year-End Weakness in Risk Assets] The latest report from Bloomberg Intelligence indicates that the recent drop in Bitcoin's price, breaking key support levels, may reflect the weak performance of risk assets at the end of the year. The report mentions that Bitcoin's current trend shows an inverse relationship with the volatility of the S&P 500 Index, while predicting potential growth momentum in the market by 2026.