[Singapore MAS Warns of Systemic Risks from Unregulated Stablecoins] The Monetary Authority of Singapore stated that only fully regulated and reserve-backed stablecoins can serve as settlement assets, while unregulated stablecoins show inconsistent performance in maintaining their peg. Additionally, Singapore is preparing legislation and expanding the scope of central bank digital currency pilot projects.

[Bitfarms Q3 Financial Report: Holding 1,827 BTC, Total Liquidity $814 Million] Bitfarms released its Q3 2025 financial report, with approximately 520 BTC mined in the third quarter and 185 BTC sold. As of November 12, Bitfarms holds 1,827 bitcoins, with total liquidity of approximately $814 million, including approximately $637 million in cash and unencumbered, unsold bitcoins.

Gate's spot trading volume reached $163 billion in October, a month-on-month increase of 39.1%, setting a new historical high. Its global spot market share rose to 6.04%, an increase of 0.57 percentage points compared to last month, second only to Binance (28.6%). Since early 2025, Gate's spot market share has cumulatively increased by 3.43 percentage points this year, marking the highest growth among centralized exchanges. In the derivatives market, global derivatives trading volume in October surged to $7.56 trillion, setting a new high for the year. Gate ranked fourth globally with a market share of 10.5%, while its open interest accounted for 9.92%.

台湾正在审查其没收的比特币，以评估在今年年底前建立国家比特币储备的可能性。（Cointelegraph）

[Willy Woo: DXY is More Suitable Than M2 for Evaluating Bitcoin Correlation] On November 13, crypto analyst Willy Woo stated that Bitcoin's price is speculative and often leads the expansion of global M2 supply, serving as a liquidity-sensing mechanism. At the peak of global markets, the S&P Index and Bitcoin tend to top out in advance. Moreover, M2 as an indicator has flaws, as it reflects the strength of the US dollar more than the total amount of fiat currency in the system. In contrast, DXY (Dollar Index) is more reliable when evaluating Bitcoin correlation.