[Deribit Executive: Market liquidity has decreased by 15%-20% compared to before the October 11 crash] Lin Chen, Deribit's Head of Business for Asia-Pacific, stated that current market liquidity has decreased by 15%-20% compared to before the October 11 crash. He pointed out that U.S. stocks are currently in a highly volatile earnings season, with capital largely drawn to the U.S. stock market. Although U.S. stocks continue to hit record highs, it is difficult for the market to rally in the short term, and volatility remains high. Lin Chen believes that as long as U.S. stocks remain stable, liquidity diffusion could lead to market activity by the end of the year.

In the past 12 hours, the main force sold large orders with a turnover of $87.07 million, far exceeding the $39.9 million for buying large orders. The net outflow was $47.16 million, with a buy sell ratio of 1:2.18. The main force clearly leaned towards short selling. Combined with the 1-hour cycle K-line, a flat top and top parting pattern appeared, while the KDJ dead cross further confirmed the short-term pullback risk. Although the price is still above the EMA24/52 moving average, the main behavior has released a bearish signal, and caution should be exercised against the possibility of further downturns. Tracking major orders helps you gain early insight into fund trends and accurately capture the intentions of key players! The data is sourced from the PRO member's [BTC/USDT Binance USDT perpetual 1-hour] candlestick, for reference only, and does not constitute any investment advice.

US President Trump has nominated Michael Selig, a pro cryptocurrency lawyer, to serve as the chairman of the Commodity Futures Trading Commission (CFTC), a move that could have significant implications for cryptocurrency regulatory policies. （Cointelegraph）

According to the heat ranking, ZEC's popularity has decreased by 350000 followers compared to yesterday, ranking first. The heat ranking is as follows: ① ZEC （$418.30，-3.23%） ② ZEN （$18.92，-6.57%） ③ DASH （$87.05，26.42%） ④ TAO （$506.62，-5.23%） ⑤ COAI （$1.34，-14.65%） The selling power of ZEC's main funds is average, with a net outflow of $21.4597 million within 24 hours and a transaction volume of $3.953 billion within 24 hours, of which the main funds had a net outflow of $1.1895 million.

[Deloitte China Launches 'Hong Kong LEAP' Strategy, Investing HK$500 Million to Support Fintech] Deloitte China has announced the launch of the 'Hong Kong LEAP' strategy and released the '2025 Hong Kong Economic Outlook White Paper.' Over the next four years, Deloitte China will invest HK$500 million to support the diversification of Hong Kong's economy, with a focus on areas such as fintech, capital markets, and artificial intelligence. The white paper highlights the rapid development of digital finance in Hong Kong, noting that in the first half of 2025, the total transaction volume of digital assets and tokenized assets processed by Hong Kong banks reached HK$26.1 billion. Policies such as the Ensemble Project, the 'Hong Kong Digital Asset Development Policy Statement 2.0,' and the 'Stablecoin Regulations' have already driven the construction of an innovative digital finance ecosystem.