[Binance Releases New Proof of Reserves, BTC Reserve Ratio at 102.11%] Binance has released a new proof of reserves (snapshot date: November 1), showing that user BTC assets total 593,800 BTC, while Binance wallet balances amount to 606,400 BTC, with a reserve ratio of 102.11%. User USDT assets total 34.73 billion USDT, wallet balances amount to 37.32 billion USDT, with a reserve ratio of 107.45%. User ETH assets total 4.0957 million ETH, wallet balances amount to 4.0957 million ETH, with a reserve ratio of 100%. User BNB assets total 37.8822 million BNB, wallet balances amount to 42.7863 million BNB, with a reserve ratio of 112.95%.

[Bitcoin Breaks Through $114,000, Potentially Reversing Quarterly Trend] Analysts point out that Bitcoin needs to rebound by at least 10% to reach the quarterly breakeven price of $114,000 in order to establish an upward trend for the fourth quarter. The current market is experiencing increased volatility and an overall downturn, but experts remain optimistic about Bitcoin's quarterly performance. Daniel Liu, CEO of Republic Technologies, stated that the U.S.-China trade war and the potential U.S. government shutdown crisis are intensifying market caution. Adam Chu, Chief Researcher at GreeksLive, noted that cryptocurrency options data indicates a decline in market liquidity, with neither the bulls nor the bears holding a clear advantage. He predicts that the market will likely remain range-bound in the short term. He also warned that recent default events in the DeFi and stablecoin sectors could be precursors to systemic risks, with potential institutional defaults possibly occurring at any time.

[SEB Predicts Fed Rate Cuts Could Push 10-Year U.S. Treasury Yield Below 4%] SEB's Chief Strategist Jussi Hiljanen predicted in the latest report that the yield on the 10-year U.S. Treasury could drop to 3.8%-3.9% within the next three to six months. He pointed out that if the Federal Reserve ends its quantitative tightening policy in early December, it will further ease the hedging cost pressure on international real funds. At the same time, the narrowing of the policy rate spread will also provide support for the U.S. Treasury market. These factors could collectively drive Treasury yields further downward.

[Federated Hermes Adjusts Prediction of Fed's December Rate Cut, Financial System Remains Stable] Federated Hermes Chief Investment Officer Deborah Cunningham stated that the institution is reassessing its previous prediction of a 25 basis point rate cut by the Federal Reserve in December and expects government data releases to resume soon. She noted that although delays in data releases may lead the market to rely more on limited and outdated information, the fundamentals of the financial system have not changed. U.S. fiscal functions remain unaffected, new bonds are still being auctioned as usual, transactions with the Federal Reserve are unrestricted, and liquidity markets continue to operate smoothly.

[Trump Admits for the First Time That Tariff Costs Are Partially Borne by U.S. Consumers] On November 7, U.S. President Trump admitted for the first time that the costs of the tariffs he implemented might be partially borne by American consumers. This marks a significant shift from his long-standing stance of 'foreign countries paying.' This statement comes at a critical moment when the U.S. Supreme Court is questioning the legality of Trump's tariff authority. Trump warned that if the Supreme Court issues an unfavorable ruling, it would deal a 'catastrophic blow' to the U.S., and stated that the U.S. government must prepare a 'Plan B' in response. He also emphasized that the overall tariff policy has brought significant benefits to the U.S. and is an important tool for resolving international trade conflicts.