On November 18, Sentora (formerly IntoTheBlock) stated that Bitcoin long-term holders typically accumulate during bear markets and distribute during bull markets, forming a 'cup-shaped' cyclical pattern. This round of decline has been slower, and long-term holders have not actively 'buy the dip,' indicating that cyclical behavior is undergoing changes. The increase in institutional funds, structured products, and regulated investment tools is influencing the timing and manner of market demand. Recently, cautious market sentiment has suppressed spot buying pressure, with noticeable selling pressure emerging over the past two weeks. In the long term, Bitcoin bear markets may still occur, but their characteristics may rely more on valuation, investment mandates, and risk frameworks rather than panic and euphoria. The participation of professional capital may help the market establish a more solid bottom, but downside risks still exist. Future price trends may depend more on the scale of professional capital positions and the timing of their accumulation.

[Cloudflare Suspected of Being Attacked, Global Websites Crippled] Cloudflare is suspected of being attacked, causing a large number of websites worldwide to experience outages.

Pendle released its 2025 Q3 report, showing a total value locked (TVL) of $8.75 billion, a quarter-over-quarter increase of 118.8%, with stablecoins accounting for over 80%. Nominal trading volume reached $23.39 billion, a quarter-over-quarter increase of 236.1%, with September's monthly trading volume hitting a record high of $11 billion. Protocol revenue was $9.14 million, and fees totaled $9.53 million, representing quarter-over-quarter growth of 54.1% and 58.0%, respectively. The average APR for vePendle holders ranged between 35%-40%. Monthly active users increased to 29,200, spanning 8 blockchains, with Ethereum and HyperEVM being the primary hubs for users. Pendle is now the second-largest protocol on the Plasma chain, with a TVL nearing $1 billion, accounting for 30% of the chain's total locked value. Pendle plans to expand to non-EVM ecosystems like Solana in Q4, add support for Boros assets, optimize limit order functionality, and advance the implementation of permissionless and compliant versions of the protocol.

[This Week's Non-Farm Payroll Data May Be Key to the Market, International Spot Gold Rebounds to the 4000 Mark] The market is focusing on the impact of this week's non-farm payroll data on the trend. International spot gold quickly rebounded from the 4000 mark, with the dollar's rally being hindered considered as one of the reasons.

**[U.S. Senators Call for Investigation into Trump Family-Linked Crypto Company WLF]** U.S. Senators Elizabeth Warren and Jack Reed have sent a letter to the Department of Justice and the Department of the Treasury, requesting an investigation into the cryptocurrency company World Liberty Financial (WLF), which is closely associated with the Trump family. WLF has been accused of allegedly selling its WLFI tokens to entities linked to illicit actors in North Korea, Russia, and other regions, potentially posing national security risks. A report by the nonprofit organization Accountable.US claims that WLF sold tokens to "highly suspicious entities" that have connections to sanctioned North Korean hacker group Lazarus Group, Russian sanction-evasion tools, Iranian crypto exchanges, and Tornado Cash. According to WLF's website, Eric Trump, Donald Trump Jr., and Barron Trump are listed as co-founders, while the entity DT Marks DEFI LLC holds a majority stake in WLF and is entitled to 75% of the token sales revenue. The senators argue that this could allow illicit actors to influence WLF's governance and warn of its lack of effective sanctions compliance and anti-money laundering controls.