[High-Position WBTC Address Sells Another 100 Tokens, Total Unrealized Loss Around $30.91 Million] Crypto analysis reveals that address 0x4ED...bC853 had built a position in WBTC at a high price of $116,500 in early November. 11 hours ago, it sold 100 WBTC at an average price of $91,333.4, with a transaction amount of approximately $9.13 million, resulting in a loss of about $2.517 million. Previously, this address sold 17,497 ETH in batches between November 17 and 21, with a total loss of $18.4 million. Currently, the address still holds 1,210 WBTC (valued at approximately $110 million), with an unrealized loss of around $30.91 million.

[Binance Alpha Users Can Claim 400 VSN Token Airdrop] Binance Alpha has opened the Vision (VSN) token airdrop for claiming. Users must have at least 252 Alpha points and can claim 400 VSN tokens on a first-come, first-served basis. If the reward pool is not fully distributed, the points threshold will automatically decrease by 5 points every 5 minutes. Claiming the airdrop will consume 15 Alpha points, and users must confirm the claim on the Alpha event page within 24 hours; otherwise, it will be considered forfeited.

**[Hyperliquid Activates Auto-Deleveraging System to Optimize Risk Management]** Decentralized perpetual contract exchange Hyperliquid has announced the full implementation of its Auto-Deleveraging (ADL) system, introducing a higher level of risk management mechanism to its perpetual contract market. The ADL system is triggered when the insurance fund cannot fully cover losses, partially or fully reducing positions with high leverage and high unrealized profits to balance market losses and prevent market imbalances caused by cascading liquidations. Hyperliquid stated that ADL is only activated under extreme market volatility and has undergone internal stress testing and simulations to verify its effectiveness. This upgrade also optimizes margin checks, bankruptcy handling, and real-time risk assessment functions, while adding new dashboard metrics to help users monitor their ADL risk levels and adjust leverage accordingly. Hyperliquid plans to expand its insurance fund, increase data sources, and introduce market risk mitigation incentives in the future.

[Matrixport: Bitcoin at a Critical Turning Point, Market Uncertainty Increases Due to Multiple Interwoven Factors] Matrixport's daily chart analysis highlights that Bitcoin is currently in a rare phase where positions, market sentiment, and macro policy factors are colliding simultaneously. Although implied volatility has significantly declined and demand for crash protection has weakened, Bitcoin's price remains below a historically challenging key level. At the same time, an important on-chain cost basis indicator is being tested, which has often served as the dividing line between 'panic' and 'deep value' in the past. The Federal Reserve's tone shift has triggered a surge in rate cut expectations, but historical data shows that this phase often leads traders to misjudge market trends. Seasonal patterns and trend structures point in different directions, both supported by data.

[On-chain data shows BTC facing resistance in multiple ranges, with significant accumulation in the $84,000-$85,000 range] On-chain data analyst Murphy stated that the CBD (Cost Basis Distribution) heatmap indicates that the most densely concentrated resistance ranges for BTC are $94,000-$98,000 and $101,000-$118,000. Among these, $98,000 is the historical fair price, and $104,000 is the average cost for short-term holders. Recently, approximately 950,000 BTC have been accumulated in the $84,000-$85,000 range. After deducting around 550,000 BTC resulting from Coinbase's wallet reorganization on the 22nd, the remaining 400,000 BTC represent actual turnover, closely related to the recent accumulation behavior of whales during the downturn.