Tether在实物资产代币化（RWA）市场的市值已超过贝莱德，成为该领域新的领先者。（Cointelegraph）

[SPI Asset Management: U.S. Economic Data May Influence Gold Trends] Stephen Innes, Managing Partner at SPI Asset Management, stated that after the U.S. government resumes operations, a batch of important backlogged economic data will be released, including employment and inflation indicators. The market expects this data may weaken, thereby lowering U.S. Treasury yields and reigniting expectations for interest rate cuts in early 2026. This could provide a rebound opportunity for gold, which had previously been affected by rising real yields. He believes the recent pullback in gold prices is more of a position adjustment rather than a trend change, and the outlook for gold remains relatively positive. Investors will focus on U.S. real yields, the movement of the dollar, and the upcoming data.

According to AiCoin monitoring, a large amount of funds flowed out of the US spot BTC ETF market yesterday, with a net outflow of up to $492 million. Among them, IBIT was the largest outflow, with a daily net outflow of $463 million; Next is GBTC, with a total of 25.1 million US dollars. According to the "Spot BTC ETF Tracking" real-time trading strategy developed by AiCoin, there is a significant positive correlation between the inflow of ETF funds and BTC prices. Subscription indicators can be used to automatically place orders based on the flow of funds in the program. Data for reference only

**[Gate Research Institute Report: October Web3 Financing Reaches $5.12 Billion, Up 104.8% Month-on-Month]** Gate Research Institute released the report *"Panoramic Analysis of Web3 Financing in October 2025"*, revealing that the Web3 financing market in October completed 130 transactions, totaling $5.12 billion, a month-on-month increase of 104.8%, marking the second-highest level in the past year. Strategic round financing accounted for over 70%, primarily driven by the explosion of prediction markets and the accelerated integration of CeFi and TradFi. Polymarket led with $2 billion in strategic financing, while the DeFi sector secured $2.15 billion in funding. In the stablecoin infrastructure field, Tempo completed a $500 million Series A financing. Financing amounts were concentrated in the $3–10 million range, accounting for over one-third, while small-scale financing accounted for only 5.9%. Capital flowed toward mature teams and actionable solutions, signaling the industry’s entry into a new cycle of steady growth.

**[BitMEX Research: Strategy's Debt Instrument Design is Unique and Will Not Lead to Forced Bitcoin Sell-offs]** On November 15, BitMEX Research published an analysis of Strategy's $3 billion debt instrument, Stretch. Stretch maintains price stability by adjusting the dividend rate monthly. Strategy can abandon the price stability target and reduce the dividend by up to 25 basis points per month. The current dividend rate of 10.5% may drop to zero within three and a half years, with payment costs decreasing as the dividend rate declines. Dividend payments remain sustainable and affordable. BitMEX Research pointed out that Strategy's innovative debt instrument design will not lead to forced Bitcoin sell-offs, causing a price spiral or bankruptcy. Michael Saylor has utilized this innovative mechanism to raise funds for the company. Regardless of Bitcoin's price or capital flows, Strategy can remain stable.