[Wintermute Submits Comment Letter to SEC, Proposes Adjustments to On-Chain Settlement and DeFi Proprietary Trading Regulations] Wintermute submitted a comment letter to the SEC's Special Working Group on Crypto Assets, proposing two recommendations: 1. Allow traders to independently manage on-chain settlement processes. Wintermute argues that regulated traders conducting on-chain settlements for their own accounts should not be deemed in violation for bypassing traditional clearing institutions. As long as counterparties can independently manage their wallets and complete on-chain delivery, and traders fulfill their settlement obligations, they should be exempt from the application of the 'Customer Protection Rule.' This aims to reduce intermediaries and improve blockchain settlement efficiency. 2. Proprietary trading on DeFi should not require trader registration. Wintermute believes that engaging solely in proprietary trading on DeFi protocols (including liquidity provision) without involving client interactions, market-making obligations, advisory services, or asset custody should be classified as 'traders' rather than 'dealers,' and thus not require registration. This perspective aligns with the legal trend following the court's overturning of the 'Dealer Rule' in 2024. Wintermute emphasizes that regulations should avoid imposing undue burdens on the decentralized finance ecosystem.

The price of bitcoin has dropped over 25% to $91,000 since Oct. 8.

[Kraken Launches OVERTAKE (TAKE) Spot Trading] On November 19, the cryptocurrency exchange platform Kraken has launched OVERTAKE (TAKE) spot trading.

[Michael Saylor: Bitcoin volatility drops to around 50%, long-term performance may outperform the S&P 500] Strategy founder Michael Saylor stated that Bitcoin's volatility has decreased from approximately 80% in 2020 to the current level of around 50%, and may further reduce by about 5 percentage points every few years. He believes that as Bitcoin assets mature, its volatility will approach 1.5 times that of the S&P 500 index, while its long-term performance may outperform the S&P 500 index by 1.5 times.

[Bitcoin Spot ETF Records Five Consecutive Days of Net Outflows, Totaling $373 Million] On November 18 (UTC-5), the Bitcoin spot ETF saw a single-day net outflow of $373 million, marking the fifth consecutive day of net outflows. The Grayscale BTC ETF recorded the highest single-day net inflow at $140 million, followed by Franklin EZBC with a net inflow of $10.7563 million. BlackRock's IBIT had the largest net outflow, reaching $523 million. As of now, the total net asset value of Bitcoin spot ETFs stands at $122.294 billion, accounting for 6.61% of Bitcoin's total market capitalization, with cumulative historical net inflows amounting to $58.224 billion.