[CryptoQuant CEO: Short-term Bitcoin holders are the main force behind the current sell-off] On November 20, CryptoQuant CEO released a Bitcoin realized cost distribution chart, indicating that the main force behind the current sell-off is short-term Bitcoin holders, while miners and long-term holders are relatively restrained.

[Solana Spot ETF Net Inflow of $55.61 Million Yesterday] According to SoSoValue data, as of November 20, 2025, Eastern Time, the single-day net inflow of the U.S. Solana Spot ETF reached $55.61 million. TSOL, under 21Shares, was listed on CBOE on November 19, Eastern Time, with a first-day trading volume of $400,000 and a net asset value of $104 million, but no net inflow was recorded yet. Bitwise's BSOL had a single-day net inflow of $35.87 million, with cumulative net inflows reaching $424 million. Currently, the total net asset value of Solana Spot ETFs stands at $715 million, with cumulative net inflows amounting to $476 million.

[Real Vision Founder Claims Liquidity Operation Authority is Shifting from the Federal Reserve to the Treasury Department] On November 20, Real Vision co-founder and CEO Raoul Pal stated that liquidity operation authority is shifting from the Federal Reserve to the Treasury Department, allowing the Trump administration to more directly control debt financing and rollovers, and to inject liquidity by issuing notes through banks as intermediaries. He believes this is essentially a fiscally-driven, politically-managed currency devaluation, undermining the so-called 'non-political' checks and balances of an 'independent' central bank.

[Santiment: Bitcoin whale transactions this week may reach a new high since 2025] Santiment data shows that Bitcoin whales have been highly active during the past six weeks of price decline. This week, there have been over 102,900 transactions valued at more than $100,000 and over 29,000 transactions valued at more than $1,000,000. Santiment states that this week could become the most active week for whale transactions since 2025.

According to Barchart data, the yield of Japan's 40 year treasury bond bond rose to 3.7% for the first time. （Cointelegraph）