The Drift hack shorted the ETH/BTC exchange rate, making a floating profit of $658,000 in one day.

US President Donald Trump has publicly endorsed a bipartisan bill to reform energy project approvals and urged senators to vote in favor. Trump stated that the bill would expedite approvals for projects such as oil pipelines, mines, and power plants, lower energy costs for American households, and create jobs. The Senate plans to hold a procedural vote on the bill on Monday. The bill aims to streamline federal approval processes for large energy and infrastructure projects, supporting grid upgrades, AI data center construction, and clean energy development. Currently, the bill has support from groups such as oil companies and renewable energy developers, but faces opposition from some Democratic lawmakers and environmental organizations. (Source: Bloomberg)

On November 5th, long-term Bitcoin holders who transferred their holdings to trading platforms incurred losses of $139 million. On-chain analyst Murphy pointed out that this figure is second only to those in February and June of this year, reflecting a panic sell-off among long-term holders. Short-term holders have an average cost basis of around $75,000 to $76,000, and the current price is at the break-even point, with most choosing to hold and wait. Affected by the Binance attack at the end of October and the US stock market crash on November 5th, the absolute value of realized losses in the market is at a high level.

Spot gold rose $50 on the day, currently trading at $4,120.66 per ounce, a gain of 1.23%.

A whale transferred 512,000 HYPE tokens, worth $39.3 million, from its pledged redemption to FalconX six hours ago. These HYPEs were stockpiled a year ago at approximately $44.80 each; selling them would realize a profit of $16.36 million. (Ember)

[Alex Thorn: Bitcoin Weekly Closing Price Falls Below 50-Week Moving Average] Alex Thorn, Head of Research at Galaxy Research, revealed that after closing above the 50-week moving average for seven consecutive weeks, Bitcoin's latest weekly closing price fell back below that average. Galaxy Research data shows that in the week ending November 8, Bitcoin's weekly closing price was $74,968, below the 50-week moving average of $75,488. Thorn stated that in 2011–2012 and 2019–2020, there were instances where Bitcoin bottomed out, rebounded above the 50-week moving average, and then subsequently fell below it again; based on weekly closing data, neither of these instances resulted in a new bear market low.