Bitget Daily Morning Report: Solana's financial firm Upexi posts record quarterly earnings

Author: Bitget

Today's Outlook

1. The 2025 Singapore FinTech Festival (SFF) will be held from November 12 to 14, focusing on Web3 and digital assets;

2. Cardano Summit 2025 Berlin will take place from November 12 to 13, connecting the Cardano ecosystem with global enterprises;

3. Bitcoin Amsterdam 2025 will open on November 13 in Amsterdam, Netherlands, as Europe’s largest dedicated Bitcoin event;

4. Bitwise: Chainlink ETF (CLNK) has been listed on the DTCC website.

Macro & Highlights

1. "The Fed Whisperer" Nick Timiraos: "Internal divisions at the Federal Reserve have cast a shadow over the path to rate cuts, with little precedent for such a degree of disagreement during Chair Powell's nearly eight-year tenure. Officials are split on whether persistent inflation or a weakening labor market poses a greater threat, and even revised official economic data may fail to bridge the gap";

2. Bitcoin briefly dropped below $104,000 in the past 24 hours, down 1.91% daily, facing resistance around $107,000, with insufficient buying pressure and increasing short-term downward pressure;

3. In Q3 2025, 23 projects in the Solana ecosystem raised over $211 million, with weekly institutional inflows briefly exceeding $420 million; despite recent drops in SOL below key support levels, the market remains optimistic about breaking above $200;

4. SoFi, a crypto financial services company, became the first nationally chartered bank in the U.S. to offer compliant Bitcoin and cryptocurrency trading services, advancing integration of crypto assets into the mainstream financial system;

Market Trends

1. BTC and ETH trade sideways with bearish bias; market sentiment is cautious, with approximately $45.81 million liquidated in the past 4 hours, mostly short positions;

2. U.S. stocks closed mixed: Dow rose 1.18%, S&P gained 0.21%, while Nasdaq edged down 0.25%;

3. Bitget BTC/USDT is currently priced at $102,950; there is a high concentration of leveraged longs set to be liquidated between $104,044 and $105,000; a breakout could trigger further short covering, increasing short-term volatility;

4. Over the past 24 hours, BTC spot saw $252 million in inflows and $221 million in outflows, resulting in a net inflow of $31 million;

5. In the past 24 hours, BTC, ETH, USDT, XRP, BNB and other contracts saw leading net outflows, potentially indicating trading opportunities;

News Updates

1. Arthur Hayes: Has not yet reached ZEC allocation target, considering increasing holdings in the $300–$350 range;

2. U.S. government shutdown deal advances to House vote; BTC holds above $104,000, most major coins slightly pull back; boosted by news, UNI surged over 25% to $8.64;

3. ZCash shielded pool assets reach 23% of total supply, network usage surges;

4. Tokenized assets on Ethereum surpass $200 billion, accounting for nearly two-thirds of the total across all networks;

Project Updates

1. Lighter TVL reaches $1.17 billion, surpassing Linea;

2. Sonic Labs announces next phase: introducing tiered fee monetization model and opening an office in New York;

3. Tether: Hires HSBC trader, officially entering the gold market;

4. U.S. Senate: Proposes bill to shift crypto regulatory authority to CFTC;

5. Central Bank of Brazil: Releases crypto regulatory framework, setting a capital requirement of $7 million;

6. Injective launches native EVM mainnet, advancing MultiVM roadmap;

7. DBS and JPMorgan: Collaborate to develop interoperable tokenized deposit framework;

8. Solana-based financial firm Upexi posts record quarterly performance driven by $78 million in unrealized SOL gains;

9. ClearToken: Receives FCA approval, launches digital asset settlement platform;

10. Kingnet AI: Announces migration to BNB Chain and upcoming release of V3;

Disclaimer: This report is generated by AI, with human verification only for information accuracy. No investment advice is provided.