Bitget Daily Morning Report: BTC drops below $86,000, crypto market sees approximately $834 million in 24-hour liquidations
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Bitget Daily Morning Report: BTC drops below $86,000, crypto market sees approximately $834 million in 24-hour liquidations
OpenAI rolls out ChatGPT group chat feature to global users.
Navigating Web3 tides with focused insightsAuthor: Bitget
Today's Outlook
1. Federal Reserve's Hammack: The nonfarm payroll report is "slightly outdated" but in line with expectations;
2. Financial Times: The unexpectedly strong increase of 119,000 in the U.S. September nonfarm payrolls will complicate the Federal Reserve's rate-cutting decisions;
3. Yesterday, the U.S. reported 220,000 initial jobless claims for the week ending November 15, below the expected 230,000.
Macroeconomic & Hot Topics
1. Bitget data: The crypto market broadly declined, with BTC falling 5.71% below $86,000 and ETH dropping 7.46% below $2,800;
2. Solid Intel: U.S. tech stocks have seen average weekly outflows of $2.5 billion over the past four weeks, about $800 million more than the 2021 record. The most recent week recorded net selling of $1.6 billion.
3. The Block: According to a JPMorgan report, the recent crypto market correction has been driven primarily by non-native retail investors, with approximately $4 billion flowing out of Bitcoin and Ethereum spot ETFs since November—already exceeding February's record.
Market Trends
1. BTC and ETH have been declining continuously over 12 hours, market sentiment is extremely fearful, with around $834 million liquidated in 24 hours, including $722 million in long positions;
2. On Thursday, U.S. stock markets closed lower: the Dow fell 0.84%, the S&P 500 dropped 1.55%, and the Nasdaq Composite declined 2.15%. Nvidia (NVDA.O) fell 3.1%, after being up as much as 5% intraday, while Oracle (ORCL.N) dropped over 6%;
3. Bitget BTC/USDT liquidation map shows: BTC is currently priced at $86,010. High-leverage long positions are densely concentrated around $85,400–$88,000. The current price of $86,010 sits right in the middle of this range, making it susceptible to cascading long liquidations if prices move downward. Short-side cumulative liquidations between $77,600–$83,000 are relatively mild, whereas long-side accumulations rise sharply between $88,000–$95,000, indicating an overall long-biased leverage structure and greater downside risk.
4. Over the past 24 hours, BTC spot inflows were $392 million and outflows $472 million, resulting in a net outflow of $80 million.
News Updates
1. Argentine congressional report states President Milei provided "key assistance" in the LIBRA project;
2. OpenAI launches ChatGPT group chat functionality globally;
3. Bridgewater Associates founder Ray Dalio: Bitcoin accounts for about 1% of his personal portfolio, though he believes it unlikely to become a major country’s reserve currency;
4. Market news: Polymarket plans to raise funds in a new round at a $12 billion valuation.
Project Developments
1. Base co-founder and protocol lead Jesse Pollak’s creator token was attacked on launch day, with 26% of supply bought and front-run in the same block, yielding $1.3 million in profit;
2. Sign launches a sovereign nation Layer 2 solution based on BNB Chain, supporting stablecoins and RWA tokenization;
3. MOVE continues buybacks and token reclamation, with Movement transferring another 50 million tokens to Binance;
4. Blockchain game Illuvium has deployed Staking v3 on the Base chain;
5. Bitmine purchases another 17,242 ETH worth approximately $49.07 million;
6. The U.S. government transfers seized assets from the FTX and Bitfinex hacker cases to new wallet addresses, including: 15.13 million TRX, 545,000 FTT, 744,000 KNC, and 1,066 WETH;
7. U.S.-listed company ANPA intends to purchase up to $50 million worth of EDU tokens within 24 months;
8. Bitcoin ETFs saw net inflows of 1,840 BTC yesterday, while Ethereum ETFs had net inflows of 12,986 ETH;
9. MegaETH will launch its pre-deposit cross-chain bridge on November 25, with a total cap of $250 million;
10. Aster: Total ASTER buybacks have exceeded 155 million tokens, with S3 airdrop claims opening on December 15.
Disclaimer: This report is generated by AI, with human verification only for information accuracy. It does not constitute any investment advice.
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