Web3 老尘
Web3 老尘
2017年入圈，经历了各种起起伏伏活到了现在，不认命，但认输
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The cryptocurrency market has been continuously declining these days. What I find most noteworthy is not that BTC fell below $70,000, but a divergence that occurred on November 9.
On that day, the Nasdaq rebounded about 2.7%, but BTC failed to keep up.
If it were just a decline in macro risk appetite, why does the crypto market remain weak even when the US stock market rebounds?
One clue worth investigating is the flow of funds: according to CoinDesk on November 10, since November 2, the US spot BTC ETF has seen a cumulative net outflow of about $1.5 billion.
By November 13, prices fell further, triggering large-scale leveraged liquidations.
This may not be a crash caused by a single negative factor, but rather the combined effect of sustained selling pressure, insufficient spot support, and leveraged liquidations.
Next, I am more focused on two signals: whether ETF fund outflows have stopped, and whether BTC can catch up again when the US stock market rebounds once more.
DTCC announced yesterday plans to integrate securities tokenization services with Solana in the second half of 2027.
DTCC itself is a key custody and clearing infrastructure in the U.S. securities market. Its solution is not simply to issue a token tracking stock prices, but to allow eligible DTC-custodied assets to circulate in tokenized form while retaining all original ownership rights and investor protections.
According to Reuters, the joint venture platform OKXICE, formed by OKX and the NYSE parent company ICE, plans to launch 24-hour tokenized US stock trading on November 23.
Tokenized US stocks can be traded 24 hours a day, but the underlying stocks will not automatically become 24-hour trading.
So when the traditional market is closed, who determines the token price? When price differences occur, who provides liquidity?
Even more interestingly, some listed companies have already raised objections to third parties tokenizing their stocks.
Therefore, I think the biggest challenges for securities tokenization ahead may not only be technical, but also how to coordinate trading rules, issuer rights, and liquidity.
On November 10, the domain of the cross-chain protocol Across was hijacked. The attacker used a social engineering attack targeting the domain registrar Namecheap to redirect the official website to a malicious page.
On November 11, Across announced the restoration of domain control and promised compensation for affected users.
Bitquery subsequently tracked:
• 9 victim wallets across 5 chains
• Approximately $348,000 in assets transferred out
• One wallet lost about $305,000
These are third-party on-chain estimates, not the official final losses.
This incident was not caused by users clicking on a fake site, but by the original correct URL being taken over by the attacker.
If you accessed Across and signed authorizations during the attack window on November 10, you should check the authorization records on the relevant chains and revoke authorizations or migrate assets if necessary.
Official update:
https://t.co/4kCTsX4If0
On-chain investigation:
https://t.co/Vj45meKvD6
There is a detail worth reviewing in Binance's $6.3 billion theft case: the CSO precisely described this tactic back in July during an interview — fake interviews, luring employees to perform "programming assessments," and once the code runs, the devices are compromised. He also added: each step alone is legal, and antivirus tools can't block it.
Two months later, an engineer actually downloaded malicious assessment code during a fake interview. This year, Binance has blocked 57 suspected North Korean attacks, averaging one every 5 days.
This is not "unthinkable," but a breakthrough in high-frequency offense and defense.
In the past month, the total supply of stablecoins shrank by $14.2 billion, marking the largest single-month contraction since the 2022 bear market.
During the same period, Goldman Sachs and Citibank have been financing bank stablecoins for 2027, and Deutsche Bank's custody service just went live. The pipelines are being built more and more, but the water inside the pipes is decreasing.
Is this an offshore capital withdrawal, a DeFi leverage retreat, or a real decline in on-chain dollar demand during a bear market?
Today's drop in the crypto market really hits hard
CoinGlass data snapshot at 12:20 on November 11 (Beijing time) shows:
In the past 24 hours, about $724 million in contract positions were liquidated in the crypto market, with nearly 79% being long positions.
ETH liquidations were about $259 million, even higher than BTC's approximately $204 million.
Meanwhile, the latest US October CPI rose 0.4% month-over-month, with core CPI up 0.3%.
But there are two points that are easy to misinterpret:
First, the $724 million is the nominal amount of contract liquidations, not a net market outflow of $724 million.
Second, the simultaneous occurrence of inflation exceeding expectations and long liquidations does not mean CPI explains the entire price drop.
What’s really worth watching is whether leverage continues to decrease after the price drop or if new positions quickly accumulate again.
Data source:
https://t.co/21FTyI0Oom
US CPI original text:
https://t.co/eYs8jaA6qQ
Moody's and Chainlink completed a proof-of-concept test yesterday.
They used CCIP to send simulated credit rating data simultaneously to multiple blockchains, including permissioned chains and public chains.
In the future, if bonds, funds, and other assets are distributed across different chains, will credit rating agencies have to establish a separate data publishing system for each chain?
This test by Chainlink aims to see if a single cross-chain infrastructure can solve this problem.
Ethereum L2 has a somewhat counterintuitive issue:
More scaling space does not mean every bit of space is fully utilized.
After EIP-4844 introduced Blobs, Rollups can publish data to Ethereum at a lower cost.
But for smaller-volume L2s, there is a choice:
Waiting to accumulate enough transactions before submitting can improve space utilization but may increase waiting time.
Submitting frequently offers a better user experience but may waste already paid-for data space.
So besides continuously increasing Blob capacity, another research direction is to enable multiple Rollups to share data space more efficiently.
In the future, measuring L2 efficiency might not only consider transaction fees but also data space utilization and transaction confirmation delay.
