During a roundtable discussion at the Finternet 2025 Asia Digital Finance Summit, guests discussed the market performance of innovative financial instruments such as Bitcoin, stablecoins, and DAT, and analyzed whether the current market is at a critical juncture of transition from a bull market to a bear market.

According to PANews, Matrixport's recent analysis indicates that the current market pullback is nearing a favorable risk-reward zone. The Relative Strength Index (RSI) has recently dipped to 35, a level historically associated with increased technical buying activity, although sustained momentum requires further macroeconomic catalysts. Short-term catalysts include the potential resolution of the U.S. government shutdown this week and U.S. President Donald Trump's suggestion of distributing approximately $2,000 in stimulus checks to the public. This has drawn parallels to the retail investor surge driven by checks in 2020-2021. Overall, given the recent net outflows from ETFs and a period of institutional caution, Bitcoin's rebound strength remains limited. The aforementioned catalysts alone are unlikely to drive a significant trend reversal, necessitating a convergence of financial and fundamental factors for validation.

Bitget's US stock futures trading volume has surpassed $2.5 billion. According to platform data, the top three most traded cryptocurrencies are MicroStrategy (MSTR), Tesla (TSLA), and Google (GOOG), with cumulative trading volumes of $830 million, $550 million, and $340 million, respectively. Previously, Bitget launched 25 USDT-margined US stock perpetual contracts, covering popular sectors such as technology and internet, semiconductors, financial trusts, aerospace, and consumer goods. The platform supports flexible leverage from 1x to 25x, with commission rates not exceeding 0.06%, providing users with a more convenient experience than traditional brokerages and banks. Building on this, Bitget recently added contracts for Netflix (NFLX), Futu (FUTU), JD.com (JD), RDDT, and the Nasdaq 100 Index Fund (QQQ).

Standard Chartered is leaning on Hong Kong’s progressive regulatory landscape to drive its global blockchain and digital finance strategy. source: https://cryptonews.com/news/standard-chartered-backs-hong-kong-blockchain-push/

OKX market data shows that WLFI has broken through 0.16 USDT and is currently trading at 0.1673 USDT, with a 24-hour increase of 39%.

According to Hyperbot data, the largest long position holder in ZEC has begun reducing its holdings, decreasing from 60,000 tokens to 55,000. This account currently has unrealized profits of $5.15 million, with an average entry price of $555 and a liquidation price of $513, resulting in a total position value of $35.7 million. Notably, the account's unrealized profits plummeted from a peak of $12 million to less than $1 million, a reduction of over 90%, before recovering to $5.15 million as ZEC rebounded. After experiencing such volatility, the whale chose to reduce its position to lock in profits, possibly to avoid further significant erosion of those profits.

According to Odaily, following the procedural vote in the U.S. Senate to end the government shutdown, the price on Polymarket for the prediction that the U.S. government will resume operations between the 12th and 15th has surged to $0.81.

According to Cointelegraph, shares in Bitcoin treasury companies may be approaching the conclusion of a period of subdued price action. This follows an announcement by investment firm Kynikos Associates, which revealed it has closed its short position against Strategy, the largest corporate Bitcoin holding company. James Chanos, founder of Kynikos Associates, stated that his firm unwound its short position on Michael Saylor’s Strategy (MSTR) and a long position on Bitcoin (BTC) at the start of the trading day on Friday. Pierre Rochard, CEO of The Bitcoin Bond Company, commented that the bear market for Bitcoin treasury companies is gradually coming to an end. Chanos noted that shares in Strategy have decreased by approximately 50% from their 2025 high, with the company’s market Net Asset Value (mNAV) compressing to 1.23x. He emphasized the prudence of covering this trade with mNAV below 1.25x, having dropped from around 2.0x as recently as July 2025. Additionally, Chanos highlighted that MSTR’s implied premium, calculated as its enterprise value minus the value of its 641,205 BTC stash, has declined from about $70 billion in July to $15 billion, indicating a potentially better valuation for the company. While MSTR might still face further mNAV compression, particularly if it issues more common equity, Chanos believes the thesis has largely played out. Rochard remarked that this development is the kind of signal that suggests a potential market reversal. Shares in numerous publicly traded companies holding Bitcoin on their balance sheets have experienced significant declines in recent months, leading some analysts to question the sustainability of Bitcoin treasury strategies. Strategy has been notably impacted in terms of total value, with its market cap dropping over 43% from $122.1 billion in July to $69.5 billion as of Friday. Metaplanet, a top-performing stock on the Tokyo Stock Exchange at the start of 2025, has similarly seen its market cap reduced by 56% since June 21. Other companies involved in Bitcoin acquisitions have even resorted to selling some of their BTC holdings to address outstanding debt. The crypto market has been under pressure, partly due to the U.S. government shutdown. However, multiple U.S. media outlets reported on Sunday that the Senate reached an agreement to pass a package of budget bills to end the shutdown. Following these reports, Bitcoin saw a 2% increase to $106,430 within 50 minutes, suggesting that the reopening of the government could enhance sentiment toward the crypto market.

The US Senate passed a key funding bill on Sunday night, marking the first step toward reopening the government. source: https://www.theblock.co/post/378122/bitcoin-ethereum-surge-senate-advances-bill-government-shutdown?utm_source=rss&utm_medium=rss

قدم رئيس مجلس إدارة BitMine، توم لي، توقعًا جريئًا لسعر الإيثيريوم بقيمة 63,000 دولار. وقال إن هذا التوقع يرتكز على فكرة استحواذ شبكة الإيثيريوم على جزء من السوق المالية العالمية التي تبلغ قيمتها 300 تريليون دولار من خلال الترميز. source: https://www.thecoinrepublic.com/ar/2025/11/09/%d8%aa%d9%88%d9%82%d8%b9-%d8%b3%d8%b9%d8%b1-%d8%a7%d9%84%d8%a5%d9%8a%d8%ab%d9%8a%d8%b1%d9%8a%d9%88%d9%85-%d8%a7%d9%84%d9%87%d8%af%d9%81-%d9%85%d9%86-%d8%a7%d9%84%d8%a5%d9%8a%d8%ab%d8%b1%d9%8a%d9%88/

Bitcoin treasury stocks may have seen the worst of their declines, with an investment firm ending its short position on Strategy after its mNAV decline “played out. ” source: https://cointelegraph.com/news/bitcoin-treasury-bear-market-may-end-mstr-short-seller?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Spanish crypto influencer Álvaro Romillo has been arrested for allegedly running a €260 million Ponzi-style fraud through his company, Madeira Invest Club. He remains in custody after a court found he posed a flight risk following the discovery of a €29 million offshore account in Singapore.

Despite being the President of one of the world's most powerful countries in the world, Trump has found himself burnt by the Bitcoin volatility after the price of Bitcoin took a nosedive over the weekend.

US Congress, Trump, inflation, data, several related questions about the reopening of the US government. Golden Finance reports new developments in the US government shutdown early this morning, updating 4 related questions.

At a sensitive time when the U.S. tariff policy is facing a Supreme Court challenge on its legality, Trump announced plans to pay a $2,000 "dividend" to "every American" from tariff revenue, except for high-income earners.

The current situation facing the US authorities reveals the fragility of its system. Political gridlock should not, in any case, sacrifice the timeliness and transparency of economic data. Looking ahead, ending the government shutdown and resolving tariff uncertainty will be crucial.

Data-driven models reveal where the next Bitcoin bear market may bottom out—hint: the bottom may be higher than you think.

The story of stablecoins is evolving and could lead to two very different financial outcomes: the most enthusiastic users (emerging markets) could further undermine the economic infrastructure they are trying to protect their wealth, while further strengthening businesses in developed markets.

Jinse Finance launches its cryptocurrency and blockchain industry daily news bulletin, "Jinse 8 AM," issue 2873, providing you with the latest and fastest news on the digital currency and blockchain industry.

Trump, the United States, the President of the United States, Trump's power seems to be waning - what will happen next? Golden Finance, "Trump is no longer the only 'Trump-like' figure."