Gate Daily (November 18): YU stablecoin depegged for the second time, falling over 70%; Crypto Assets ETP saw an outflow of 2 billion dollars in one week.

Bitcoin (BTC) further expanded its fall, temporarily reporting around $91,960 on November 18, with the outlook for the Federal Reserve (FED) interest rate cut still unclear before December. The stablecoin YU under Yala has de-pegged for the second time, with a price drop of over 70%. Due to a decline in global risk appetite, Crypto Assets investment products have experienced the largest single-week capital outflow since February, with an outflow amounting to $2 billion.

Macro Events & Crypto Circle Hotspots

1. Yala's stablecoin YU has once again de-pegged this week, with the price dropping to $0.1444 on November 18, a decline of over 70% in 24 hours, marking the second big dump in two months. Tight liquidity, technical vulnerabilities, and insufficient collateralization have been cited as the main reasons, and investors need to be aware of the potential financial and systemic risks associated with stablecoins.

2. Republic Technologies (formerly Beyond Medical Technologies) has secured $100 million in convertible bond financing to establish a large-scale Ethernet network. The company claims that the financial terminology it employs is unique in the digital asset space. This financing scheme has an interest rate of 0%, requires no ongoing interest payments, and does not require collateral even if the price of Ethereum falls. Republic emphasizes that this financing limits equity dilution and contrasts with BitMine Immersion's recent $365 million financing, which included warrants that led to shareholder equity dilution.

3. Due to the decline in global risk appetite, Crypto Assets investment products have experienced the largest weekly outflow of funds since February, totaling $2 billion. A report released by CoinShares on November 18 shows that the outflow of funds from cryptocurrency exchange-traded products (ETP) has reached nearly $2 billion, an increase of nearly 71% from $1.17 billion the previous week. This marks the third consecutive week of outflows for ETPs, with a cumulative outflow amount reaching $3.2 billion.

News Updates

1. Fidelity Solana ETF will officially launch on November 18.

2. Vitalik released the privacy-centric Ethereum framework “Kohaku”

3. The crypto data website DappRadar announced it will gradually shut down due to financial difficulties.

4. Yala released an analysis report on the liquidity event of the YU token and plans to finalize a clear recovery plan before December 15.

5. The VanEck Solana ETF is now officially launched and trading has commenced.

6. Tom Lee: The peak of the Crypto Assets cycle may still take 12 to 36 months to arrive.

7. BitMine increased its holdings by 54,156 ETH last week, bringing its total holdings close to 3.56 million ETH.

8. SOL Strategies will provide staking services for VanEck's Solana ETF.

market trend

1. Latest news on Bitcoin: $BTC further expands its fall, currently reported at around 91,960 USD, with a liquidation of 370 million USD in the past 24 hours, mainly from long positions;

On November 18, the S&P 500 Index and the NASDAQ Composite Index both fell below the 50-day moving average. From gold and encryption coins to technology stocks, there was a widespread decline, dragging the Dow Jones Industrial Average to its worst three-day drop since the tariff turmoil triggered by President Trump in April. The Dow Jones Industrial Average fell by 557.24 points, a decrease of 1.2%, closing at 46,590.24 points; the S&P 500 Index dropped by 61.70 points, a decrease of 0.9%, closing at 6,672.41 points; the NASDAQ Composite Index fell by 192.52 points, a decrease of 0.8%, closing at 22,708.07 points. The Philadelphia Semiconductor Index fell by 1.6%.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 91,357.50 USDT, if it falls to around 90,850 USDT, the total liquidation amount of long positions will exceed 255 million USDT; if it rises to around 96,498 USDT, the total liquidation amount of short positions will exceed 1.29 billion USDT. The liquidation amount for shorts is significantly higher than for longs, and it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 3.84 billion USD, outflow was 4.51 billion USD, resulting in a net outflow of 670 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $BTC, $ETH, $SOL, $ASTER, and $DOGE have seen net outflows leading to trading opportunities.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “Before 1 AM, the US stock market and $BTC were relatively stable. The US stock market rebounded on Monday, with the Nasdaq and S&P rising nearly 0.5% at one point. However, starting from 1 AM, the US stock market began to decline, leading to a drop in Bitcoin as well. The good news is that the correlation between the US stock market and BTC is still high, but the bad news is that this time the US debt clearly indicates a short-term rise. I have indeed seen great talk, and I really need to find it.”

“This indicates that investors' expectations for the Federal Reserve to cut interest rates in December are decreasing, and besides that, there are no obvious bearish signs. Of course, the absence of a bearish fall can actually represent that investors' sentiment has been affected. The US stock market showed signs of rebound at the close, but it is uncertain whether the futures market will continue to rebound on Tuesday.”

“Looking back at the data of Bitcoin, first of all, the price of $BTC has already filled the gap of CME. In the short term, there are no more gaps for BTC. The next obvious gap is around 22,000 USD, and it will happen in 2023. I think this gap is unlikely to be filled. I don't know when the bottom is, but I remain optimistic about the upcoming trend. Of course, I could be wrong. It is precisely because I remain optimistic that I am constantly bottom-fishing.”

“An order of $92,500 has been completed, and there is still a bit of scattered position at $90,000. I haven't decided the next position after this part is bought, but it's definitely going to be a buy the dip strategy. Meanwhile, the price of gold is also falling, but the long-term U.S. Treasury yields are decreasing, and the U.S. dollar index is rising, indicating that investor sentiment is still very pessimistic and in a trend of emergency liquidity.”

Today's Outlook

1. The United States November NAHB Housing Price Index, previous value was 37.

2. Saudi Crown Prince Mohammed visits the White House and meets with President Trump.