Hong Kong Web3 Daily Must-Read: Bitcoin falls below 90,000 USD, on-chain data analysis site DappRadar will gradually shut down due to financial difficulties.

Editor: Nona, Techub News

TinTinLand

Fear & Greed Index: 16 (Fear) Bitcoin price: $92,055 BTC/ETH Spot ETF Fund Flow (11.17) BTC net outflow: $254.51 M ETH net outflow: $182.80 M

Hong Kong

BTC/ETH Spot ETF Fund Flow (11.18)

BTC Net Subscription: 0 BTC

ETH Net Subscription: 0 ETH

A Web3 company BD and a former employee have been sued by a Hong Kong court for alleged rape.

According to a report by the Hong Kong Sing Tao Daily, two men holding two-way permits are suspected of raping a woman at a hotel in Mong Kok earlier this month. Both have been charged with one count of rape and appeared for the first time at the West Kowloon Magistrates' Court today. The two male defendants, 27-year-old Wang Bochuan and 24-year-old Xu Zilan, are both accused of raping woman X at the Mong Kok Ruijing Hotel located at 23 Da Nan Street, Mong Kok, Kowloon, Hong Kong on November 4, 2025.

Swiss cryptocurrency-friendly bank AMINA has obtained a Type 1 license from the Hong Kong SFC, allowing it to provide cryptocurrency trading and custody services.

Switzerland's cryptocurrency-friendly bank AMINA (Hong Kong) Limited has obtained an upgrade of its Type 1 license from the Hong Kong Securities and Futures Commission (SFC), becoming the first international banking group in Hong Kong to offer cryptocurrency spot trading and asset custody services to professional investors. Services include 24/7 trading, custody, and crypto asset deposits and withdrawals to whitelisted addresses, initially supporting 13 types of crypto assets (including Bitcoin, Ethereum, USDC, USDT, and major tokens), and utilizing SOC 1/2 Type 2 level infrastructure. AMINA stated that it will subsequently expand into private fund management, structured products, derivatives, and RWA tokenization, targeting institutions, enterprises, and high-net-worth clients.

Selected Events in Hong Kong, November 2025

We have specially organized the activities worth paying attention to in the crypto field in Hong Kong for November, which will open a window for you to the future of Web3.

DAT

Even MicroStrategy has no ammunition to buy the dip on BTC, how is your DAT stock?

When the crypto market pulls back, the leveraged nature of DAT stocks amplifies the decline. What you think you are buying is “a long position on BTC with a premium,” but in reality, it is a leveraged downturn accelerator. If you still hold these stocks, perhaps you should ask yourself: are you buying them for crypto exposure, or for that illusion of a premium that no longer exists?

Regulation/Macro

The Russian Constitutional Court is hearing the property rights case of USDT.

The Constitutional Court of Russia is currently reviewing a key case that will determine whether citizens have “property rights” over fiat-backed stablecoins such as USDT. Several experts from regulatory agencies have informed the court that stablecoins like USDT do not fall under the category of “Digital Financial Assets (DFA)” as defined by Russian law, nor are they subject to the country’s rules on digital currency circulation.

The White House is reviewing the addition of the Global Crypto Tax Framework (CARF) and plans to authorize the IRS to obtain information on overseas crypto accounts.

The White House has begun reviewing the proposal submitted by the Treasury Department to join the “Crypto Asset Reporting Framework (CARF)” rules. CARF was initiated by the OECD in 2022, aiming to combat offshore tax evasion through automatic information sharing among member countries; multiple countries (including most G7 countries) have signed on. If approved, the IRS will be able to access data on the overseas crypto accounts of American taxpayers. Advisors from the Trump administration had previously supported the U.S. joining and emphasized that the rules should not impose new reporting obligations on DeFi transactions. According to plans, the global implementation of CARF is expected to advance starting in 2027.

The Wyoming Stablecoin Committee will hold a public meeting on November 20.

The Wyoming Stablecoin Committee announced that it will hold a meeting open to the public on November 20, with a specific agenda to be published on the official website. The committee was established under Senate Bill No. 85, the “Wyoming Stable Token Act,” and is authorized to issue the “Wyoming Stable Token.” According to the legislative authorization, the committee is composed of the governor or their designated representative, the auditor general or their designated representative, the treasurer or their designated representative, and four field experts: Flavia Naves, David Pope, Jeff Wallace, and Joel Revill; Anthony Apollo is the current executive director.

Project/Company Updates

Mastercard chooses Polygon to introduce “Verified Username” transfers for self-custody wallets.

Mastercard has chosen Polygon to support its new system, allowing users to send funds directly to “verified usernames” without the need for lengthy wallet addresses. Mastercard's crypto credentials enable readable aliases, standardizing blockchain address verification; authentication and alias issuance are handled by Mercuryo, allowing users to associate aliases with self-custody wallets. Additionally, users can apply for tokens on Polygon to prove their wallet supports verified transfers, facilitating the processing of credential-based transactions.

The on-chain data analysis website DappRadar will gradually shut down due to financial difficulties.

The on-chain data analysis website DappRadar announced on Twitter that the platform will gradually shut down. Under the current circumstances, it is difficult to achieve financial sustainability for a project of this scale, and after exhausting all possibilities, the difficult decision to close has been made. DappRadar started in 2018, inspired by Cryptokitties, and aimed to help people explore and understand decentralized applications. Recently, the platform will begin winding down operations, stop tracking blockchain and decentralized application data, and gradually close related services. Regarding the DAO and RADAR token matters, further information will be communicated through regular DAO channels, and important decisions are still pending, with the community's participation in discussions anticipated.

Deep & Forward-looking

Aave Obtains MiCAR License in Ireland: Compliance Opportunities for DeFi

In the traditional DeFi model, Aave's core value lies in providing non-custodial on-chain lending and liquidity services, allowing users to deposit, borrow, and swap interest rates directly through the protocol. However, despite being decentralized, this model still has inherent limitations in real-world payments and fiat currency exchanges. Users cannot directly use crypto assets for everyday consumption, nor can they easily convert their assets into euros or other fiat currencies, which to some extent restricts the mainstream adoption and scalability of DeFi.

Envisioning the Robotics Industry: The Convergence Evolution of Automation, Artificial Intelligence, and Web3

From a long-term perspective, the integration of robotics × AI × Web3 aims to build a decentralized machine economy system (DeRobot Economy), promoting embodied intelligence from “standalone automation” to “verifiable, settleable, and governable” networked collaboration.

Viewpoint

Bitcoin has fallen below $90,000, the “bear market” has arrived, and $80,000 will become the new key “support level”?

Considering the overall market situation and various perspectives, it is clear that the cryptocurrency market will continue to decline for a period of time. Especially after experiencing the flash crash on “10.11” and more than a month of decline, it is difficult for the market to quickly establish a sustained buying interest. With some institutions and whales increasing their holdings, whether $80,000 can become a solid support level for the price of Bitcoin has become the focus of market attention.

The Value Myth and Solutions of Cryptographic Assets: With all favorable factors in place, why are coin prices not rising but instead falling?

The essence of investment boils down to one question: has the market already priced it in? This is always the hardest judgment to make. However, market performance is revealing an awkward truth: we have gotten everything we asked for, yet we have failed to move the price.