Odaily: Multiple US crypto industry figures expect that the final weeks of Congress's current session (the "lame-duck" period between the election and the start of the next Congress on January 3) will struggle to advance crypto legislation in any meaningful way. Cody Carbone, CEO of the Digital Chamber, said there is little hope of further progress on the CLARITY Act (Digital Asset Market Clarity Act), and that lawmakers appear to be gradually shifting their attention to other matters. With Democrats set to hold more sway in the new Congress following the midterm elections, Republicans have limited time remaining, and Democrats likewise lack incentive to make major compromises at this point.

A handful of issues could still draw attention, including crypto tax rules, granting the US Commodity Futures Trading Commission (CFTC) more authority to oversee crypto spot markets, and expediting permits for data center construction. Among these, a bipartisan bill related to data center permitting has cleared an initial procedural step in the Senate, but some Bitcoin mining companies are divided over provisions that could require them to bear grid expansion costs and higher energy fees. Kristin Smith, head of the Blockchain Association, said that with little time left in the current Congress and a crowded to-do list, the most important regulatory rules for the US crypto industry are still being formulated by the US Securities and Exchange Commission (SEC) and the CFTC. (CoinDesk)

Odaily Report: Following international attention over its procurement of advanced Nvidia artificial intelligence (AI) chips, Singapore-based company Megaspeed International has issued a second statement, noting that recent allegations regarding the company's business, supply chain, and global operations lack verifiable supporting evidence. The statement also noted that Alice Huang formally departed on August 30, 2025, currently holds no position at the company, and the company will no longer comment on her personal and private matters.

Megaspeed also stated that the company engages in legitimate business, and that its global operations and supply chain control framework are designed and maintained to comply with all applicable laws and regulatory requirements, including U.S. export control requirements and local regulations in each operating market. The company is currently reviewing relevant reports and will further inform stakeholders in due course. (Lianhe Zaobao)

Odaily reports that “White-Haired Stock Oracle” Serenity posted that the most noteworthy lesson from Nvidia CEO Jensen Huang in supply chain management is that spending only about $400 million to lock in key material supply could prevent competitors from suffering tens of billions of dollars in economic losses due to insufficient supply. This supply chain gaming strategy is expected to continue spreading upstream through 2027.

Serenity believes that as new architectures such as NPO and CPO gradually emerge in the AI industry chain, areas including CCL, ABF, PCB, and optical module components are worth watching. However, compared with large components, Serenity is more optimistic about smaller components that are lower in cost and have a lower threshold for capacity locking but may form key bottlenecks. At present, market deleveraging and negative sentiment are driving related sectors to move in sync, making it temporarily difficult to differentiate individual stock fundamentals, but the supply chain bottleneck area may present a large number of excess investment opportunities in 2027.

Odaily reports that OneKey founder Yishi stated in a post that financial markets trade not on yesterday's sentiment, but on expectations of future consensus and liquidation conditions. The recent sustained decline in Bitcoin and the crypto market has disappointed many investors and caused asset drawdowns, but the worst thing to do at this moment is to fall into despair. Market clearing and liquidity drying up are part of cyclical evolution; similar situations occurred in 2015, 2018, and 2022, and 2026 will be no exception.

Yishi advises that investors should currently stay away from leverage and high-risk borrowing, avoid betting on the cycle bottom, reduce exposure to altcoins, and give up the fantasy of getting rich quickly; retain core spot positions while ensuring sufficient cash flow to maintain normal living. During severe market periods, survival is always the top priority, and investors should maintain patience and discipline.

Odaily report: Bitcoin slid toward $62,000 at one point over the weekend, hitting its lowest level since July. Unlike previous sudden crashes, this decline had largely accumulated gradually through relatively calm trading before accelerating recently amid large-scale liquidations, keeping investor confidence under sustained pressure and leaving traders exhausted and despondent. On the macro front, the U.S. 10-year Treasury yield rose above 5%, the dollar strengthened, and persistent inflation intensified market expectations that the Federal Reserve will tighten policy.

Market analysis suggests that short-term direction depends largely on whether institutional demand can stabilize and whether the macro environment allows risk appetite to recover. Until then, any rebound may remain fragile and market volatility is likely to stay elevated. All financial markets are currently in a risk-off environment, with interest rates continuing to rise. Bitcoin's current decline has erased most of its earlier gains from below $65,000 to above $87,000, and the market is beginning to worry about whether it will further break below this year's low of around $58,000. (Bloomberg)

Odaily: Although Jensen Huang has maintained a low profile recently, he is still involved in the selection of NVIDIA's next CEO. According to a person familiar with the discussions, Huang has personally called at least one potential candidate. (The Washington Post)

Odaily report: According to monitoring by on-chain analyst Aunt Ai, the crypto market continued to decline from October to November, and several traders who had previously been bullish and accumulated large unrealized gains suffered major drawdowns. Among them, Big Target Bro had previously accumulated about $110 million in gains, but now has only about $17.76 million left, giving back roughly $93 million in profit; 48Clublan's account assets shrank by about $77.86 million in the past 30 days, with trading losses of about $91.36 million; an entity associated with Bit had previously accumulated more than $67.05 million in long gains from April to August, but is now sitting on an unrealized loss of about $50.75 million and still holds the relevant positions.

In addition, high-leverage traders on Hyperliquid also saw major profit drawdowns after the market reversed. Among them, James Wynn had peak profits of about $87 million but ultimately ended with a loss of $21.77 million; qwatio had peak profits of $26 million but ultimately saw the account wiped out; AguilaTrades had peak profits of $41.7 million but ultimately lost $37.6 million; and the "whale with a former 100% win rate" ultimately lost $30.02 million.

According to 8MarketCap data, Bitcoin's market cap has been surpassed by the Vanguard S&P 500 ETF, Eli Lilly, and Berkshire Hathaway, dropping to 18th place in the global asset market cap rankings. Its market cap now stands at approximately $1.259 trillion, down 8.28% in 24 hours and 17.23% over the past 7 days.

Odaily News: Tom Lee stated in a post that the crypto market has been under significant selling pressure over the past few weeks. The possible reasons for the market weakness may include: 1) AI and semiconductor stocks (especially NVIDIA, NVDA) experiencing a selloff that triggered margin calls; 2) investors selling assets in advance to raise funds for participation in the Anthropic IPO; and 3) holders converting assets into cash or stablecoins after the return of funds related to the previous $6.3 billion hacking incident, which may be the main reason for the recent weakness in the crypto market. In addition, comments during Anthropic's roadshow about AI disrupting various industries, as well as the U.S. Department of Justice's review of chip sales to Asia and China, also intensified market risk concerns.

Tom Lee reiterated that cryptocurrency still represents the future of finance, blockchain will become the transaction settlement layer, and digital assets are expected to reshape capital markets. He believes that the crypto industry is heading toward a "super cycle" larger than previous cycles, that the current headwinds facing the market will eventually pass, and stated that ETH is the future of finance.

Odaily: U.S. President Trump: Has anyone noticed that immediately after the election, $3 trillion in stock market value was wiped out? In other words, investors around the world do not like what happened on Election Day. But not to worry—the stock market has since recovered, and America will soon be greater than ever before! (Jinshi)

Odaily reports: According to monitoring by on-chain analyst Yu Jin, 7 Siblings (0x5ffc...3c37) spent another 20 million USDT to buy 10,925.6 ETH 7 hours ago, at a purchase price of $1,830. Since ETH began falling from $2,400, 7 Siblings has spent 60.877 million USDT to buy 31,484 ETH at an average price of $1,933, and currently has an unrealized loss of $5.57 million.

Odaily reports that Strive Chairman and CEO Matt Cole posted on X platform, noting that Bitcoin fell 19% in the 50 days leading up to SpaceX's IPO, and with Anthropic set to go public next week, Bitcoin has already dropped 18%, with the two price trajectories showing a high degree of similarity. Data shows that after SpaceX went public on June 12, Bitcoin bottomed out on day 18, with a maximum drawdown of 25%, and by day 100 after the IPO, it was up 28% from the closing price on IPO day and had rebounded 39% from its lowest point.

He stated that if Bitcoin repeats a similar trajectory this time, most of the current decline may have already played out, with a rapid rebound likely in the coming months. Bitcoin is currently hovering near its 200-week moving average. If the post-SpaceX IPO price path is mapped onto the current price, Bitcoin could reach approximately $90,000 by late February next year. The market won't repeat historical patterns exactly, but I remain positive on Bitcoin's technicals and fundamentals through 2027.

Odaily reports: Trader 48ClubIan posted on Binance Square that he suffered another loss of approximately $20 million today, with cumulative losses expanding from the previous $70 million to $90 million, and the $13.5 million previously added as margin also completely depleted. The account data panel he shared shows that over the past 30 days, total account asset change was -$77.8565 million, of which trading profit and loss was -$91.3636 million.

It is reported that 48ClubIan is a council member of the BNB Chain ecosystem organization 48 Club and is also directly associated with the KOGE project.

Odaily News: As of November 8, BitMine holds 6.0701 million ETH, with an estimated average cost of approximately $3,352.58 per ETH and a total cost of approximately $20.35 billion. At an ETH price of approximately $1,753, its holdings are valued at approximately $10.64 billion, with an unrealized loss of approximately $9.7 billion, representing an unrealized loss ratio of approximately 47.70%.