The market on November 12th is quite interesting, with several clues fermenting at the same time.

First, let's talk about the overall environment. The farce of the federal government shutdown in the United States seems to be coming to an end. Once this issue is resolved, the funds that have been frozen on the institutional side will be able to move, which is a positive signal for risk assets. Additionally, if Trump's tariff dividend plan—where money is directly given to the public—actually materializes, it might bring a wave of retail funds pouring in. Of course, these are all expectations, and whether they can be fulfilled remains to be seen.

The project-level dynamics are more direct. CFX soared 42% today, triggered by the launch of a new stablecoin in the ecosystem. The Injective mainnet officially launched today, and such milestone events typically lead to price fluctuations. Additionally, Yuga Labs' Otherside metaverse platform also chose to launch today, and people in the NFT circle are closely watching to see if it will spark a wave of excitement.

The exchange hasn't been idle either. A leading platform is going to delist FLM, KDA, and PERP today, so friends holding these coins need to be aware of the risks. Another compliant platform has launched a savings account service in the UK, which is quite an interesting attempt to combine traditional finance and cryptocurrency; at least there's another avenue for fiat entry.

On the regulatory front, a representative from the Bank of England has spoken, indicating that the rules for stablecoins cannot be loosened casually. It seems that regulators in various countries are still keeping a close eye on stablecoins.

There is a detail worth noting regarding the flow of funds: another whale is increasing its position in ETH, and this guy's long position has exceeded $200 million. Large capital is continuously building positions at this level, which indicates that someone is optimistic about the future market.

Finally, I would like to point out two important time points that need attention. This week, approximately $190 million worth of tokens will be unlocked, involving projects like Aptos, Arbitrum, and StarkNet. Unlocking generally means selling pressure, which may suppress prices in the short term. In addition, due to the previous government shutdown, the non-farm payroll and CPI data for the US in October were postponed, and should be announced within a week after the government reopens. The release of this data may lead to another round of volatility.

The market is like this: macro expectations, project progress, capital flow, and regulatory attitudes are intertwined. In the short term, there are both positive and negative concerns; the key is to grasp the rhythm well and not be led by a single event.