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A publicly listed company holding 849,327 BTC has an average purchase price of about $75,451, with a total acquisition cost of about $64.08 billion. According to Gate market data, as of November 9, 2026, BTC/USDT briefly dipped to around $74,000 intraday, hitting a low of $73,420 before rebounding above $75,300. The size of its holdings remains eye-catching, but the equation between that and “shareholders becoming richer” is growing fragile.

What is truly worth examining is not “how many coins the company holds,” but “how many coins each share represents,” and “how much of a premium the market is willing to pay for each coin.” With BTC trading below the short-term holder cost basis of $75,700, changes in the premiums of proxy assets are conveying more concentrated information than the BTC price itself.

Holdings and

As of November 9, 2026, Gate market data shows BTC/USDT consolidating in a narrow range between $74,000 and $75,050, with the 24-hour low briefly touching around $73,420. The intraday low of $73,708 had already completed a downside test of the key on-chain level at $75,700. Prices then recovered slightly, but overall remained below the average cost basis of short-term holders.

$75,700 is not an ordinary technical resistance level. In a November 4 report, on-chain analytics firm Glassnode identified it as the short-term holder cost basis and noted that only about 38% of short-term holder supply remained in profit, a sharp contraction from over 97% in early October. This means that the vast majority of recently purchased coins have entered floating

Bitcoin traded in the $74,000 to $75,050 range on November 9, 2026, marking its fifth consecutive week of declines. At the same time, on-chain data showed an intriguing contrast: the Puell Multiple fell to 0.93 on November 7, while the total amount of Bitcoin held by miners increased by 8,087 BTC in a week, reaching 1,202,061 BTC. Profitability metrics are contracting, while holdings are expanding. Is this divergence a sign that miners believe the market is nearing a cyclical bottom, or a final buffer before their balance sheets reach their limits?

What exactly does a Puell Multiple of 0.93 measure?

The Puell Multiple is constructed simply: the dollar value of miners’ daily block subsidies is divided by its 365-day moving average. A reading below 1 means that the daily revenue miners are currently earning from the protocol is lower than

The November 2026 midterm elections gave Democrats control of both the House and Senate, and Elizabeth Warren is expected to take the helm of the Senate Banking Committee next January. For the crypto industry, this is undoubtedly a psychological watershed: a senator who has long been critical of crypto is about to take a seat with the power to decide which bills can move forward for consideration.

But a psychological watershed is not the same as a regulatory one. What will actually determine whether tokenized stocks can be traded compliantly in the United States and under what framework crypto derivatives enter the registration system is not the Banking Committee’s hearing schedule, but the administrative rules the SEC and CFTC are advancing under their existing statutory authority. Warren has gained oversight power, but the “actual authors” of rulemaking have not changed.

What exactly can Warren’s committee do, and what can’t it do?

The powers of the Senate Banking Committee chair are

Foreign investors net sold KRW 10.44 trillion in KOSPI stocks in one week, a figure that alone is enough to raise alarm. But the real question is not the scale, but the composition: KRW 7.54 trillion came from just two stocks—Samsung Electronics and SK Hynix—accounting for 72.22% of foreign investors’ total net selling. When such a concentrated sell-off occurs in two core assets in the AI computing supply chain, interpreting it as “bearishness on the South Korean economy” may mistake cause and effect. A reading closer to the data is that KOSPI is being traded as a proxy for AI chip exposure, and that proxy is being systematically reduced.

Is foreign capital selling an index, or a proxy for AI chip exposure?

KOSPI’s nominal identity is South Korea’s composite stock price index, covering hundreds of listed companies. But in foreign investors’ portfolio logic, its actual function has long since

Over the past month, the financing chain for AI infrastructure has undergone a quiet but clear shift. The change is not in issuance volume: the five major hyperscale cloud providers issued $67 billion in bonds during the week through early November, bringing their year-to-date bond issuance to $296 billion, already above the upper end of the previous full-year forecast. The real change is in price—the cost of buying default protection on this debt is rising faster than the fundamentals of any single company would suggest.

Data from Deutsche Bank shows that CoreWeave’s five-year CDS surged to above 1,289 basis points on November 5, surpassing its October high; it fell about 8% on Friday but remained at 1,155 basis points. Meanwhile, Nvidia’s debt CDS rose 76% over the past month to around 139 basis points, Broadcom’s rose 49%, and Amazon

Arthur Hayes’s recent arguments on AI, liquidity, and Bitcoin have been widely simplified into a directional prediction: after the AI bubble bursts, central banks will eventually step in to bail it out, benefiting Bitcoin. But returning to the original logic of “D is for Dilution,” the framework’s core is not “being bullish on BTC”; rather, it lies in the clear sequence between two judgments: first, being bearish on the drain of dollar liquidity caused by major AI IPOs, then, after a credit shock forces monetary authorities to change course, being bullish on the liquidity repricing brought by a bailout.

The market is currently pricing in only the first half of this chain.

What exactly is Hayes “bearish” on?

Hayes’s core view is neither “AI will collapse” nor “BTC will rise immediately.” He analyzes the impact of major AI companies going public on equity supply and credit

In the first week of November 2026, the macro picture featured a combination that was easy to misread. October added 165k nonfarm jobs, far exceeding the market’s median expectation of about 65k, while the unemployment rate fell to 4.1%. The probability of a rate hike in December jumped from about 67% before the data to nearly 80%. Under the traditional chain of events, strong employment lifts rate-hike expectations and pushes real interest rates higher, which should put clear pressure on gold—the price did indeed retreat from its weekly high of $4,147 to around $4,070.

But another factor was at work at the same time: Brent crude fell 16.42% in a week, sliding from $117.64 to $98.32, while WTI also dropped to $89.92. The oil-price plunge pushed the 10-year breakeven inflation rate down from 2.34% to 2.23%, its lowest level since August. In the same macro window, “

As of November 9, 2026, Gate market data shows BTC/USDT trading near $74,000, down approximately 2.34% over 24 hours. Over the same period, Bitcoin’s 7-day average hashrate fell to about 1.027 ZH/s, down 2.4% from a week earlier and its lowest level in nearly three weeks; meanwhile, the total amount of BTC held by miners rose to 1,202,061, a net increase of 8,087 in one week. The Puell Multiple stood at 0.93, confirming that miners’ profit margin relative to their output is narrowing.

These three data points point to an unusual combination: miners’ production capacity is shrinking, profitability indicators are weakening, yet their holdings are growing. If this were simply “miner capitulation,” holdings would be moving in the opposite direction. The key to understanding this divergence lies not in the hashrate figure itself, but in the composition of the hashrate decline

As of early November 2026, Robinhood Chain held approximately $1.05B in stablecoins, while all stock tokens had a fair value of just $185 million—the former was 5.6 times the latter, with stock tokens accounting for less than 18% of the stablecoin total. In a total TVL structure of approximately $1.08B, lending protocol Morpho accounted for $617 million, of which $522 million came from a single USDG vault curated by Steakhouse; DEX liquidity stood at $350 million, and perpetuals locked $183 million.

These figures point to a fact that is easily obscured by the narrative: the “$1 billion” accumulated on this chain consists primarily of dollar-denominated lending positions whose returns come from interest

As of November 9, 2026, BTC is priced at around $74,100. Over the past week, U.S. spot Bitcoin ETFs saw net outflows of $1.28 billion, their worst weekly performance since late June. Cumulative flows in 2026 turned negative, with net outflows of around $914 million, marking the first annual net outflow for these products since their launch in January 2024. On the surface, this is a “capital is fleeing” story. But looking at the breakdown, the real question is not the total outflow, but how it is distributed—and what the reversal in cumulative flows for 2026 is really testing.

IBIT’s 94.4%: Is the whole industry selling, or is one fund selling?

From November 2 to 6, IBIT saw weekly net outflows of around $1.21 billion, accounting for 94.4% of the market-wide $1.28 billion net

November 6, 2026, Humana (NYSE: HUM) raised its full-year adjusted EPS guidance from “at least $9.00” to “at least $9.50” in its third-quarter earnings report, and sharply raised its U.S. GAAP EPS guidance from “at least $6.52” to “at least $15.09.” At the close that day, HUM was at $433.74, up 5.33%, after reaching an intraday high of $444.00, according to Gate stock market data.

Source: Gate stock market data

The tension in this earnings report is that the company posted an adjusted quarterly loss of $0.70 per share, yet raised its full-year earnings guidance. Beneath the apparent contradiction, the higher guidance was not an optimistic revision to current-period earnings, but a reassessment of the credibility of cost trends and the visibility of profit recovery in 2027–2028.

As of November 9, 2026, Beijing time, Gate stock market data showed that Nintendo's 7974, listed on the Tokyo Stock Exchange, closed at 8,606 yen, up 5.23% on the day, a gain of 428 yen. It opened at 8,200 yen, reached a high of 8,698 yen and a low of 8,192 yen; its 52-week high was 13,985 yen and its 52-week low was 6,544 yen. Its market cap was 11.08 trillion yen, P/E ratio 22.34x, dividend yield 2.94%, and quarterly dividend 63.25 yen. Over a one-year period, 7974 fell from above 13,000 yen to the 8,000-yen range, a decline of more than 40%.

Source: Gate stock market data

The 5.23% single-day rebound was more of a short-term catalyst.

On November 9, 2026, Taiwan’s weighted index opened 645.64 points higher, reaching an intraday high of 42,349.36 points, up as much as 2,647.72 points from the previous trading day’s close of 39,701.64 points. The gain narrowed by the close, but the index still rose 1,960.06 points to 41,661.70, a gain of 4.94% and its second-largest point gain at the close on record. Trading value totaled NT$837.929 billion. According to Gate stock market data, UMC (2303-TW) reached an intraday high of NT$100.50 and closed at NT$96.70, up 5.11%, with volume of 209,400 lots; TSMC closed at NT$2,235, up 4.68%. On the previous trading day, the index had plunged 5,510 points in a single week, a decline of

On November 6, U.S. Eastern Time, U.S. stocks staged a mixed rebound after a sharp selloff in the previous trading session. The Nasdaq Composite closed up 264.43 points, or 1.09%, at 24,579.43; the S&P 500 closed up 0.31% at 7,376.86; while the Dow fell 0.46%. Nvidia recovered after plunging about 9% the previous day, closing at $186.64.

But viewed over a week, the rebound’s significance as a “recovery” was limited. For the full week, the Nasdaq Composite fell 3.37%, while the S&P 500 dropped 2.68%. The scale of the selloff was also impossible to ignore: Democrats’ landslide victory in the midterm elections triggered concentrated selling in AI stocks, wiping out about $3.2 trillion in U.S. stock market value in a single day, while the Nasdaq 100 fell 6

On November 9, 2026, Taiwan’s weighted index rose 1,960.06 points, or 4.94%, to close at 41,661.70 points. It hit an intraday high of 42,349.36 points, surging 2,647.72 points from the previous trading day’s close. This was the second-largest single-day point gain in Taiwan stock market history. But just three trading days earlier, the same market had experienced the sharpest intraday sell-off on record: on November 6, it hit an intraday low of 37,837.05 points, setting a record with a 3,737.67-point intraday drop, and closed at 39,701.64 points. From November 2 to 6, Taiwan stocks fell approximately 5,510 points over five trading days, a decline of 12.19%; from the year-to-date high of 49,968 points, the maximum drawdown was 10,267

The reason token unlocks are repeatedly priced in by the market is not the act of “unlocking” itself, but the proportion of new supply relative to the existing circulating supply, and whether recipients face constraints on selling immediately. Even when both are labeled “large unlocks,” one project releasing more than 60% of its circulating supply to early financial investors and another making an internal foundation transfer could have entirely opposite effects on the order book.

In the second week of November 2026, Allora (ALLO), Connex (CONX), and Aztec (AZTEC) will see supply events in succession between November 11 and 15, releasing a combined value of more than $40 million. The following breaks down the supply impact structure of these three projects across three verifiable dimensions: the unlock amount as a proportion of released supply, the nature of the token recipients, using

From November 17 to 19, 2026, Pi Network will hold its first Pi Ecosystem Summit. The official agenda shows that the theme for the second day (November 18) is explicitly focused on AI and the ecosystem, with founders Chengdiao Fan and Nicolas Kokkalis set to appear in a livestream. The closing day will kick off the Pi Next developer competition, with a prize pool of 200,000 USDT.

But the price has not kept up. As of November 9, 2026, according to Gate

Anthropic’s IPO is becoming a key test of the resilience of the AI high-valuation narrative. A month ago, some potential investors were still discussing the possibility of a $2 trillion market capitalization at listing; by early November, as third-quarter financial data gradually came into focus, valuation discussions had shifted downward to the $1.2 trillion to $1.5 trillion range, with a few even pointing to $1.1 trillion. This contraction is not an isolated event. On November 6, the Nasdaq Composite closed down 5.52% at 24,315.00, Nvidia fell 9.26% on the day to $181.60, wiping out about $447 billion in market capitalization, and the Philadelphia Semiconductor Index dropped about 12%, its biggest single-day decline since March 2020. As the “AI trade” at the infrastructure layer faced concentrated selling, a company that has yet to list

TL;DR

For the week ended November 6, 2026, major US stock indexes all closed lower, as a sharp selloff in artificial intelligence and semiconductor stocks on Thursday erased gains from the midweek rebound following the US midterm elections. The Nasdaq Composite fell 3.37% to close at 24,579.43; the S&P 500 fell 2.68% to close at 7,376.86; and the Dow Jones Industrial Average fell 0.94% to close at 51,285.73.

International crude oil prices plunged amid market expectations after the US midterm elections that geopolitical tensions in the Middle East would ease. Brent crude settled at $101.025 per barrel, down 13.73%; WTI crude settled at $91.089 per barrel, down 12.49%.

The US benchmark 10-year Treasury yield fell 7 basis points to 4.86% (4.859%), marking its consecutive...