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According to Bloomberg, the crypto market maker Wintermute has become the main user of Hyperliquid's priority data auction mechanism. This mechanism allows traders to bid for the right to view incoming buy and sell orders before they are processed by the exchange, giving them a few milliseconds to adjust their quotes or hedge on other platforms.Blockchain analytics platform Loris Tools found that in the past month, a wallet associated with Wintermute won about 76% of the highest priority data slot auctions.This mechanism has raised questions about whether it favors large trading firms. DRW founder Don Wilson previously questioned whether it is fairer than the server hosting mechanisms of traditional exchanges and whether it can meet U.S. regulatory requirements.The founder of Loris Tools believes that to fully leverage this speed advantage, direct connections to nodes operated by the Hyperliquid Foundation are necessary, and this access has trading volume and token staking requirements.Wintermute founder and CEO Evgeny Gaevoy stated that the auctions are more transparent than the low-latency networks and server hosting of traditional finance, and the company primarily uses this service for cryptocurrency trading. Hyperliquid Labs stated that anyone can participate in the bidding, and all priority fee payments are publicly recorded on-chain.

Bloomberg cited informed sources reporting that as the longest-serving policymaker at the Federal Reserve approaches retirement, discussions are underway within the Fed regarding the term limit rules for regional Fed presidents. The focus is on whether John Williams, the president of the New York Fed, can serve until June 2028, which would mark his 10-year tenure as president of the New York Fed, or if he must step down when he turns 65 in June 2027.According to relevant rules, regional Fed presidents are typically required to retire at 65; however, those who are first appointed after the age of 55 may serve for up to 10 years or until they reach 75, whichever comes first, as determined by the regional Fed board. One point of contention is whether the years Williams served as president of the San Francisco Fed from 2011 to 2018 count toward this 10-year limit. Williams himself and several observers have previously interpreted the rules as allowing him to serve until June 2028. He told Bloomberg last month that he plans to serve until that time and described it as a commitment to the New York Fed board and his family.If Williams steps down in 2027, Federal Reserve Chairman Kevin Warsh would have the opportunity to influence the appointment of this important regional Fed leader a year earlier. Informed sources say it is currently unclear whether Warsh or other board officials support ending his term early; if there is a push for him to leave prematurely, it could provoke opposition from other regional Fed presidents, who may be concerned about further Washington intervention in regional Fed operations. A spokesperson for the Federal Reserve Board and Pat Wang, chair of the New York Fed board, both declined to comment. The New York Fed board has not yet officially announced the initiation of the succession selection process, which typically takes several months.

According to Bloomberg, the cryptocurrency industry's efforts to rewrite the way stock trading works are accelerating amid widespread opposition.Represented by the tokenized stock platform in collaboration between OKX and the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, these products plan to allow stocks of U.S. listed companies to be traded in token form and extend trading hours. Robinhood has expressed support for its stocks to be listed on this platform, while companies like Apple and Meta have publicly opposed it, citing unauthorized reasons, and the number of publicly opposing listed companies has continued to increase since the end of October.The controversy centers on three points: whether tokens are issued by a third party or authorized by the issuer, who maintains the shareholder register, and whether the token price will decouple from the underlying stock. Supporters believe this can lower the barriers to cross-border trading and extend trading hours to all day; opponents worry that investors may mistakenly view tokens as products endorsed by the company and question whether shareholder rights will be diluted.

According to the Beijing Daily, on November 10, the spokesperson for the Ministry of Foreign Affairs, Guo Jiakun, hosted a regular press conference. A Bloomberg reporter asked whether the Ministry of Foreign Affairs could confirm if Alice Huang is a Chinese citizen and where she is currently located.Guo Jiakun responded, "We have previously addressed this matter. The so-called 'Chinese spy' narrative is purely a baseless accusation and smear."

According to Bloomberg, the New York Stock Exchange will settle tokenized stocks on the Avalanche blockchain.

Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, pointed out that the bear market for Bitcoin may provide guidance for gold and other risk assets. He believes that Trump's shift from a cryptocurrency opponent to a supporter could help him secure re-election in 2024, but now Bitcoin has peaked and retreated. If history is any guide, other risk assets may also follow suit and decline.McGlone noted that Bitcoin's 50-week moving average indicates it is in a downward trend, and gold also faces downside risks. He stated that gold's current volatility is about 2.2 times the annualized volatility of the S&P 500 Index, the highest since 2007, and has become a highly volatile and highly correlated asset. He believes that the Bitcoin bear market may signal a mean reversion in the volatility of the S&P 500 Index, aligning more closely with the typical 1:1 relationship with gold, and that risk assets currently face significant downside risks, with the midterm elections potentially being a decisive factor.

According to Bloomberg, over the past two years, the cryptocurrency industry has enjoyed a rare political advantage in Washington: the U.S. President has prioritized digital assets as a national priority, regulators have paved the way for it, and the Republican-controlled Congress has been sympathetic to its agenda. With the Democratic Party's significant victory in the midterm elections and control of Congress, the cryptocurrency industry is facing stricter rules and closer scrutiny of Trump's cryptocurrency business, and its political advantage is waning.The Democratic Party has indicated plans to impose stricter ethical constraints, stronger consumer protections, and to give the SEC a greater role in regulating digital assets. Cryptocurrency critics Maxine Waters and Elizabeth Warren are expected to wield greater influence in the House Financial Services Committee and the Senate Banking Committee, respectively. However, many of the cryptocurrency industry's achievements are difficult to reverse, such as the stablecoin bill which requires new legislation to be repealed.

According to Bloomberg, Wall Street's reaction to the U.S. midterm elections shifted from positive to negative in about 24 hours. The sell-off on Thursday spread from retail investors to hedge funds, long-only asset management firms, and quantitative strategies, causing a loss of approximately $3.7 trillion in market value for U.S. stocks in a single day, with the Nasdaq 100 index recording its largest drop since March 2020. Initially, the stock market rose after the elections due to the reduction of event risk and a decline in oil prices, but investors later reassessed the risks of Democratic scrutiny on data center expansion.In the first half hour after the market opened on Thursday, retail investors were the first to sell for profit, followed by hedge funds and long-only firms. Data from Vanda Research shows that the net selling scale of retail investors on that day was second only to two days during the pandemic shock in March 2020. Its strategist Viraj Patel pointed out that while retail and systematic investors were actively selling, institutional buyers chose to step back. The decline subsequently triggered mechanical selling, with Nomura strategist Charlie McElligott estimating that based on the negative gamma exposure during Thursday's trading, for every 1% drop in the market, options market makers would generate an additional selling pressure of about $7 billion.Volatility control funds estimated that they needed to reduce their holdings by about $61 billion in stocks based on market changes at the time, with about $25 billion in sales still being executed on Wednesday. The rebalancing of leveraged ETFs is expected to bring about an additional $47 billion in stock sales. Vanda estimated that commodity trading advisors sold about $13 billion in S&P 500 and Nasdaq futures. Goldman Sachs' prime brokerage trading desk estimated that fundamental long-short funds lost about 1.3% on Thursday, while technology-themed funds fell over 4%. The basket of stocks in storage, optical networks, data centers, and AI semiconductors dropped by 12% to 15% that day, and the VIX index rose from 16.6 points at the opening to nearly 28 points at the close.

According to a report by Bloomberg, the U.S. Department of Labor's final rule aimed at facilitating the inclusion of alternative assets such as private equity, real estate, and cryptocurrencies in retirement plans has been submitted to the Office of Information and Regulatory Affairs (OIRA) for review on Thursday. This submission indicates that the rule is nearing completion and public release, but is still in the review stage.The Department of Labor announced the relevant proposal on March 30. According to the previous proposal, trustees can obtain legal safe harbor protection when including private assets in 401(k) plan investment options, provided they meet six criteria. These six criteria are investment performance, fees, liquidity, valuation, performance benchmarks, and complexity.

According to Bloomberg, the Binance hacking incident is prompting the cryptocurrency industry to re-examine its long-held decentralized philosophy, as well as the transaction review, settlement delays, and fund intervention mechanisms in the traditional financial system.As the cryptocurrency industry seeks to enter the mainstream financial market in the United States, some institutional investors are beginning to reconsider Wall Street's financial risk control mechanisms. In traditional finance, banks, payment networks, and clearing institutions can review suspicious transactions during the fund transfer process and can suspend fund flows under certain circumstances.Third Eye CEO Tian Zeng stated that he hopes the settlement time can be shortened from the traditional financial T+1 day to T+1 hour, by appropriately extending the settlement time and increasing review steps, thereby reducing hackers' ability to quickly transfer funds.FalconX Co-Head of Markets Joshua Lim pointed out that as more institutions enter the cryptocurrency market, the client structure is changing, and some institutions are no longer willing to fully accept the risks associated with irreversible transactions. As the cryptocurrency industry further integrates with traditional finance, how to balance transaction efficiency, decentralization, and fund security will become a problem that the industry must face.

According to Bloomberg, after Binance experienced a record $6.3 billion hack, it has increased incentives for some market makers trading on the platform to boost trading activity. Sources familiar with the matter revealed that shortly after the security breach, the company reached out to smaller trading firms to offer higher commissions in the spot and futures markets.Sources indicated that during this week-long initiative, so-called level 2 and level 3 market makers would receive the same commission rates as level 4 participants, which is the highest tier on the platform. The sources added that these changes are aimed at providing greater financial incentives for smaller liquidity providers to quote on the trading platform and maintain a deeper order book.According to information on its website, Binance primarily categorizes market makers into different tiers based on the liquidity they provide, with companies offering larger trading volumes qualifying for higher tiers, typically receiving larger commissions, thereby reducing their trading costs. A Binance spokesperson stated that the latest measures following the security breach help to calm the market and noted that, just as prioritizing clear communication is important, the company took immediate action to maintain its core competitive advantage in liquidity. According to data from Talos, within 24 hours after the hack, the depth of the Bitcoin order book on Binance dropped by about 30%, with the depth within a 1% price range falling from $45 million to $32 million.

According to Bloomberg, Anthropic plans to issue shares in Japan, raising up to $3.5 billion.

In terms of the S&P 500, when the Republican Party controls Congress, 65% of respondents expect the U.S. stock market to accelerate or maintain its current pace of growth over the next 12 months (with an average monthly increase of about 1.3% this year); when the Democratic Party controls Congress and during a split Congress, this proportion is 37% and 44%, respectively.In terms of bonds, a Democratic-controlled Congress is considered more favorable, with 53% of respondents expecting U.S. Treasury yields to decline at that time, while the proportions for a split Congress and Republican control are 36% and 26%, respectively.

According to a report by Bloomberg, a survey of 301 investors and financial professionals shows that if the Republican Party controls Congress, 29% of respondents expect Bitcoin to exceed $100,000 by the end of 2026; if the Democratic Party controls Congress, this percentage is 8%, and if both parties share control of Congress, it is 14%.The survey used Bitcoin's price of approximately $83,600 at the end of September as a benchmark. In the scenario where the Democratic Party controls Congress, 55% of respondents expect the price to drop by the end of the year but not below $60,000, while 16% expect it to fall below $60,000. The survey was conducted from October 2 to 17, with respondents including Bloomberg terminal clients and website subscribers.

According to Bloomberg, as the U.S. midterm elections on November 3 approach, the commercial collaborations between prediction market platforms Kalshi, Polymarket, and media groups such as CNN, CBS News, CNBC, Dow Jones, and Fox are attracting attention. Bloomberg estimates, based on Dune data, that the cumulative trading volume of midterm election-related prediction markets on the two platforms is approximately $1.5 billion.The report states that CNBC's collaboration with Kalshi involves customer acquisition and minority equity investment, CBS News lists Kalshi as a sponsor of the prediction market, and the Wall Street Journal under Dow Jones showcases Polymarket data. CNN indicated that it would not reference prediction odds during live broadcasts on election night, while Fox News explicitly excluded political reporting from its collaboration with Kalshi. The financial terms of the related agreements are mostly undisclosed, and some media commentators are concerned that commercial interests may affect the independence of news reporting.

According to a report by Reuters citing informed sources, Trump Media & Technology Group (DJT.O) has signed agreements with Bloomberg, quantitative trading and market-making giant Hainar International, and Jump Trading to obtain posts released by Trump more quickly.