BTC $69,016.12 -6.35%
ETH $1,947.19 -5.11%
BNB $635.80 -6.18%
XRP $1.00 -3.80%
SOL $78.75 -5.37%
TRX $0.3116 -1.67%
DOGE $0.0638 -5.18%
ADA $0.1685 -2.64%
BCH $217.57 -5.34%
LINK $9.76 -3.65%
HYPE $71.23 -1.13%
AAVE $111.42 -6.30%
SUI $0.7772 -4.99%
XLM $0.1429 -2.38%
ZEC $934.85 -4.99%
AAPL $356.50 +0.12%
AMZN $268.00 +0.70%
GOOGL $300.20 +1.89%
MSFT $521.35 -0.06%
META $625.34 -0.47%
NVDA $163.95 +2.02%
TSLA $398.07 +2.85%
SNDK $927.89 -2.87%
INTC $60.79 +0.30%
SPCX $140.46 +0.80%
MU $794.22 +0.56%
AMD $574.86 +2.35%
BTC $69,016.12 -6.35%
ETH $1,947.19 -5.11%
BNB $635.80 -6.18%
XRP $1.00 -3.80%
SOL $78.75 -5.37%
TRX $0.3116 -1.67%
DOGE $0.0638 -5.18%
ADA $0.1685 -2.64%
BCH $217.57 -5.34%
LINK $9.76 -3.65%
HYPE $71.23 -1.13%
AAVE $111.42 -6.30%
SUI $0.7772 -4.99%
XLM $0.1429 -2.38%
ZEC $934.85 -4.99%
AAPL $356.50 +0.12%
AMZN $268.00 +0.70%
GOOGL $300.20 +1.89%
MSFT $521.35 -0.06%
META $625.34 -0.47%
NVDA $163.95 +2.02%
TSLA $398.07 +2.85%
SNDK $927.89 -2.87%
INTC $60.79 +0.30%
SPCX $140.46 +0.80%
MU $794.22 +0.56%
AMD $574.86 +2.35%

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Analysis: The process of deleveraging has accelerated, and Binance's Bitcoin open interest has decreased by 17% in one month

CryptoQuant analyst Darkfost stated that within less than a month, the open interest of BTC on the Binance platform has decreased from 10.6 billion dollars to 8.8 billion dollars, a drop of 17%. Meanwhile, its 180-day moving average has risen from 8.4 billion dollars to 8.6 billion dollars. As the open interest falls below the moving average, new signals of deleveraging are emerging in the market. In a bull market phase, this signal typically appears when market corrections are nearing their end, reflecting that traders are reducing their leveraged exposure, which includes both voluntary liquidations and forced liquidations due to insufficient margin.Aside from the fact that this process may last for months in a bear market, a similar signal last appeared in June of this year when the BTC price was below 60,000 dollars, subsequently rebounding to above 87,000 dollars, with an increase of over 45%. Currently, as the open interest declines, the market is also experiencing large-scale liquidations. Low volatility seems to encourage some traders to take on higher risks to compensate for the insufficient returns brought about by the narrowing price fluctuations, making them more susceptible to market reversal shocks. Over the past three months, the monthly liquidation scale on Binance has reached new highs since 2021: over 1.4 billion dollars in August, 1.1 billion dollars in September, and 1.3 billion dollars in October. This trend appears to continue into November, with the liquidation scale exceeding 520 million dollars before the end of the first half of this month.These data highlight the potential losses that leveraged trading can bring to investors. In a market environment with low volatility and shrinking trading volume, blindly increasing risk exposure due to a lack of patience can quickly lead to heavy costs. However, the deleveraging phase also helps improve the market environment. Reducing leveraged positions can lower the risk of cascading liquidations, allowing spot demand to play a greater role in market pricing, thereby helping Bitcoin establish a more robust market structure.

Data: Hyperliquid HIP-3 Nvidia's open interest contract size reached 535 million USD, second only to BTC, ETH, and HYPE

According to monitoring by Mlm on chain, Nvidia (NVDA) has currently become the largest HIP-3 market by open contract size on Hyperliquid, and it is the fourth largest market on the platform, only behind BTC, ETH, and HYPE. Its open contract size has reached 535 million dollars, growing 5.8 times in the past 7 days, which is 2.4 times the previous peak of 227 million dollars in June of this year.Currently, the NVDA market's daily trading volume has surpassed 1 billion dollars for the first time. The largest single position is a short position of 348,000 shares of NVDA held by Jump, valued at approximately 56 million dollars, which is a non-directional position. The largest directional position is a long position of 191,000 shares of NVDA, valued at approximately 30.7 million dollars, which has been gradually built up over the past 24 hours, with an average entry price of 174.43 dollars, currently showing an unrealized loss of about 2.6 million dollars.The market has a total of 9,517 trading wallets, of which 83% hold long positions; market makers account for 70% of the short open contract size. The average entry price for longs is currently 169.55 dollars, while the mark price is 160.66 dollars, which is about 5.2% lower than the average entry price. The total unrealized losses for all NVDA long positions have reached 14.6 million dollars.

Zhang Yiming: ByteDance will not be able to compete with OpenAI until 2029

ByteDance founder Zhang Yiming recently provided a timeline at the all-hands meeting of the Seed team, stating that ByteDance is not expected to compete with OpenAI and Anthropic in the cutting-edge AI field until 2029 to 2030 at the earliest. Zhang Yiming pointed out that the pre-training dataset used by the Seed large language model is several orders of magnitude smaller than that of top competitors. Doubao is the largest AI chat application in terms of user scale in the country, and the video generation model Seedance has also entered the ranks of the world's top models.When Seed 2.1 was released in June this year, the team admitted that the model still has significant shortcomings in high-difficulty open tasks and cutting-edge scientific research problems. In May this year, the company discussed raising its annual capital expenditure to a maximum of $70 billion, mainly for building AI data centers and other infrastructure. In August, it was reported that Seed is pre-training a large model with up to 100 trillion parameters, surpassing all publicly available large models in the country.Seed currently has about 1,000 R&D personnel, led by Wu Yonghui, who was recruited by Zhang Yiming from Google DeepMind last year. ByteDance has also launched a virtual stock "Doubao Stock" linked to the Doubao business. ByteDance plans to launch a personal AI assistant similar to Meta Muse in the coming weeks, allowing users to interact with AI through voice and virtual avatars and have it complete tasks on their behalf. The personal assistant project, internally codenamed Spell, began internal testing in April but was not officially launched due to the release of the Doubao phone and other reasons. It is now planned to be further integrated with Doubao.
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