According to Odaily Planet Daily, BitMine Chairman Tom Lee stated in an interview with CNBC that the recent sell-off stemmed partly from market makers affected by the 10/11 incident, and not just one. These market makers have deficits on their balance sheets and need to replenish funds, thus shrinking their balance sheets, reducing trading, and selling tokens. If the prices of mainstream tokens continue to fall, they will need to sell even more tokens to ensure they have cash on hand.

Huoxun Finance reported on November 21 that Ray Dalio, founder of Bridgewater Associates, recently stated that although there are signs of a bubble in AI valuations, investors should not hastily exit the market as there are currently no triggering conditions such as monetary policy tightening. He pointed out that bubbles typically burst when the market needs asset liquidation, and there are no such signals at present. Dalio emphasized that "the market could still rise significantly before the bubble bursts."

According to Onchain Lens monitoring, a whale deposited 2.24 million USDC into Hyperliquid and opened a short position in Bitcoin with 40x leverage.

According to the latest data from 8marketcap, Bitcoin has been surpassed by the Vanguard Total Stock Market ETF, falling to ninth place in global asset market capitalization rankings. Data shows that Bitcoin's current market capitalization has dropped to $1.703 trillion, a 24-hour decrease of 7.47% and a 7-day decrease of 13.12%.

According to Odaily Planet Daily, in response to market disclosures that Nakamoto, a Nasdaq-listed Bitcoin treasury company, had sold 367 bitcoins, CEO David Bailey clarified on the X platform that these bitcoins were used for equity investments in digital asset treasury companies (DATs), including Metaplanet, Treasury, and Future. Therefore, it was not a true "sale," but rather the bitcoin balance on the company's balance sheet did not reflect the value of these equity investments.