**BTC falls below 95K, short positions sentiment explodes**

Last night BTC hovered around $94,223, falling 4% in 24 hours, hitting an intraday low. The expiration of derivatives, large holders dumping, and insufficient buying power from institutions/retail investors have directly pushed the market into the "extreme fear" zone - the Fear & Greed index dropped to 22, a new low since March.

Analysts have thrown out a warning based on the Wyckoff distribution model: since the buying climax at 122K, no new highs have been made, and we have now entered a falling phase. If key support is broken, BTC may drop to 86K. What's even more heartbreaking is whether Q4 will become the "worst fourth quarter in history."

**Derivative Market Explosion**
- BTC futures liquidated $65.24M within 4 hours, mainly due to long positions liquidation.
- ETH liquidation $22.13M, similarly long positions affected
- Open interest has declined: BTC fell 2.3% to $66.05B, ETH fell 3.8% to $36.31B
- BTC RSI falls to 27.33, definitely in the oversold zone.

ETH's intraday performance was not ideal, falling 1.6% to $3,129.77. SOL and XRP also could not escape the downward spell, dropping 1.9% and 1.5%, respectively.

**News Flash**

🔹 **Saylor denies MicroStrategy reduction rumors**
Yesterday, it went viral on X that MSTR had dumped 47K BTC, and Saylor immediately came out to refute the rumor. Later, someone dug up that the reality was that on October 31, it was just an internal transfer, and 22.7K BTC had never been sold on the market. Saylor also dropped a golden quote on CNBC: "BTC investment requires a 4-year vision, and volatility is a compulsory course."

🔹 **Tether Tests Bulk Commodity Financing**
Paolo Ardoino revealed in an interview with Bloomberg that Tether is entering the commodity lending market, covering traditional categories such as agriculture and crude oil. The newly established trade finance department has already issued $1.5B in credit to commodity traders.

🔹 **Alibaba's self-developed cross-border payment system**
Alibaba's 35 billion scale e-commerce network is about to launch a new weapon - a self-developed tokenized payment system, which will be online by the end of the year. This system uses JPMorgan's tokenization technology, supports USD/EUR, and automatically runs settlements and dispute resolutions through AI smart contracts. Although it is not a formal stablecoin, it essentially serves as a digital twin of fiat currency payments.

🔹 **UAE Tightens Crypto Regulation**
The new central bank decree has directly turned into a "crypto minefield." Unauthorized provision of financial products carries a maximum penalty of $136M+ and imprisonment. Tools such as self-custody wallets, blockchain explorers, and market software must also be licensed. Companies must rectify within a year, or they will bear the consequences.