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The US economy is showing a divided state, with financial markets booming while the real economy is declining. The manufacturing PMI continues to contract, yet the stock market is rising due to concentrated profits in technology and financial companies, resulting in balance sheet inflation. Monetary policy struggles to benefit the real economy, and fiscal policy faces difficulties. The market structure leads to low capital efficiency, widening the gap between rich and poor and increasing social discontent. Cryptocurrency is seen as a relief valve, offering open financial opportunities. The economic cycle oscillates between policy adjustments and market reactions, lacking substantial recovery. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.
Due to the reassessment of Federal Reserve rate cut expectations and the fading rebound of the U.S. stock market, the crypto market continues to experience liquidations, with significant ETF capital outflows and options traders increasing bets on volatility. Institutions warn that technical support for bitcoin above $90,000 is weak.
As long as the system continues to recycle debt into asset bubbles, we will not see a true recovery—only a slow stagnation masked by rising nominal figures.
- 13:48Data: Machi's 25x Ethereum long position has an unrealized loss of $2.66 million, with a liquidation price of $3,043.72According to ChainCatcher, monitored by HyperInsight, Machi Huang Licheng's address currently holds a 25x leveraged long position on Ethereum (7,525 ETH) with an unrealized loss of $2.66 million. The average entry price is $3,438.28, and the liquidation price is $3,043.72. At present, the market price of ETH is less than $50 away from the liquidation price.
- 13:36Applied Digital to raise $2.35 billions through senior secured notes issuanceJinse Finance reported that Nasdaq-listed bitcoin mining hosting and cloud service company Applied Digital announced that it will raise $2.35 billion by issuing senior secured notes through its subsidiary APLD ComputeCo LLC. This issuance will be conducted via private placement and is expected to be completed around November 20, 2025, depending on market and other conditions. The new funds will be used for the construction of its data center campus.
- 13:36Gold futures and spot prices plunge, New York gold futures drop 3%Jinse Finance reported that New York gold futures fell sharply by 3.00% intraday, currently quoted at $4,068.20 per ounce. Spot gold has retreated below $4,070 per ounce, down 2.44% on the day.