US sanctions against money laundering crypto bankers send Bitcoin below $100,000 for the first time in months.

Headline

▌US Sanctions North Korean Bankers Suspected of Money Laundering and Cryptocurrency Theft

The US Treasury Department's Office of Foreign Assets Control (OFAC) announced a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of involvement in money laundering for North Korea and transferring crypto assets obtained through cybercrime to fund its nuclear weapons program. The US Treasury Department stated that over the past three years, North Korea has stolen more than $3 billion in digital assets through malware and social engineering attacks, exceeding the scale of any other country's related actors. Those sanctioned include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency. The Treasury Department pointed out that North Korea relies on a network of bank representatives, shell companies, and financial institutions established in its own country, Russia, and other locations for money laundering, cryptocurrency theft, and sanctions evasion.

The US had previously warned businesses to be wary of North Korean IT professionals posing as operatives infiltrating the financial system for illicit activities.

▌BTC Falls Below $100,000 for the First Time Since June

Data shows that BTC fell below $100,000 for the first time since June, briefly touching $98,995, a 24-hour drop of over 7%, before rebounding and breaking through $101,000, with the 24-hour drop narrowing to around 5%.

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Blockchain Applications

▌Winklevoss's Crypto Exchange Gemini Plans to Enter Prediction Markets

According to sources, Gemini Space Station Inc., a cryptocurrency exchange founded by billionaires Tyler Winklevoss and Cameron Winklevoss, is preparing to launch prediction market contracts. This move will bring Gemini into the emerging field of prediction markets, which is currently attracting significant investment from financial institutions. Prediction markets are financial products, under federal regulation, that allow people to bet on the outcomes of sporting events, elections, and other events.

▌Stream Finance: Suffers $93 Million Asset Loss, Withdrawals Suspended and Investigation Launched

According to an official announcement, Stream Finance stated that an external fund manager disclosed a loss of approximately $93 million in Stream funds under its supervision. Stream has hired Keith Miller and Joseph Cutler of the law firm Perkins Coie LLP to lead a full investigation. Currently, Stream is withdrawing all liquid assets and has announced the suspension of all deposit and withdrawal operations. Further updates will be provided regularly. Previously, PeckShield stated that the Staked Stream USD (XUSD) had de-pegged by approximately 23%.

▌Moonwell Lending Contract Attacked, Attacker Profits 295 ETH

On November 4th, according to CertiK monitoring, the Moonwell lending contract was attacked by multiple transactions.

The attackers exploited a faulty oracle's returned wrst price (approximately $5.8 million), repeatedly borrowing over 20 wstETH by flash-borrowing only about 0.02 wrstETH and depositing it, profiting 295 ETH (approximately $1 million). According to on-chain analyst Ember, early this morning, StakeWise recovered 5,041 osETH ($19.3 million) from the Balancer hackers via contract calls. Therefore, the assets stolen by the hackers from Balancer have decreased from $117 million to $98 million. The hackers have been gradually converting LST into ETH, and have now converted more than half of the stolen assets back into ETH. Cryptocurrency ▌Wintermute: Cryptocurrencies Continue to Underperform Traditional Assets; Traditional Four-Year Cycle Concept Has Failed Cryptocurrency market maker Wintermute published an article stating that despite a supportive macroeconomic environment, including interest rate cuts, the end of quantitative tightening, and the stock market nearing its peak, cryptocurrencies continue to lag behind other asset classes. The article points out that global liquidity is expanding, but funds are not flowing into the cryptocurrency market. Of the three major drivers of fund inflows that propelled the first half of the year, only stablecoin supply has continued to grow (up 50% year-to-date, adding $100 billion), while ETF inflows have stagnated since the summer, with BTC ETF assets under management hovering around $150 billion, and digital asset trading (DAT) activity has dried up. Regarding altcoins, the gaming sector fell 21% weekly, Layer 2 networks fell 19%, and Memecoin fell 18%. Only the AI ​​and DePIN sectors showed relative resilience. Wintermute believes that the four-year cycle concept is no longer applicable to mature markets, and liquidity is currently the key driver of performance. They will closely monitor ETF inflows and DAT activity, as these will be important signals of liquidity returning to the cryptocurrency market. In October 2025, total trading volume on decentralized perpetual contract exchanges (perp DEX) surged to a record $1.2 trillion, nearly doubling from the previous month. The growth was primarily driven by platforms such as Lighter, Aster, EdgeX, Pacifica, and ApeX. Lighter led with approximately 27% market share, while Hyperliquid's market share fell from 33% in the previous month to 10%. The surge in trading volume was primarily driven by two factors: first, incentive mechanisms such as "points programs" launched by various platforms; and second, the wave of liquidations triggered by the sharp market volatility on October 10th, forcing both long and short positions to be closed out simultaneously. Following the event, many traders increased their trading frequency to recoup losses.

▌Arthur Hayes: Liquidity Withdrawal Due to US Government Shutdown is One of the Reasons for Current Crypto Market Weakness

On November 4th, BitMEX founder Arthur Hayes stated that the US Treasury is borrowing money but not spending it. The Treasury General Account is about $150 billion higher than the $850 billion target, and this additional liquidity will not be released into the market until the government reopens. This liquidity withdrawal is one of the reasons for the current crypto market weakness. Market volatility is expected, especially before the US government shutdown ends.

▌glassnode: Bitcoin's next key support level is $99,000

glassnode published a market view stating that Bitcoin has fallen below the 85% cost base (approximately $109,000), and is currently hovering around $103,500. Its next key level is the 75% cost base (approximately $99,000), a region that has historically provided support multiple times.

▌Mysterious whale withdraws over 174,000 ETH in two weeks, totaling $621 million

According to Lookonchain monitoring, a mysterious whale holding $610 million in USDC borrowed 66,000 ETH (approximately $265 million) from Aave two weeks ago and transferred it to Binance when the price was around $4,020.

Over the past two days, this address has withdrawn approximately 174,200 ETH (about $621 million) from Binance, at an average withdrawal price of about $3,568, indicating that it has been significantly increasing its ETH holdings recently. BlackRock Announces Bitcoin ETF in Australia According to market news: BlackRock, which manages $13 trillion in assets, announced the launch of a Bitcoin ETF in Australia. BlackRock Deposits $293 Million Worth of Bitcoin and Ethereum to Coinbase According to OnchainLens monitoring, BlackRock deposited 2,042.8 BTC, worth $213 million, and 22,681 ETH, worth $79.83 million, into Coinbase. The total value of the deposited assets is approximately $293 million.

▌Crypto.com Founder: 99% of DAT Will Go to Zero

Crypto.com founder and CEO Kris Marszalek stated that any way to bring more money into the industry is a good thing, but cautioned that "99% of these companies will go to zero. If you want to invest, you have to be very selective, choosing the right ecosystem with a long-term vision, not just something that's just for a quick hype." Kris Marszalek advised investors to be cautious, comparing investing in digital asset reserve tokens to investing in the angel round of a startup.

▌Federal Reserve Governor Bowman: Major Banks Can Get Involved in Digital Assets

Federal Reserve Governor Bowman stated that major banks can get involved in digital assets if they wish.

▌SOL Treasury Company Upexi Announces Increase in Holdings of 88,750 SOL

According to The Block, since September 10th, SOL treasury company Upexi has announced an increase in its holdings of 88,750 SOL, bringing its total holdings to over 2.1 million SOL, reaching 2,106,989 SOL. Based on the end-of-month price of $188.56, the total value of the holdings is approximately $397 million, representing an unrealized profit of approximately $72 million from the purchase cost of $325 million. Upexi stated that almost all of its SOL holdings are used for staking, with an expected yield between 7% and 8%, generating approximately $75,000 in daily income.

▌US-listed treasury company Sequans confirms sale of 970 bitcoins to reduce debt

According to Investing, US-listed semiconductor company Sequans Communications (NYSE:SQNS) redeemed 50% of its convertible bonds by selling 970 bitcoins. This transaction reduces the company's total debt from $189 million to $94.5 million. Sequans currently holds 2,264 bitcoins, down from 3,234 previously. At current market prices, the company's net asset value in bitcoins is approximately $240 million, and the debt-to-net-worth ratio has decreased from 55% to 39%. CEO Georges Karam stated, "Our bitcoin asset allocation strategy and unwavering belief in bitcoin remain unchanged. This transaction is a tactical decision based on current market conditions and aimed at unlocking shareholder value." This debt reduction is expected to strengthen the company's previously announced ADS buyback program.

▌US Government Shutdown Enters 35 Days, Ties Longest Shutdown in History

As November 4th marks the 35th day of the US federal government shutdown, tying the record for the longest shutdown in US history. For the past 30-plus days, the Democratic and Republican parties have been deadlocked, failing to pass a temporary funding bill proposed by the Republicans in 13 votes in the Senate. The Senate is scheduled to hold its 14th round of voting today (November 4th). The Congressional Budget Office recently stated that, depending on the length of the shutdown, the annualized growth rate of US real GDP in the fourth quarter is expected to decline by one to two percentage points. This means that a four-week shutdown would cost the US economy $7 billion; a six-week shutdown would cost $11 billion; and an eight-week shutdown would cost as much as $14 billion.

According to CME's "FedWatch," the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 70.1%, while the probability of keeping rates unchanged is 29.9%. The probability of the Fed cutting rates by a cumulative 25 basis points by January next year is 55.8%, the probability of keeping rates unchanged is 19.3%, and the probability of a cumulative 50 basis point cut is 24.8%. RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equal to 1 US dollar. Each RLUSD maintains a 1:1 peg. The collateral assets are either US dollar deposits or cash equivalents. On December 10, 2024, RLUSD received regulatory approval. A week later, on December 17, RLUSD officially launched and was listed on cryptocurrency exchanges. RLUSD works similarly to other major US dollar-pegged stablecoins, allowing individuals and institutions to deposit capital assets such as US dollars to mint each new coin. The cryptocurrency can be traded on the Ethereum and XRP Ledger blockchains. The technology and concept of Ripple's new stablecoin are not inherently new. It is a direct competitor to established players like USDT and USDC. Collateral backing ensures price stability and avoids the volatility issues present in some other cryptocurrencies. This reliability allows businesses and traders to trade away from unpredictable price fluctuations. RLUSD is available on the XRP Ledger and Ethereum blockchains. Ripple has committed to stablecoin audits and transparency, and to regular third-party audits of collateral reserves alongside its monthly financial reports. However, details regarding who will conduct the audits are yet to be determined.