1. Grayscale is going public. What happened to the whale that once held 620,000 BTC? On November 13, 2025, Grayscale Investments, a US digital currency asset management company, filed for an IPO. The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. Morgan Stanley, Bank of America Securities, Jefferies, and Cantor are the lead underwriters. Industry analysts estimate the valuation to be between $30 billion and $33 billion. [Click to read more] 2. US government reopens, but BTC falls below $100,000. What happened? Starting late on November 13, cryptocurrencies continued to decline. The market accelerated its decline in the early hours of the 14th, with Bitcoin briefly falling below $99,000, touching $98,000.4, its lowest point since early May; Ethereum briefly fell below $3,200, touching $3,154.22, a nearly 7% drop in 24 hours. Solana, Dogecoin, and XRP also saw significant declines. In the past 24 hours, $721 million in positions were liquidated across the network, with $582 million in long positions and $139 million in short positions. [Click to read more: 3. The Black Box of DeFi: How Risk and Return are Repackaged](https://www.jinse.cn/blockchain/3724705.html) This trend began with the rise of Liquidity Staking Tokens (LSTs), and Ethena Labs' tokenized basis trading became a key turning point for DeFi structured products. This protocol packages strategies as synthetic dollars by hedging Delta risk, transforming strategies requiring 24-hour margin management into one-click tokens, redefining user expectations for DeFi. [Click to read more] 4. A Brief Analysis of the New Protocol CCA Jointly Released by Uniswap and Aztec Let's talk about the new protocol CCA jointly released by Uniswap and Aztec, short for "Continuous Clearing Auction." It's specifically designed for price discovery and liquidity initialization of new assets. After the auction process, the project team can import the raised funds and tokens into Uniswap v4, connecting to secondary market trading. Click to Read

5. Acknowledging the Termination of Investment Contracts: SEC Chairman May End the "Decade-Long Fog" of US Token Regulation

In the wave of digital assets sweeping the global financial system, the US Securities and Exchange Commission (SEC) has long been regarded as the most controversial and influential regulatory force in the crypto world. Its uncertain stance, strict interpretation of the definition of "securities," and frequent enforcement actions have made it difficult for innovators and investors to navigate through the fog. Click to Read