火星财经消息，11 月 18 日，CryptoQuant 创始人兼 CEO Ki Young Ju 表示，BTC 期货市场平均订单规模显示巨鲸已经离场，当前以散户为主导。BTC 链上数据实现市值（Realized Cap）增长已经连续三天停滞，总市值增长速度慢于实现市值，说明存在很强的卖压。PnL 指数在 11 月 8 日翻为空头，鲸鱼正在大规模获利了结。如果周期理论成立，本轮周期底部将在 5.6 万美元附近。

<div>火星财经消息，11 月 18 日，CryptoQuant 创始人兼 CEO Ki Young Ju 表示，BTC 期货市场平均订单规模显示巨鲸已经离场，当前以散户为主导。BTC 链上数据实现市值（Realized Cap）增长已经连续三天停滞，总市值增长速度慢于实现市值，说明存在很强的卖压。PnL 指数在 11 月 8 日翻为空头，鲸鱼正在大规模获利了结。如果周期理论成立，本轮周期底部将在 5.6 万美元附近。</div>

CryptoQuant CEO：本轮周期底部将在5.6万美元附近

According to Mars Finance, on November 18th, Ki Young Ju, founder and CEO of CryptoQuant, stated that the average order size in the BTC futures market indicates that whale have exited the market, and retail investors are currently the dominant force. The growth of BTC's on-chain realized market capitalization has stagnated for three consecutive days, with the total market capitalization growing slower than the realized market capitalization, indicating strong selling pressure. The PnL index turned bearish on November 8th, suggesting that whales are taking profits on a large scale. If cycle theory holds true, the bottom of this cycle will be around $56,000.

<div>According to Mars Finance, on November 18th, Ki Young Ju, founder and CEO of CryptoQuant, stated that the average order size in the BTC futures market indicates that whale have exited the market, and retail investors are currently the dominant force. The growth of BTC&#39;s on-chain realized market capitalization has stagnated for three consecutive days, with the total market capitalization growing slower than the realized market capitalization, indicating strong selling pressure. The PnL index turned bearish on November 8th, suggesting that whales are taking profits on a large scale. If cycle theory holds true, the bottom of this cycle will be around $56,000.</div>

CryptoQuant CEO: The bottom of this cycle will be around $56,000.

Binance Futures announced that it will close all positions and perform automatic settlement for USDⓈ-M XCNUSDT, FLMUSDT, and PERPUSDT perpetual contracts on November 21, 2025, at 16:00 UTC.

Binance Futures announces delisting of XCN, FLM and PERP

BitMEX co-founder Arthur Hayes has continued to make waves in the cryptocurrency community by making a strong case that privacy coins like Zcash (ZEC) deserve a market position second only to Bitcoin (BTC).

Arthur Hayes continues to shill ZEC, asserting that Zcash is second only to Bitcoin and Ethereum

Editor's Note: Following the October 10th incident, the crypto industry underwent a painful but necessary period of introspection. When a single centralized trading platform outage can trigger a network-wide liquidation collapse, how much pressure can our trusted "decentralization" truly withstand?

The author of this article is a well-known trader with a long-term, deep involvement in crypto trading and over 70,000 followers on the X platform, aiming to achieve $100 million in trading profits. In August of this year, he publicly recorded total profits of $95 million on HyperLiquid, and stated that if performance on other platforms is included, the total amount has already reached...