Recently, the crypto market has been relatively calm, but the stories behind the data are quite interesting.

**How Mainstream Coins Are Moving**

Bitcoin is currently trading at $89,120, with a 24-hour increase of 0.87%. The rise doesn't seem significant, but it's important to note that the global market cap has approached $1.81 trillion. Interestingly, Bitcoin ETFs have recorded a net outflow of $1.75 billion, indicating that institutions might be reducing their positions or holding a wait-and-see attitude at this level.

Ethereum's performance is slightly stronger, at $2,985, with a 24-hour increase of 1.12%. It briefly surged to $3,055 during the day but then pulled back a bit. The total market cap of cryptocurrencies has increased by 0.73% over the past 24 hours, showing a relatively slow pace.

**Major Events and Trends**

MicroStrategy founder recently hinted that they might continue to increase their Bitcoin holdings, which always sparks discussions in the industry. Additionally, the Flow chain has been causing some turbulence due to a $3.9 million vulnerability transaction rollback issue, leading to considerable community controversy.

**Global Financial Outlook**

U.S. stocks have seen little movement—Dow down 0.04%, S&P down 0.03%, Nasdaq down 0.09%, all with minor fluctuations. Gold futures surged 1.31% to $4,562, and silver futures rose even more sharply, up 11.15% to $79.68. However, during the day, prices first rose then fell sharply, with significant volatility. After the close, CME increased margin requirements for gold, silver, and other metals futures, adding some turbulence to the market.

The US dollar index slightly strengthened to 98.03, up 0.12%. Offshore RMB remains range-bound around 7.00. Crude oil prices saw divergence—WTI fell 2.76% to $56.74, while Brent rose 0.49% to $61.

**Domestic Capital Market Overview**

DR001 rate is at 1.24%, and R007 approaches 2%, indicating overall liquidity remains relatively loose. The overnight Shibor rate is 1.248%, down 1 basis point from the previous day; the 7-day rate is 1.558%, up 11 basis points. The central bank continues to push reforms, revising CIPS business rules, which will be implemented starting February next year, requiring CIPS accounts to maintain zero balances and prohibiting overdrafts.

Digital RMB transactions have reached 3.48 billion, totaling 16.7 trillion yuan, with a new version of the management system set to launch in January next year. The bond market is slightly under pressure, with the 30-year government bond futures main contract down 1.04%, and the 10-year down 0.24%. However, exchanges are releasing liquidity; the Shanghai and Shenzhen Stock Exchanges jointly cut fees, providing over 1.9 billion yuan in benefits across stocks, funds, and other products.

Overall, the crypto market is slowly digesting recent developments, and each segment of the global financial market has its own stories. Liquidity remains relatively ample. The future trajectory will depend on upcoming data and policy responses.