Gate Daily (November 28): Balancer proposal allocates 116 million in recovered funds from the attack; donations for the 大埔 fire in the crypto world exceed 37 million.

Bitcoin (BTC) continues its rebound trend, temporarily reporting around $91,103 on November 28. The Balancer community proposed to allocate funds recovered from the hack, covering $8 million retrieved by white hat hackers and internal rescue teams. A fire at the “Wong Fuk Court” high-rise residential building in Tai Po, New Territories, Hong Kong has resulted in 94 casualties, with donations from the crypto world exceeding $37 million.

Macroeconomic Events & Crypto World Hotspots

1. Two members of the Balancer protocol community submitted a proposal on November 27, outlining the distribution plan for some of the funds recovered from the protocol's $116 million vulnerability on November 1. In the $116 million theft, approximately $28 million was recovered by white hat hackers, internal rescuers, and the Ethereum liquidity staking platform StakeWise. However, the proposal only covers the $8 million recovered by white hat hackers and the internal rescue team, while nearly $20 million recovered by StakeWise will be allocated separately to its users.

2. A large fire broke out at the residential building “Wong Fuk Court” in Tai Po, New Territories, Hong Kong on November 26. As of the 28th, the incident has resulted in 94 fatalities, including one firefighter, and 76 injured individuals. The disaster has touched the hearts of the entire nation, and the crypto industry was the first to respond with aid, becoming one of the first industries to make large-scale donations. Donations from the crypto world for the Tai Po fire exceeded 37 million HKD, followed closely by large enterprises from the mainland and Hong Kong, with total public donations from all sectors exceeding 200 million HKD.

News Updates

1. “Using a circular lending method to accumulate WBTC and ETH whales at a high position” has sold 350 WBTC at a loss in the past week.

2. Alliance DAO co-found: Lack of moat in L1 tokens, betting on the application layer may be a way out.

3. With the spread of cryptocurrency fraud, Interpol has elevated scam hotspots to a global threat.

4. The UK's Financial Conduct Authority opens a sandbox environment for stablecoin companies.

5. The UK proposes to introduce a “no profit, no tax” tax rule for DeFi.

6. The Wormhole Foundation announced the purchase of W tokens worth 5 million dollars.

7. Balancer Security Incident Update: DAO Begins Discussion on $8 Million Recovery Plan

8. Infinex will launch a token presale on Sonar, distributing 5% of INX tokens before the January TGE to raise 15 million dollars.

Market Trends

1. Latest news on Bitcoin: $BTC continues the rebound trend, currently reported at around 91,103 USD, with 72 million USD liquidated in the past 24 hours, mainly from short positions;

2. The US stock market is closed on November 27, and investors are welcoming the Thanksgiving holiday.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 91,231.50 USDT, if it drops to around 90,341 USD, the total liquidation amount of long positions will exceed 222 million USD; if it rises to around 92,404 USD, the total liquidation amount of short positions will exceed 395 million USD. The liquidation amount for shorts is significantly higher than for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflows were 2.1 billion USD, outflows were 1.88 billion USD, resulting in a net inflow of 220 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ETH, $BANANAS31, $YALA, $IRYS, and $PIPPIN have seen net outflows, indicating trading opportunities.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “Happy Thanksgiving to all my friends. I am grateful for having you by my side over the past few years, helping me grow and become a better version of myself. Thank you very much, and I hope to continue being by your side in the future. The Thanksgiving holiday has been very relaxed, with the market continuing to reflect the Federal Reserve's expectations for rate cuts in December. Investor sentiment is gradually improving, and in days without new data, it might be the most relaxed time now. Even the price of $BTC has the potential to rise further this week, after all, tomorrow is Black Friday, and with only half a day left, it probably won’t be too eventful, and then it's the weekend. In the short term, I’m keeping an eye on the Russia-Ukraine conflict; I just saw Putin speak, and it wasn’t very friendly. However, next week, a U.S. delegation will visit Russia mainly to discuss ceasefire matters. If this can be achieved, it would greatly help with U.S. inflation, and helping U.S. inflation means assisting the Federal Reserve in cutting rates. The quicker the rate cuts, the lower the probability of economic recession.”

“Looking back at Bitcoin's data, today's turnover rate suddenly increased significantly. I haven't looked into it too deeply, but this kind of holiday rise in turnover rate likely has almost no impact on the price, probably just due to adjustments in the exchange wallets, so there's no need to worry too much. This week is likely to be like this, and the focus will still be on the December interest rate meeting. Today's turnover has led to adjustments in the fifth support structure, and the support range has been readjusted; the changes are not very large, and the chips in this range are beginning to dissipate, gradually forming new support around $85,000. It's not there yet, just showing such signs, but the sixth support level remains unchanged. I've slightly expanded it, and overall the sentiment among loss-making investors is still quite good.”

Today's Outlook

1. France's third quarter GDP final value (quarter-on-quarter), previous value was 0.5%

2. The preliminary value of the consumer price index (monthly rate) for France in November is 0.1%.

3. Switzerland's third-quarter Gross Domestic Product (annualized) was previously 1.2%.

4. Switzerland's third quarter GDP (quarterly rate) was previously 0.1%.

5. Germany's seasonally adjusted unemployment rate for November (official) was 6.3% previously.

6. Canada September GDP (MoM), previous value was -0.3%

7. Canada Q3 GDP (annualized quarterly rate), previous value was -1.6%

8. The US Thanksgiving market will close early at 02:00 on the 29th Beijing time.