Adam Back: Bitcoin price drop is an opportunity for fund transfer

The 1-hour cycle display shows that the member exclusive chip distribution indicator reveals strong resistance in the 3855-3939 area, with the current price around 3592, far from POC (3855), indicating heavy market selling pressure. At the same time, the trading volume shrank to 44.57% of the mean, combined with the black three soldier pattern and KDJ death cross signal, further verifying that the downward momentum is increasing. EMA24 and EMA52 are trending downwards with slopes of -0.97% and -0.69%, respectively, confirming a bearish trend in the medium to long term. If the price cannot effectively break through the 3600 level, it is expected to test the low support before 3556. Unlock member indicators, accurately capture resistance support and main trends, and take the lead in layout! The data is sourced from the PRO member's [ETH/USDT Binance USDT Perpetual 1-hour] K-line, for reference only, and does not constitute any investment advice.

[Ripple Acquires Palisade to Expand Institutional-Grade Custody Services] Ripple has announced the acquisition of custody and wallet technology company Palisade, aiming to enhance its custody capabilities for fintech companies, crypto-native enterprises, and large corporations. This year, Ripple has invested approximately $4 billion through multiple acquisitions, including the $1.25 billion acquisition of Hidden Road in April, the $200 million acquisition of Rail, and last month's $1 billion acquisition of GTreasury. Ripple stated that Palisade's lightweight wallet combined with bank-grade vault technology will provide end-to-end institutional-grade custody services, covering long-term asset storage, global payments, and corporate financial management.

The Ethereum Foundation announced an adjustment of its funding program to be based on a wishlist and request for proposal (RFP) model to coincide with the Fusaka upgrade on December 3rd. （Cointelegraph）

[U.S. Treasury Yields Rise, Influenced by Corporate Debt Issuance and Adjustments to Rate Cut Expectations] U.S. Treasury yields rose on Monday, primarily driven by high corporate debt issuance and adjustments in market expectations for rate cuts. Previously, Federal Reserve Chair Jerome Powell expressed caution regarding the possibility of further monetary policy easing this year, cooling market expectations. Additionally, the U.S. government shutdown that began on October 1 could become the longest in history, obstructing the release of key economic data and increasing uncertainty for policymakers and investors in assessing inflation and the labor market. MassMutual Investment Strategy Director Kelly Kowalski stated that the market had previously anticipated significant rate cuts by the Federal Reserve, but Powell's remarks have raised doubts about the extent of rate cuts next year and the Fed's stance, while the lack of data has further exacerbated market uncertainty.

Since the beginning of 2023, the inflow of Bitcoin funds from retail investors into Binance has decreased by over 80%. Small investors are turning to ETFs, extending their holding time, or have exceeded the "shrimp" category. （Cointelegraph）