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#plasma $XPL #內容挖矿 Analysis and experience regarding @Plasma Plasma is an EVM-compatible Layer 1 blockchain project designed specifically for stablecoins, launching its mainnet Beta and native token $XPL on September 25, 2025. It aims to address the high fees and low efficiency issues of stablecoins (such as USDT) on existing chains (like Tron and Ethereum) by using a Bitcoin sidechain architecture, providing zero-fee transfers, high throughput, and institutional-level security.
The project is backed by Bitfinex, with seed and Series A funding exceeding 24 million dollars, and investors include Framework Ventures, Peter Thiel, and Tether CEO Paolo Ardoino. Core technologies and features include: Bitcoin sidechain + EVM compatibility, supporting seamless Ethereum dApp migration. Consensus mechanism PlasmaBFT (optimized based on Fast HotStuff), block time of about 0.8-2 seconds, TPS exceeding 1000 (measured at 1200+), achieving high performance through parallel execution and state sharding.
Stablecoin optimization: Protocol-level Paymaster and EIP-7702 account abstraction, enabling USDT zero gas fee transfers; integrated Tether native mint/burn, bridging BTC/EVM in just 7 seconds. The data availability layer utilizes Celestia DA + self-developed BlobStream, with costs as low as 0.001 dollars/KB. Ecosystem applications: TVL exceeding 2 billion dollars upon mainnet launch, integrating over 100 DeFi protocols; launching Plasma One (stablecoin neobank), supporting instant virtual cards, 10% yield, and cross-border payments in 150 countries; gaming incentives like Plasma Arena are also utilized. $XPL
The asset is actively testing the cycle support that formed after the growth from April 9 to May 22, 2025.
The RSI on the 1-month timeframe shows an exit into a correction phase, currently sitting at 61.09 within the overall bullish cycle. All other RSI readings on non-weekly timeframes — including even the 1-hour TF — are below the 50 level, indicating a bearish cycle structure.
The 21 SMA of the Bollinger Bands confirms strong support, which should act as a sideways consolidation zone, with a potential price target toward $88,000 per BTC.
This scenario becomes valid if price breaks and consolidates below $97,700.
The bullish trend may resume if price reaches and consolidates above $117,200.
1️⃣ Expectations of Tightening Macroeconomic Policies
Federal Reserve's Hawkish Shift: Several officials express concerns about inflation and maintain a cautious stance on interest rate cuts. Cleveland Fed President Hammack: Need to maintain policy restrictions to cool inflation. Minneapolis Fed President Kashkari: Opposes last month's rate cut and is cautious about December's decision. Aftermath of Government Shutdown: Leads to missing key economic data, reinforcing the Fed's reason to maintain high interest rates. White House confirms that some economic reports for October cannot be published, and unemployment data for October is missing. Risk Assets Correlation: Bitcoin's correlation with Nasdaq reaches 0.8, with Bitcoin falling more sharply during stock market declines.
2️⃣ Stablecoin Crisis Triggers Trust Collapse
The USDX stablecoin de-pegging incident becomes the catalyst for the crash.
On November 8, USDX price plummeted from $1 to $0.09, a de-pegging of 91%, creating the most severe stablecoin crisis since 2025. Reason: Stable Labs founder accused of draining liquidity through collateral mechanisms, triggering a chain liquidation. Chain Reaction: Multiple DeFi protocols initiate emergency liquidations, withdrawing market liquidity and escalating panic.
3️⃣ Large-scale Withdrawal of Institutional Funds
Bitcoin ETF: A net outflow of $278.1 million in a single day, totaling $700 million in a week. BlackRock's funds: Outflow of $600 million in a single day, strong short-term withdrawal intention from institutions. "Whale" Sell-off: Addresses holding over 10,000 BTC have sold 32,500 BTC (accounting for 1.7% of circulation). Corporate Hedging Pressure: Bitcoin faces dual pressure from spot selling and corporate hedging, traders avoiding altcoins.
4️⃣ Leverage Liquidation Forms a "Death Spiral"
Total liquidation amount across the network reaches $1.024 billion, with long positions liquidated at $888 million (accounting for 87%). Liquidation of long positions triggers further price declines, activating more stop-loss orders, creating a vicious cycle. In the past 30 days, retail leveraged long liquidations exceed $1.2 billion, with positions held for <7 days accounting for 73%, indicating excessive speculation.
5️⃣ Technical Breakdown Intensifies Panic
Bitcoin loses the critical psychological level of $100,000, triggering algorithmic selling. Ethereum breaks key support levels, dropping over 10%, technical outlook turns bearish. Coinbase premium index has shown deep negative values for several weeks, indicating that selling pressure in the U.S. market far exceeds other regions. Panic sentiment spreads through social media, with negative comments surging to 67%, while positive comments only amount to 18%.