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Ethereum: The Cornerstone of Smart Contracts and Recent Trends
As of the 24 hours before November 4, 2025, the Ethereum market is in turmoil. The ETH price has dropped from $3,860 to about $3,730, a decline of 3.8%, with trading volume reduced by 10%, influenced by the failure of interest rate cut expectations from the Federal Reserve and tightening global liquidity. A death cross signal has emerged, with the holder accumulation ratio falling to 30.45%, indicating signs of long-term investors reducing their holdings. However, there is good news: the Fusaka upgrade is scheduled for December 3, with mainnet activation optimizing Layer 2 economics and enhancing zkEVM integration efficiency; Vitalik Buterin supports the ZKsync Atlas framework, emphasizing collaborative expansion. Historical data shows that in November, ETH has an average increase of 6.9%, with analysts like Tom Lee predicting a year-end surge to between $5,500 and $12,000. Discussions on Platform X are heating up, as traders reflect on the risks of dollar pricing, turning towards ETH/BTC ratios, while the NFT community calls for an ETH price adjustment to stimulate buying and selling. On the macro front, US-China cooperation and Asian stimulus inject vitality, highlighting ETH's resilience, which may bottom out at $3,700 in the short term, while a long-term bull market is poised to take off. Investors should be cautious and focus on upgrade dividends.
Ethereum (ETH), conceived by Russian genius Vitalik Buterin in 2013 and officially launched in 2015, is the world's leading open-source blockchain platform. It transcends mere digital currency by introducing a smart contract mechanism—a self-executing code protocol that allows developers to build decentralized applications (DApps). Ethereum has no upper limit on total supply but controls inflation through a burning mechanism, having issued approximately 120 million ETH. With Proof-of-Stake consensus (after the 2022 The Merge upgrade), it achieves more efficient energy consumption, supporting DeFi, NFT, and Web3 ecosystems, with a total locked value exceeding $50 billion. Ethereum is not only the engine of the crypto economy but also drives Layer 2 solutions like Optimism, laying the blueprint for the future of digital finance. Despite facing high gas fees and competitive challenges, it remains a hotbed of innovation.
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S&P's First Rating of MicroStrategy: A Business Experiment Centered on Bitcoin Receives a 'B-' Speculative Grade

S&P Global Ratings recently issued its first formal credit rating for MicroStrategy, which uses Bitcoin as a core reserve asset, placing it in the speculative grade bond range of B- and assigning a 'Stable Outlook.' This rating symbolizes the first systematic examination of crypto-asset-driven companies by the traditional financial system.

Four Key Reasons Behind the 'B-' Rating

S&P pointed out four major concerns in its report:

Assets Deeply Linked to Bitcoin Prices
MicroStrategy holds up to 640,808 Bitcoins, and its balance sheet is highly dependent on the performance of Bitcoin prices, which are extremely volatile.

Dollar Debt and Liquidity Risks
The company's debt is mainly denominated in dollars, and a sharp drop in Bitcoin prices could lead to difficulties in cashing out and a lack of dollar liquidity.

Volatility Weakens Capital Strength
S&P believes that the extreme volatility of Bitcoin has weakened MicroStrategy's Risk-Adjusted Capital, leading to a potential capital shortfall.

Limited Cash Flow from Core Software Business
As a traditional software company, MicroStrategy's core cash flow is relatively limited, making it difficult to provide sufficient financial buffers for its large Bitcoin holdings.

Outlook and Potential Variables

S&P noted that if the company can improve dollar liquidity and optimize its debt structure, there is potential for a rating upgrade in the future; however, if the market experiences extreme volatility and liquidity pressures increase, it could trigger forced liquidation and downgrading risks.

A bond rated B- means that the issuer currently still has the ability to repay debt, but its risk resilience is quite weak. If the overall economy or the company's operating conditions deteriorate, default risk will significantly increase. Such bonds are typically classified as speculative grade (Junk Bond).

Rating Implications: A Litmus Test for Traditional Finance on Crypto Business Models

MicroStrategy's 'B-' rating reveals the cautious attitude of traditional institutions toward emerging 'Bitcoin-based companies'.
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