1. Review of hot topics this week

1.1 Bitcoin ETF application progress delayed

On November 15, CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) had postponed a decision on Hashdex’s application to convert its existing Bitcoin futures ETF into spot ETH. Additionally, Grayscale’s planned launch of a new Ethereum futures ETF has been delayed.

1.2 Rumor: BlackRock applies to register Ripple ETF

It lasted an hour on the evening of November 14, when X (Twitter) users noticed a Delaware filing showing BlackRock applying to register the “iShares XRP Trust” — This was a pioneer to the launch of exchange-traded funds (ETFs).

Within 30 minutes of the news, XRP was up 12%, surging to $0.73. However, after Bloomberg ETF analyst Eric Balchunas spoke to BlackRock, it was confirmed to be fake news and then XRP fell rapidly.

Balchunas speculated that someone impersonating BlackRock managing director Daniel Schwieger listed the XRP trust on the Delaware Business Listing website.

1.3 US inflation data for October

On November 14, data released by the U.S. Bureau of Labor Statistics showed that the U.S. CPI rose by 3.2% year-on-year in October, slower than the 3.7% in September, lower than the expected 3.3%, and the month-on-month growth rate slowed to 0 from 0.4% in September, which was also lower than the expected 0.1%.

The overall CPI in the United States cooled more than expected in October, and the core CPI also exceeded expectations and fell to the lowest since September 2021. The market is further betting that the Federal Reserve will cut interest rates in 2024.

After the CPI data was released, the U.S. dollar index fell 50 points in the short term, non-U.S. currencies collectively rose, and the euro rose 80 points against the U.S. dollar in the short term. The U.S. 10-year Treasury bond yield fell 14 basis points in the short term, and stocks expanded their intraday gains. The S&P 500 Index and the Nasdaq Composite Index both rose by more than 2%. Spot gold rose 1.0% on the day.

1.4 US government avoids shutdown

On November 15, the U.S. House of Representatives passed a temporary appropriations bill to avoid a government shutdown. The House of Representatives passed the bill with 336 votes in favor and 95 votes against, extending government funding until mid-January next year.

On November 16, the U.S. Senate voted to pass a stopgap spending bill aimed at averting a government shutdown and submitted it to President Biden for signature.

2. Projects to be unlocked next week

3. Recent key events

November 21 (Tuesday)

U.S. existing home sales in October annualized month-on-month data, expected -1.4%
U.S. October existing home sales annualized data (10,000 households), expected 391

November 22 (Wednesday)

Number of people applying for unemployment benefits for the first time in the United States in the week of November 18 (10,000 people)
U.S. University of Michigan consumer confidence index final value for November

The Federal Reserve released the minutes of its November monetary policy meeting.

November 24 (Friday)

US November Markit Comprehensive PMI Initial Value
U.S. Markit services industry PMI preliminary value in November