Arthur Hayes: FLOP testnet and airdrop will launch on November 24

Whale 0x4cee, who made $3.66M buying low and selling high on 10,500 $ETH ($23.64M) 2 months ago, bought another 10,380 $ETH ($19.91M) just 1 hour ago. The whale has now accumulated 25,498 $ETH ($49.44M) at an average price of $2,382 and is sitting on $11.3M in unrealized losses.

Binance co-founder He Yi posted on X, stating, "I wear a leather jacket. I disagree." The post was in response to a recent opinion piece from the Chinese edition of The New York Times, where she clarified she also wears leather jackets and rejected the narrative linking leather jackets to the recent controversy surrounding Jensen Huang. The Chinese NYT published a November 12 commentary titled "Jensen Huang Shames Leather Jacket Enthusiasts," which satirized the NVIDIA CEO's signature black leather jacket. The article noted it was "annoying enough" for a billionaire to pose as a rebel, adding, "A man's personal failings should not tarnish our second skin," and asked, "Has an expensive leather jacket now become a sign that a middle-aged man has fallen for a honey trap?" Many readers were offended by the piece, which used the leather jacket as a satirical angle amid a scandal involving extramarital affairs, national security, and corporate governance. The work was widely criticized as a mockery and personal attack that deviated from the core issues of the case.

Binance will conduct an Alpha airdrop and open trading at 19:00 (UTC+8) today. Users with at least 256 Alpha points can claim tokens on a first-come, first-served basis until the airdrop pool is fully distributed or the airdrop event expires. More details will be announced soon.

BTCS, the sixth-largest Ethereum treasury firm, disclosed in its latest quarterly report that it sold ETH at a price below its original cost to proactively manage the collateral level and health factor of its Aave borrowings. The company did not specify the amount of ETH sold, nor break down the size of the realized losses. As of November 9, BTCS had approximately $64.1 million in outstanding borrowings (including accrued interest) on the Aave lending protocol, backed by roughly 46,676 ETH. Based on that day's closing price of $2,127 per ETH, the fair value of the collateral was around $99.3 million, equivalent to about 155% of the outstanding debt. Aave's liquidation threshold for ETH collateral is typically 80%. Calculated from the above loan and collateral scale, the health factor at that time was approximately 1.24; if the position remained unchanged, a liquidation would be triggered when ETH's price fell to around $1,717. The loan balance and collateral value fluctuate with lending activities, accrued interest, and token prices, and the position may have changed after November 9. As of September 30, BTCS held about $463,000 in cash, and the vast majority of its fair-value-measured digital assets had been deposited as collateral on Aave, which cannot be freely used for general corporate purposes during the loan term. BTCS stated that as of November 11, no full or partial liquidation had occurred. Between January 1, 2025 and November 11, 2026, BTCS borrowed a total of approximately $152.4 million in stablecoins (primarily USDT and Aave's dollar stablecoin GHO) on Aave using ETH as collateral, and repaid about $89.4 million during the same period.

Binance co-founder He Yi took to X to post: "I wear a leather jacket. I don't agree." The post was in response to an opinion piece recently published by the Chinese edition of The New York Times, clarifying that she also wears leather jackets and rejects the claim linking leather jackets to Jensen Huang's recent controversy. On November 12, the Chinese NYT published a commentary titled "Jensen Huang Shames Leather Jacket Enthusiasts," which mocked Huang's iconic black leather jacket. The article noted that it is already irksome enough for a billionaire to dress like a rebel, adding "a man's physical missteps should not tarnish our second skin," and questioned: "Has an expensive leather jacket now become a sign that middle-aged men have fallen into a honey trap?" Many readers were offended by the NYT's choice to focus on the leather jacket in a controversy involving extramarital affairs, national security, and corporate governance, viewing it as a mockery and personal attack that strayed from the core issues.

Billionaire investor and NVIDIA shareholder Leo KoGuan has voiced his support for Jensen Huang, noting he will not add to his stake in the chipmaker if its leadership changes. "Without Jensen Huang, I will not invest," KoGuan said, disclosing he has allocated roughly $1.3 billion to NVIDIA. KoGuan previously took to X to post a series of messages, hailing Huang as the "Supreme Creator", and acknowledged the executive has made missteps, but argued "we must prioritize rewarding" rather than "punishing" him. KoGuan began investing in NVIDIA in March this year, a notable shift for the investor who has long concentrated his net worth in a single stock: Tesla. KoGuan’s exact shareholding in NVIDIA cannot be independently confirmed as of now.