▲"Bitcoin Sell-Off Led by 'Mid-Cycle Holders'; Long-Term Whales Maintain Positions"


• Global asset manager VanEck has attributed the recent decline in Bitcoin prices not to long-term holders ("whales"), but to "mid-cycle holders" who have held coins for less than five years. According to CoinDesk on Nov. 20 (U.S. local time), VanEck's mid-November "Bitcoin Chain Check" report noted that wallets belonging to these mid-cycle holders accounted for the majority of recent selling activity. In contrast, the oldest investor group—those holding coins for over five years—remained "remarkably stable" despite weakening market sentiment and continued to accumulate Bitcoin, VanEck added.


▲'Big Short' Burry Slams Nvidia on Earnings Day: "It's Just Smoke and Mirrors"


• Michael Burry, the Wall Street investor famed for "The Big Short," renewed his criticism of Nvidia and related artificial intelligence (AI) companies. Burry questioned the lifespan of Nvidia chips, cyclical trading in the AI sector, and the real impact of stock buybacks. According to Business Insider (BI) on Nov. 21, Burry posted a scathing critique on his X (formerly Twitter) account immediately following Nvidia's earnings release.


▲SoftBank Group Plunges Over 10% Intraday as Tech Stocks Weaken Across Asia


• Shares of Japan's SoftBank Group Corp. (TSE:9984) tumbled more than 10% intraday, mirroring the overnight sell-off in U.S. tech stocks and sparking broad-based weakness in Asian technology shares. On Nov. 21, SoftBank Group traded down 8.63% at ¥17,525 as of 10:31 a.m. in Tokyo, after falling over 10% earlier in the session. Semiconductor component maker TDK Corp. (TSE:6762) dropped more than 1%, while chip manufacturer SCREEN Holdings Co., Ltd. (TSE:7735) slid over 4%.


▲Ray Dalio: "1% of My Portfolio in Bitcoin—Unlikely to Become Reserve Currency"


• Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, revealed that he allocates about 1% of his portfolio to Bitcoin. According to CoinDesk on Nov. 20 (U.S. local time), Dalio told CNBC, "I have about 1% of my portfolio in Bitcoin and have held it for a long time." In July, Dalio disclosed a small Bitcoin holding and argued that, amid rising U.S. debt concerns, investors should increase their combined allocation to Bitcoin and gold to as much as 15% of total assets.


▲BOJ Governor: "Yen Weakness Could Impact Inflation" (Update)


• Kazuo Ueda, Governor of the Bank of Japan (BOJ), stated that yen depreciation could affect inflation. Speaking before the National Diet on Nov. 21 (local time), Ueda said, "We must consider the possibility that yen weakness could raise import costs and overall prices, thereby impacting inflation." He emphasized that the BOJ will closely monitor the effects of exchange rate volatility on prices.


▲S&P 500 Futures Rise in Asia on Bargain Hunting; U.S. Treasury Yields Up


• U.S. equity index futures advanced in Asian trading on Nov. 21, supported by bargain hunting, while U.S. Treasury yields climbed. According to Yonhap Infomax's index futures dashboard (screen no. 6520), as of 09:30 KST, E-mini S&P 500 futures were up 0.29% at 6,576.25. The tech-heavy E-mini Nasdaq 100 futures gained 0.23% to 24,181.00.


▲Nikkei Plunges Over 2% at Open, Tracking U.S. Market Correction (Update)


• Japan's Nikkei index slumped more than 2% in early trading on Nov. 21, following a correction in U.S. equities. As of 09:28, the Nikkei was down 1,079.57 points (2.17%) at 48,744.37. The TOPIX index fell 17.03 points (0.52%) to 3,282.54.


▲Japan Posts October Trade Deficit of ¥231.7 Billion—Smaller Than Expected (Update)


• Japan recorded a trade deficit in October, but the shortfall was narrower than market expectations. According to the Ministry of Finance on Nov. 21, the October trade deficit stood at ¥231.7 billion ($1.56 billion), less than the consensus estimate of a ¥280 billion deficit.


▲Ross Stores Delivers Earnings Surprise; Shares Up 2.5% After Hours


• U.S. discount apparel retailer Ross Stores, Inc. (NASDAQ:ROST) reported third-quarter results that beat Wall Street estimates. According to CNBC on Nov. 20 (U.S. local time), Ross Stores posted Q3 (August–October) revenue of $5.6 billion, surpassing the LSEG consensus of $5.42 billion. Earnings per share (EPS) came in at $1.58, above the consensus of $1.41.


▲Gap Same-Store Sales Surge 5%; Shares Gain 4% After Hours


• Apparel retailer Gap Inc. (NYSE:GAP) reported a 5% increase in company-wide same-store sales for Q3, significantly exceeding Wall Street's 3.1% estimate, CNBC reported on Nov. 20 (U.S. local time). Excluding pandemic-related spikes, this marks the strongest quarterly growth since 2017. The sales boost was attributed to the success of the "Better in Denim" campaign in collaboration with girl group Cat's Eye.


▲"AI Bubble Lies in Debt-Fueled Data Center Construction, Not Nvidia"


• While Nvidia's earnings have eased some concerns about an AI bubble, some Wall Street analysts remain wary of overheated investment in data centers. On Nov. 20 (local time), analysts told CNBC that Nvidia's results are a key barometer for the AI sector's health, but do not represent the entire industry. D.A. Davidson analyst Gil Luria commented, "Many people were relieved, but there was never any reason to worry about Nvidia ahead of earnings."


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