November 10, 2025, the global financial market shows subtle signs of linkage between cryptocurrencies and traditional stocks. On one hand, institutional investors and national-level Bitcoin reserve actions are frequent, highlighting the strategic value of crypto assets; on the other hand, the rebound in Asian and European-American stock markets injects confidence into risk assets. Although some companies have temporarily paused their crypto strategies, the overall trend indicates that the integration of cryptocurrencies and stocks is accelerating. This article summarizes today's key dynamics and analyzes their potential impacts.
Institutions and Listed Companies: Bitcoin Purchases and Plan Adjustments Coexist
Today, UK-listed hedge fund consulting firm Falconedge announced the completion of its first Bitcoin purchase, acquiring approximately 15.16 Bitcoins. This move marks a further embrace of crypto assets by traditional financial giants, and Falconedge's decision may inspire more European institutions to follow suit, reinforcing Bitcoin's status as "digital gold." Meanwhile, Hong Kong-listed company Lihua Holdings (08472.HK) announced the cancellation of its planned investment budget of 24 million HKD in cryptocurrencies and commodities. After assessing the unique market risks and insufficient internal expertise, the company's management decided to shelve the plan. This reflects a cautious attitude towards crypto volatility among some companies, but also highlights the double-edged sword effect of the linkage between cryptocurrencies and stocks: when the stock market is stable, crypto investments are favored, whereas the opposite requires weighing risks.
In the U.S. Nasdaq market, positive news has emerged again from Faraday Future (formerly FFAI, now renamed) under Jia Yueting. Today, Faraday Future's founder Jia Yueting revealed that Qualigen Therapeutics (NASDAQ: QLGN, now renamed CXC10) has increased its holdings in crypto assets worth 3 million USD and is actively building a Web3 community, welcoming global users to join. The company has also submitted the world's first blockchain-based car-sharing patent, promoting its "dual flywheel & dual bridge strategy." Looking back at the September 20 report by BlockBeats, Faraday Future had previously strategically invested 41 million USD in QLGN through a PIPE transaction, which has since transformed into a crypto and Web3 business platform. This cross-industry layout not only enhances QLGN's stock price potential but also deeply binds the automotive industry with blockchain, indicating an innovative path for the linkage between cryptocurrencies and stocks.
National Policies: Kazakhstan's Reserve Fund Ignites Global Expectations
At the macro level, Kazakhstan has become the focus today. According to Bloomberg, the country is preparing to establish a national cryptocurrency reserve fund with a scale of 500 million to 1 billion USD, with part of the funds sourced from assets seized and repatriated from abroad. Central Bank Governor Timur Suleimenov emphasized in an interview that the fund will cautiously invest in crypto ETFs and related company stocks, avoiding direct holdings of digital currencies. The fund is expected to begin operations in January next year, which may set an example for emerging markets and encourage more countries to explore crypto reserves. Meanwhile, El Salvador continues its Bitcoin strategy, having increased its holdings by 8 Bitcoins over the past 7 days, bringing its total holdings to 6,375.18 Bitcoins, valued at approximately 649 million USD. This "national treasury Bitcoin" model complements Kazakhstan's indirect investment, strengthening the national-level endorsement of global crypto assets.
Stock Market Rebound: Futures in Japan and South Korea Rise, Risk Appetite Warms
The performance of traditional stock markets provides fertile ground for the linkage between cryptocurrencies and stocks. Today, the stock markets in Japan and South Korea collectively rose: Japan's Nikkei 225 index increased by 1.00% during the day, while South Korea's KOSPI index surged by 2.57%. This rebound may be driven by geopolitical stability and technology stocks, indirectly benefiting crypto market sentiment. European and American stock index futures also opened higher, with U.S. Nasdaq index futures rising by 1% and S&P 500 index futures increasing by 0.6%. The strength of the Nasdaq is particularly noteworthy; as a barometer for technology and growth stocks, its rise may amplify the inflow of funds into Web3-related stocks (such as QLGN), which in turn could transmit to cryptocurrencies like Bitcoin.
Exchange Dynamics: Binance Alpha Launches Multiple Tokens, Airdrops Stimulate Trading Activity
On the crypto trading platform front, Binance Alpha has been active today. The platform will open trading for the MetaArena token TIMI at 21:00 Beijing time, and users with at least 231 Binance Alpha points can claim 960 TIMI airdrops on a first-come, first-served basis. Additionally, on November 10 and 11, Binance Alpha will launch the Janction token JCT and the Allora token ALLO, respectively. Eligible users can claim airdrops using points on the Events page after trading begins, with details to be announced later. The launch of these new tokens is expected to enhance platform liquidity and may attract more retail investors through the airdrop mechanism, indirectly boosting the overall crypto market value and stock market trading linkage.
Conclusion: Deepening Linkage, Opportunities and Challenges Coexist
Today's dynamics between cryptocurrencies and stocks outline a picture of an increasingly mature integration: from Falconedge's Bitcoin purchase to Kazakhstan's reserve fund, and the stock market rebounds in Europe, America, and Asia, crypto assets are moving from the margins to the core. However, Lihua Holdings' cancellation of its plan reminds us that regulatory uncertainties and market volatility remain concerns. Investors should pay attention to the correlation between the Nasdaq and Bitcoin—if technology stocks continue to strengthen, the linkage between cryptocurrencies and stocks may usher in a new peak. More data will be released tomorrow, so please stay tuned.
(This article is based on public reports, with data as of the evening of November 10, 2025, Beijing time. For investment advice, please consult a professional advisor.)
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