Cryptocurrency Market Performance
Currently, the total market capitalization of cryptocurrencies is $2.5 trillion, with BTC accounting for 59.94%, valued at $1.5 trillion. The market value of stablecoins is $178.1 billion.
This week, the price of BTC showed a fluctuating upward trend, with BTC currently priced at $76,460 and ETH at $3,028. Among the top 200 projects on CoinMarketCap, most saw an increase while a few declined, including: RAY with a 7-day increase of 53.31%, NEIRO with a 7-day increase of 55.63%, and the popular project DRIFT with a 7-day increase of 299.21%.
This week, net inflows for the U.S. Bitcoin spot ETF reached $1.615 billion, while net inflows for the U.S. Ethereum spot ETF reached $154.7 million.
On November 6, according to the Associated Press, Trump was elected the 47th President of the United States; on November 8, the Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut; on November 7, the Bank of England cut rates by 25 basis points, lowering the benchmark rate from 5% to 4.75%.
The Google search volume for Bitcoin surged after the cryptocurrency-friendly Trump won the election, indicating increased interest from retail investors in digital assets, with optimism for market development.
The 'Fear & Greed Index' on November 8 was 75 (up from last week), indicating a sentiment of greed over the past 7 days.
Understanding the Present
Review of Major Events of the Week
1. On November 4, Bitcoin's market share rose to 60.52%, setting a new high in this bull market.
2. Jupiter founder: Personally, I have never sold JUP and will release major news.
3. Two Ethereum researchers resigned from their advisory positions at EigenLayer, citing complaints about neutrality issues.
4. On November 4, the New York Stock Exchange applied to the SEC to convert the Grayscale Digital Large Cap Fund into an ETP.
5. On November 5, Mt. Gox transferred out 32,371 Bitcoins, worth approximately $2.19 billion.
6. The prediction market Kalshi topped the free app charts on Apple's App Store, with Polymarket in second place.
7. Bloomberg ETF analysts noted that BTC's rise is influenced by the election, a clearer indicator compared to stocks.
8. Lumoz opened esMOZ airdrop query and announced the airdrop details.
9. ZachXBT responded to 'its deployment of ERC-20z tokens': Zora did not inform that the open edition NFT minting would also introduce ERC 20 tokens, and never intended to speculate on the subject of the investigation.
10. A former White House staffer stated that Democrats will no longer fight against cryptocurrencies to the end.
11. Arkham's derivatives trading platform has opened registration, with trading set to start in about a week.
12. pump.fun achieved a record revenue of $30.5 million in October.
13. SushiSwap launched the linear vesting Memecoin issuance platform Vesting Launch.
14. The Sui ecosystem meme token launch platform Turbos.Fun officially launched, with over 560 projects going live within 6 hours.
15. Analysis: Bitcoin premiums on Coinbase turned positive, indicating rising demand for Bitcoin among U.S. investors.
16. On November 7, the Federal Reserve cut interest rates by 25 basis points as expected, abandoning the term 'more confident.'
17. Republican SEC Commissioner Uyeda stated that the SEC's responsibility in 2025 is to end the Biden administration's 'cryptocurrency war.'
Macroeconomics
1. On November 5, the Reserve Bank of Australia maintained the interest rate at 4.35% for the eighth consecutive meeting, in line with market expectations.
2. On November 6, according to the Associated Press, Trump was elected the 47th President of the United States.
3. On November 7, the Bank of England cut interest rates by 25 basis points, lowering the benchmark rate from 5% to 4.75%, in line with market expectations.
4. On November 7, the U.S. Securities and Exchange Commission (SEC) filed a motion in the Northern District of California to seek dismissal of Kraken's key defenses in their ongoing legal dispute.
5. On November 8, the Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut and aligning with market expectations.
6. On November 8, according to Cointelegraph, market observers noted a surge in Google search volume for Bitcoin following Trump's election win, indicating increased interest from retail investors in digital assets.
7. On November 9, according to official news, the U.S. SEC postponed its decision on whether to approve the Ethereum spot ETF options for further analysis and to gather public opinion, especially regarding whether the proposed rule changes meet the requirements of the Securities Exchange Act. The SEC emphasized concerns about the proposal's potential impact on preventing market manipulation, protecting investors, and ensuring a fair trading system.
ETF
According to statistics, from November 4 to November 8, net inflows for the U.S. Bitcoin spot ETF reached $1.615 billion; as of November 8, GBTC (Grayscale) had a total outflow of $20.141 billion, currently holding $16.838 billion, while IBIT (BlackRock) currently holds $33.232 billion. The total market value of the U.S. Bitcoin spot ETF is $79.165 billion.
Net inflows for the U.S. Ethereum spot ETF reached $154.7 million.
Looking to the Future
Event Preview
1. Devcon 2024 will be held in Bangkok, Thailand from November 12 to November 15, 2024. Devcon is an Ethereum conference aimed at developers, thinkers, and makers, with a mission to bring decentralized protocols, tools, and culture to the people. Previous summits have been held in Berlin, London, Shanghai, Cancun, Prague, Osaka, and Bogotá.
2. The Australian Crypto Convention will be held in Sydney from November 23 to 24. The summit is one of the largest cryptocurrency events in the Southern Hemisphere, held annually in Australia, aimed at connecting investors and decision-makers in the cryptocurrency and blockchain industry.
3. The Block will host the Web3 Summit 'Emergence' from December 5 to 6 at the Prague Conference Center, aiming to facilitate connections between technology and capital, building a bridge between Wall Street and the crypto space. The summit will gather representatives from different industries and chains to discuss ETF and asset management, as well as uncertainties in crypto regulation.
Project Progress
1. BounceBit will launch CeDeFi V2 on November 11, and all user positions will automatically migrate to V2 after November 11.
2. Coinbase's derivatives trading platform Coinbase Derivatives will launch silver (SLR) and Stellar (XLM) futures on November 11.
3. The U.S. Securities and Exchange Commission (SEC) postponed its decision on Bitwise's Ethereum spot ETF options trading application, with the latest deadline set for November 11.
4. The first season reward claim for the Ethereum L2 network Taiko is open until 8:00 on November 12.
5. The stablecoin protocol Usual is expected to have its TGE in mid-November, with 90% of USUAL allocated to the community and only 10% to the team, advisors, and investors. Airdrops will reward participants based on the number of Pills held prior to the release phase. Pills holders will receive a total of 7.5% of the total supply. Starting from the TGE, USUAL holders can stake their tokens as USUALx. Stakers will also receive 10% of USUAL issued by the protocol in the future.
Important Events
1. Former Celsius CEO Alex Mashinsky will return to court for trial on November 13. According to court records, Alex Mashinsky has not appeared in person since February. In addition to the hearing on November 13, U.S. District Judge John Koeltl ordered the parties to hold a pre-trial conference on January 16, with the jury trial set to begin on January 28.
2. The attacker of Mango Markets is requesting to dismiss fraud and manipulation-related charges and to conduct a retrial, with the next ruling scheduled for November 13.
Token Unlocking
1. Aptos (APT) will unlock 11.31 million tokens on November 11, valued at approximately $92.4 million, accounting for 2.18% of the circulating supply.
2. Sei (SEI) will unlock 124 million tokens on November 15, valued at approximately $53.19 million, accounting for 1.24% of the circulating supply.
3. Cyber (CYBER) will unlock 2.98 million tokens on November 15, valued at approximately $9.97 million, accounting for 2.98% of the circulating supply.
