Performance of the Cryptocurrency Market

Currently, the total market capitalization of cryptocurrencies is $2.5 trillion, with BTC accounting for 59.94%, which is $1.5 trillion.The market capitalization of stablecoins is $178.1 billion.

This week, the price of BTC has shown a fluctuating upward trend, with the current price of BTC at $76,460 and the current price of ETH at $3,028.CoinMarketCap shows that most of the top 200 projects have increased, with a small portion decreasing, 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, the net inflow of the US BTC spot ETF was $1.615 billion, and the net inflow of the US ETH spot ETF was $154.7 million.

On November 6, according to the Associated Press, Donald 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 lowered the benchmark interest rate by 25 basis points, from 5% to 4.75%.

After Trump, who is friendly to cryptocurrencies, won the election, the Google search volume for Bitcoin surged, indicating an increase in retail investor interest in digital assets and optimism about the market's future development.

The "Fear & Greed Index" on November 8 was 75 (higher than the previous week), and the sentiment this week was "Greed" for 7 days.

Understanding the Present

Review of the Week's Major Events

1. On November 4, the Bitcoin market share rose to 60.52%, setting a new high in this bull market;

2. Jupiter founder: has never sold JUP and will release major news;

3. Two Ethereum researchers resigned from their advisory roles at EigenLayer, citing complaints about neutrality;

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, the Mt. Gox addresses transferred out 32,371 BTC, worth approximately $2.19 billion;

6. The prediction market Kalshi topped the Apple App Store's free app chart, with Polymarket ranking second;

7. Bloomberg ETF analyst: BTC's rise is influenced by the election, and this indicator is more clear compared to stocks;

8. Lumoz opened the esmoz airdrop query and announced the airdrop details;

9. ZachXBT responded to "deploying ERC-20z tokens": Zora did not inform that the open edition NFT minting would also launch an ERC-20 token, and never intended to speculate on the investigation topic;

10. A former White House official stated that Democrats will no longer fight cryptocurrencies to the bitter end;

11. Arkham's derivatives trading platform has opened registration, with trading expected to start in 1 week;

12. pump.fun's revenue reached $30.5 million in October, a new high;

13. SushiSwap launched the Vesting Launch platform for Memecoin issuance;

14. Sui ecosystem's Meme token launch platform Turbos.Fun officially launched, with over 560 projects listed within 6 hours;

15. Analysis: The Bitcoin premium on Coinbase has turned positive, indicating increasing demand for BTC from US investors;

16. On November 7, the Federal Reserve lowered the interest rate by 25 basis points as expected, abandoning the "more confident" statement;

17. Republican SEC Commissioner Uyeda: The SEC's responsibility by 2025 is to end the "crypto war" of the Biden administration.

Macroeconomic

1. On November 5, the Reserve Bank of Australia kept the interest rate unchanged at 4.35% in its eighth consecutive meeting, in line with market expectations;

2. On November 6, according to the Associated Press, Donald Trump was elected the 47th President of the United States;

3. On November 7, the Bank of England lowered the benchmark interest rate by 25 basis points, from 5% to 4.75%, in line with market expectations;

4. On November 7, the US Securities and Exchange Commission (SEC) filed a motion in the Northern District of California, seeking to dismiss 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, in line with market expectations;

6. On November 8, according to Cointelegraph, market observers said that the surge in Google searches for Bitcoin after Trump's election victory indicates increased retail investor interest in digital assets;

7. On November 9, according to official information, the US SEC has delayed its decision on whether to approve an ETH spot ETF, in order to conduct further analysis and collect public comments, particularly on whether the proposed rule change meets the requirements of the Securities Exchange Act. The SEC emphasized its concerns about the potential impact of the proposal on market manipulation prevention, investor protection, and ensuring a fair trading system.

ETF

According to statistics, during the period from November 4 to November 8,the net inflow of the US BTC spot ETF was $1.615 billion; as of November 8, GBTC (Grayscale) had a total outflow of $20.141 billion, and currently holds $16.838 billion, while IBIT (BlackRock) currently holds $33.232 billion. The total market value of the US BTC spot ETF is $79.165 billion.

The net inflow of the US ETH spot ETF was $154.7 million.

Foresee the Future

Event Preview

1. Devcon 2024 will be held from November 12 to November 15, 2024 in Bangkok, Thailand. Devcon is an Ethereum conference for developers, thinkers, and makers, with a mission to bring decentralized protocols, tools, and culture to the people, and has previously been held in Berlin, London, Shanghai, Cancun, Prague, Osaka, and Bogotá;

2. The Australian Crypto Convention will be held from November 23 to 24 in Sydney. This summit is one of the largest cryptocurrency events in the Southern Hemisphere, held annually in Australia, aiming to connect investors and decision-makers in the cryptocurrency and blockchain industry;

3. The Block will host the "Emergence" Web3 Summit from December 5 to 6 at the Prague Congress Center, which will facilitate the connection between technology and capital, building a bridge between Wall Street and the crypto realm. The summit will gather representatives from different industries and chains to discuss topics such as ETFs and asset management, and the uncertainty of crypto regulations.

Project Progress

1. BounceBit will launch CeDeFi V2 on November 11, and all user positions will be automatically migrated to V2 after November 11;

2. Coinbase Derivatives, a subsidiary of Coinbase, will launch Silver (SLR) and Stellar (XLM) futures on November 11;

3. The US Securities and Exchange Commission (SEC) has postponed its decision on Bitwise's application for an ETH spot ETF, with the latest deadline being November 11;

4. The first season reward claim for the Ethereum L2 network Taiko is open until November 12 at 8:00 AM.

5. The Usual stablecoin protocol is expected to have its TGE in mid-November, with 90% of USUAL tokens allocated to the community and only 10% allocated to the team, advisors, and investors. The airdrop will be rewarded based on the number of Pills held by participants in the pre-launch phase. Pills holders will receive a total of 7.5% of the total supply. From the TGE onwards, USUAL holders can stake their tokens to earn USUALx. Stakers will also receive 10% of the USUAL tokens issued by the protocol in the future.

Important Events

1. Former Celsius CEO Alex Mashinsky is scheduled to return to court on November 13, as he has not appeared in person since February, according to court records. In addition to the November 13 hearing, Judge John Koeltl of the U.S. District Court for the Southern District of New York has ordered the parties to hold a pre-trial conference on January 16, with jury selection set to begin on January 28;

2. The Mango Markets attacker is requesting the dismissal of fraud and manipulation charges and a retrial, with the next sentencing scheduled for November 13.

Token Unlocks

1. Aptos (APT) will unlock 11.31 million tokens on November 11, worth approximately $92.4 million, representing 2.18% of the circulating supply;

2. Sei (SEI) will unlock 124 million tokens on November 15, worth approximately $53.19 million, representing 1.24% of the circulating supply;

3. Cyber (CYBER) will unlock 2.98 million tokens on November 15, worth approximately $9.97 million, representing 2.98% of the circulating supply.