Cryptocurrency Market Update November 21, 2024

Today (11/21/2024), the cryptocurrency market continues to experience a volatile day. Although Bit (BTC) continues to set a new all-time high (ATH) at $95,000, red has covered most Altcoins. Currently, the BTC price is trading around the $94,500 mark, up nearly 3% in the last 24 hours. The market capitalization of BTC reaches about $1.87 trillion, with a trading volume exceeding $78 billion for the day, according to data from CoinGecko. Highlights of November 21 Bit (BTC) - ETF Capital Flows: US Spot BTC ETFs recorded net inflows of $13 million in the trading session on 11/20. However, there is no data from major funds like IBIT (BlackRock) and FBTC (Fidelity). - Bhutan and BTC: Notably, 39% of the Kingdom of Bhutan's GDP is currently in Bit, with the total BTC held by the country valued at $1.14 billion. Bhutan is also mining between 55 BTC and 75 BTC per week. Ethereum (ETH) - Net Capital Outflows: In contrast to BTC, US ETH ETFs saw net outflows of $16.3 million on 11/20. The largest selling pressure came from Grayscale's ETHE fund. - Staking ETH: Swiss company 21Shares has launched a staking feature in its Ethereum Core Stake ETP product, with an average staking yield of 3.17%. Cryptocurrency Presence at the White House According to Bloomberg, the team of US President-elect Donald Trump is considering appointing a dedicated cryptocurrency advisor - if approved, this will be the first time the White House has had this role. Binance Binance announced it will a series of trading pairs at the end of November 2024, continuing to impact Altcoin investor sentiment. Highlights of Altcoins Solana (SOL) Phantom wallet, a prominent product on the Solana ecosystem, has now climbed to the 9th position in the ranking of the most downloaded apps on the App Store, surpassing both WhatsApp and Instagram. Floki Inu (FLOKI) After being listed on Coinbase, the FLOKI token surged 14% and made it to the top gainers on the Binance exchange. Aptos (APT) Bitwise has listed the Bitwise Aptos Staking ETP product in Switzerland. This is the first time Bitwise has launched a product in Europe since acquiring ETC Group. USDS (Sky) The USDS stablecoin of Sky (formerly MakerDAO) has officially deployed on the Solana network, marking a new step in expanding the DeFi ecosystem. MEME and DWF Labs Market Maker DWF Labs surprisingly announced a $20 million investment fund dedicated to MEME coins. Tether (USDT) On the evening of 11/20, an additional $1 billion in new USDT was minted at the Tether Treasury, enhancing liquidity in the market. Conclusion While Bit is setting a new ATH, the Altcoin market is under strong pressure. The divergence between BTC and Altcoins has become more pronounced, along with significant movements in ETF capital flows and important announcements from major projects like FLOKI, SOL, and USDS. In the context of strong capital inflows into Bit, closely monitoring the moves of investment funds and large countries like Bhutan can help investors formulate appropriate strategies in the coming time.