Performance of the Cryptocurrency Market

Currently, the total market capitalization of cryptocurrencies is $3.4 trillion, with BTC accounting for 56.73%, which is $1.93 trillion. The market capitalization of stablecoins is $192.5 billion, with a 7-day increase of 1.66%, of which USDT accounts for 69.7%.

This week, the price of BTC has shown range-bound fluctuations, with the current price of BTC at $96,800; ETH has shown a fluctuating upward trend, with the current price at $3,591.

Among the top 200 projects on CoinMarketCap, most have increased, and a small portion have decreased, including: ENS with a 7-day increase of 71.36%, SAND with a 7-day increase of 67.44%, XCH with a 7-day increase of 84.34%, and KSM with a 7-day increase of 66.49%.

Last week, we mentioned that as BTC broke through the $100,000 mark, the rotation effect among various sectors has gradually become more prominent. This week, the leading projects in the Ethereum-centric track have also seen a certain degree of increase.

This week, the US Bitcoin spot ETF had a net outflow of $273 million, and the US Ethereum spot ETF had a net inflow of $216.1 million.

The "Fear & Greed Index" on November 30 was 84 (lower than the previous week), and the sentiment this week was 5 days of greed and 2 days of extreme greed.

According to the CME "Fed Watch", the probability of a cumulative 25 basis point rate cut is 70%, and with the inflow of ETFs and the continued issuance of stablecoins, the outlook for the crypto market in December is positive.

Understanding the Present

Review of the Week's Major Events

1. WalletConnect announced that the WCT airdrop claim and staking will be open on November 26;

2. On November 25, the premium of the US stock MSTR has returned to the 2021 bull market level;

3. Andrew Kang: The DeSci field is currently like the DeFi era in early 2019;

4. On November 25, Willy Woo: It seems that a large amount of capital is flowing into the Bitcoin network;

5. Balancer: Balancer v3 is about to be launched;

6. The Movement Network Foundation has announced the MOVE token economics, with 60% of the total supply allocated to the community;

7. After Pump.fun disabled the live streaming function, the related tokens have generally declined;

8. Avalanche has launched the Avalanche9000 upgrade on the testnet and launched a $40 million funding program;

9. On November 26, top trader Eugene: I have taken profits on my long positions and suggest maintaining caution;

10. Market news: A US court ruled that the sanctions against the Tornado Cash smart contract are illegal;

11. On November 27, the ZKasino team misappropriated user funds and continued to long ETH with leverage, with an average leverage cost of $3,402;

12. Glassnode: Many long-term holders are still waiting for higher prices before releasing BTC back into the circulating market;

13. On November 28, the DeFi sector cryptocurrencies generally rose, with ENA up 22.06% in 24 hours;

14. Greeks.live researcher: The options market currently believes that ETH has higher upside potential;

15. Pump Science: This year will focus on RIF and URO, and new tokens will be launched next year;

16. The ETH/BTC exchange rate has continued to rise, rebounding 18.42% from the lowest point;

17. Sushi has launched the Dojo Agent and Tweet Tokens features, allowing the tokenization of tweets or the creation of MEME coins on Twitter;

18. Binance Labs has announced an investment in Astherus;

19. Worldcoin has launched a new World ID passport authentication system, which is being piloted in some Asian and South American countries;

20. SecondLane has listed 1% of Pump.fun's equity for $15 million;

21. Clanker: User fee sharing revenue will be distributed on December 4;

22. Slow Mist Cosine: The DEXX attacker converted various tokens into SOL again in the early hours of today and has not yet withdrawn them.

Macroeconomic

1. On November 27, Bitwise announced that the New York Stock Exchange (NYSE Arca) has filed an application to launch a Bitwise exchange-traded product (ETP) that will simultaneously cover investments in spot Bitcoin and Ethereum, weighted by market capitalization. According to the filing, this ETP will hold these two assets directly; the launch of this ETP is pending the approval of the 19b-4 application and the effectiveness of the S-1 registration statement;

2. On November 28, according to Bloomberg, sources revealed that the transition team of President-elect Donald Trump has interviewed senior financial regulator and conservative financial insider Paul Atkins as a candidate for the chairman of the US Securities and Exchange Commission. Sources said that Atkins is one of the top contenders to replace the outgoing SEC chairman Gary Gensler;

3. On November 28, according to the CME "Fed Watch": the probability of the Federal Reserve maintaining the current interest rate unchanged in December is 30%, and the probability of a cumulative 25 basis point rate cut is 70%;

4. On November 28, ECB Governing Council member Villeroy de Galhau said there are ample reasons for a rate cut in December;

5. On November 29, according to Cryptonews, Japanese Prime Minister Shigeru Ishiba has reorganized the Web3 and cryptocurrency policy-making department of the ruling party. According to Digital Minister Takamasa Hirata, the LDP will dissolve the existing Web3 project group (PT) and instead establish a dedicated organization within the Digital Society Promotion Department, to be led by former Web3 PT secretary-general Akihisa Shiozaki.

ETF

According to statistics, during the period from November 25 to November 29, the US Bitcoin spot ETF had a net outflow of $273 million; as of November 29, GBTC (Grayscale) had a total outflow of $20.474 billion, and currently holds $20.918 billion, while IBIT (BlackRock) currently holds $48.088 billion. The total market capitalization of US Bitcoin spot ETFs is $107.787 billion.

The US Ethereum spot ETF had a net inflow of $216.1 million.

Foresee the Future

Event Preview

1. The Block will host the "Emergence" Web3 Summit at the Prague Congress Center in the Czech Republic from December 5 to 6. The summit will facilitate the connection between technology and capital, and build a bridge between Wall Street and the crypto sector. The summit will bring together representatives from different industries and chains to discuss topics such as ETFs and asset management, and the uncertainty of crypto regulation. Through collaboration with Foresight Ventures, Emergence will provide insights to attendees on driving the development of cryptocurrencies in Asia and bridging the gap between Eastern and Western capital and talent;

2. The parallel blockchain Monad will hold the second phase of the Madness competition in Seoul, South Korea from December 6 to 8;

3. Taipei Blockchain Week will be held from December 12 to 14, 2024.

Project Progress

1. The issuer of the RWA stablecoin USDz, Anzen Finance, will conduct a public sale of ANZ on Fjord Foundry and Starship on December 2, and the first season community airdrop of Anzen will also be carried out at the same time;

2. The mainnet launch (first phase) of the privacy public chain Namada is planned to take place sometime between December 2 and 6;

3. The Web3 game distribution infrastructure MATR1X will release important news on December 5, related to veMax, which may hint at the opening of MAX staking functionality;

4. The duration of Ethereum L2 Taiko Season 2 is from September 17, 2024 to December 16, 2024, and it will provide a reward of 6 million TAIKO tokens, of which 5 million are for participants and 1 million are for DApps.

Important Events

1. The Chicago Board Options Exchange (Cboe) will launch its first cash-settled index options related to spot Bitcoin on December 2. The options are based on the new Cboe Bitcoin US ETF Index. These options will be regulated by the SEC, and in addition to cash settlement, these index options will also provide European-style exercise;

2. The South African FSCA has not yet restored the license of the South African exchange Banxso, and the review is scheduled for December 4.

Token Unlocks

1. Sleepless Ai (AI) will unlock 10.62 million tokens on December 4, worth approximately $8.15 million, accounting for 1.06% of the circulating supply;

2. Gravity (G) will unlock 121 million tokens on December 5, worth approximately $4.43 million, accounting for 1.01% of the circulating supply;

3. Jito (JTO) will unlock 136 million tokens on December 7, worth approximately $509 million, accounting for 13.65% of the circulating supply.