Performance of the Cryptocurrency Market

Currently, the total market capitalization of cryptocurrencies is $3.27 trillion, with BTC accounting for 59.64%, which is $1.95 trillion.The market capitalization of stablecoins is $189 billion, which has surpassed the amount of cryptocurrency stablecoins in April 2022, reaching a new high.

This week, the price of BTC has shown a fluctuating upward trend, with the current price of $98,483; ETH has shown range-bound fluctuations, with the current price of $3,332. It must be said that ETH's performance in this bull market has been disappointing, in terms of innovation, it has a bit of "exhaustion of talent", or perhaps it is "difficult for a large ship to change direction", and it is difficult to compare with its past glory.

CoinMarketCapThe top 200 projects, most of them have risen, and a small part have fallen, among which: XLM has increased by 198.22% in 7 days, SOLO has increased by 284.39% in 7 days, and CRV has increased by 55.83% in 7 days.

This week, the momentum of MEME has weakened, and many MEME tokens have started playing the "rushing" game, from launch to a calm period, only about 3 days. On the contrary, public chains and DeFi projects have risen, and they have now entered the second half of the bull market, and the effect of sector rotation is gradually becoming prominent.

This week, the net inflow of the US Bitcoin spot ETF was $3.35 billion, and the total market value has exceeded $100 billion; the net outflow of the US Ethereum spot ETF was $168.1 million.

The "Fear & Greed Index" on November 23 was 93 (entering the extreme greed zone, the index is higher than last week), the mood this week: 7 days of extreme greed.

Large institutions around the world are constantly buying BTC, and stablecoins are also continuously being issued, BTC is only a "kick away" from $100,000, and the subsequent market development is optimistic.

Understand the Present

Review of Major Events in the Past Week

1. Satoshi Action Fund has publicly disclosed its Bitcoin strategic reserve policy model;

2. Robert F. Kennedy Jr.: Bitcoin can consolidate the US dollar's hegemony and save the US debt crisis;

3. The founder of WTF Academy, 0xAA, has transferred 110 million SCIHUB tokens to the Solana donation address of the founder of Sci-Hub;

4. Trump will discuss appointment matters with Coinbase CEO Brian Armstrong;

5. Trump's social media company is in deep negotiations to acquire the cryptocurrency trading platform Bakkt, which is owned by Intercontinental Exchange;

6. a16z will use the cross-chain protocol Li.Fi to expand to the Ethereum and Base ecosystems;

7. On November 20, Magic Eden announced its token economics: the initial airdrop accounts for 12.5%;

8. On November 21, the ETH/BTC exchange rate hit a new low, touching 0.033;

9. Arkham is about to launch a spot trading platform in the US;

10. DWF Labs has launched a $20 million Meme fund to support Memecoin projects across multiple blockchains;

11. 2Truemarkets has completed a financing of over $4 million through public NFT sales, with Vitalik spending 32 ETH to participate in minting;

12. On November 22, Sui released its first network downtime analysis report: the error was caused by an upgrade of the code, and it was fixed within 2.5 hours;

13. Fed's Waller: Cryptocurrencies are a tradable asset, not a currency.

Macroeconomics

1. On November 21, according to CME's "Fed Watch": the probability of the Fed keeping the current interest rate unchanged in December is 44.3%, and the probability of a cumulative 25 basis point rate cut is 55.7%;

2. On November 21, FOX Business reporter Eleanor Terrett posted on social media that, according to two informed sources, SEC staff have made "progress" in negotiations with issuers hoping to launch a SOL spot ETF, and the SEC is currently processing the S-1 filing for a SOL spot ETF. These informed sources said it is "likely" that in the coming days we will see exchange representatives, potential issuers, submit some 19b-4 filings, which is the next step in the ETF approval process;

3. On November 22, according to official information, SEC Chairman Gary Gensler will step down on January 20.

ETF

According to statistics, during the period from November 18 to November 22,the net inflow of the US Bitcoin spot ETF was $3.35 billion; as of November 22, GBTC (Grayscale) has a total outflow of $20.28 billion, and currently holds $21.673 billion, and IBIT (BlackRock) currently holds $47.795 billion. The total market value of the US Bitcoin spot ETF is $108.65 billion, exceeding $100 billion.

The net outflow of the US Ethereum spot ETF was $168.1 million.

Foresee the Future

Event Preview

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

2. 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, and build a bridge between Wall Street and the crypto field. The summit will gather 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 bridge the gap between Eastern and Western capital and talent;

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

Project Progress

1. HashKey Global will launch HSK/USDT spot trading on November 26;

2. Starknet announced that STRK staking will be launched on the mainnet on November 26, with a 21-day unstaking lockup period for both validators and delegators;

3. The claiming and staking of the WalletConnect token WCT will go live on November 26;

4. Floki's PlayToEarn MMORPG game Valhalla will launch on the mainnet on November 28, and Valhalla has also partnered with the KICK F1 Sim Racing Team, becoming the official game partner for the 2025 F1 simulation racing season.

Important Events

1. Fox Business reporter Eleanor Terrett said that sources in Washington have rumored that Gary is likely to announce his departure after Thanksgiving (November 28) and before the inauguration (January);

2. The Singapore cryptocurrency trading platform Fairdesk will officially shut down all services on November 30 due to policy and regulatory issues, and users need to liquidate (futures, spot positions) their accounts before October 17, after which the platform will only maintain withdrawal function until November 30.

Token Unlocks

1. NFPrompt (NFP) will unlock 10.42 million tokens on November 27, worth about $2.71 million, accounting for 1.04% of the circulating supply;

2. Axelar (AXL) will unlock 25.81 million tokens on November 27, worth about $19.22 million, accounting for 2.19% of the circulating supply;

3. Open Campus (EDU) will unlock 19.07 million tokens on November 28, worth about $10.16 million, accounting for 1.91% of the circulating supply;

4. Immutable (IMX) will unlock 24.52 million tokens on November 29, worth about $36 million, accounting for 1.23% of the circulating supply.