TL;DR

• BTC and ETH prices fluctuate at high levels, currently trading at $97,900 and $3,361, respectively.
• Altcoin sectors saw rotational gains over the weekend, with strong performances in the metaverse and gaming sectors.
• Over the past 24 hours, the altcoin liquidations reached $98.86 million, surpassing BTC’s $80.11 million.
• Solana’s daily average DEX trading volume exceeded $6 billion, capturing a 45% market share.
• CBOE will launch the first spot Bitcoin ETF index options on December 2.

Market Analysis

According to Gate.io market data, as of 4:00 AM (UTC+0) on November 25:

• BTC — Bitcoin’s price has risen by 0.24% in the past 24 hours, currently at $97,900. During this period, the highest price was $98,549, and the lowest was $95,735. The key resistance level is at $99,600. If BTC can break through this resistance, it may further test higher price regions and even challenge the psychological barrier of $100,000. However, if it fails to break through, the market may face the risk of a pullback. [1]

• ETH — ETH’s price has dropped by 1.00% in the past 24 hours, currently at $3,361. During this period, the highest price was $3,450, and the lowest was $3,283. ETH is currently approaching the key support level of $3,300. Over several recent trading sessions, this support has been tested multiple times but has not been effectively breached, indicating some buying support at this level. If ETH can break through $3,500, it may open up upside potential and further test the $3,600 range. [2]

• ETF — According to SoSoValue data, on the previous trading day (November 22), U.S. Bitcoin spot ETFs recorded $490 million[3], while U.S. Ethereum spot ETFs saw a total net inflow of $91.21 million[4].
• Altcoins — The Simulation Games, Gaming Utility Token, and Entertainment sectors rose by 54.22%, 24.94%, and 22.67%, respectively[5].
• U.S. Stock Market Indices — The S&P 500 Index rose by 0.35%, the Nasdaq Index by 0.16%, and the Dow Jones Index by 0.97%[6].
• Spot Gold — Gold prices reached $2,719 per ounce, rising 0.24% intraday[7].
• Fear and Greed Index — The Fear and Greed Index increased from 80 to 82, indicating the market remains in a state of extreme greed[8].

Top Performers

According to Gate.io market data[9], the following altcoins have shown notable performance based on their trading volume and price performance over the past 24 hours:

SAND — Daily gain of approximately 73.5%, with a circulating market cap of $1.925 billion.
Sandbox is a community-driven metaverse platform enabling creators to monetize voxel assets and gaming experiences using blockchain technology. Users can create, own, and trade virtual assets, injecting strong creative vitality into the platform’s ecosystem.

Recently, metaverse and gaming sector tokens have seen widespread gains. Key factors driving this include increased sector rotation and the growing appeal of the metaverse narrative. As a leading platform in metaverse space, Sandbox has attracted significant attention from investors[10].

ELF — Daily gain of approximately 40.60%, with a circulating market cap of $455 million.
aelf is an AI-enhanced Layer 1 blockchain implemented using the C# programming language, offering an efficient, scalable multi-layer architecture. By integrating AI and ZK Rollup technology, aelf provides a low-cost, secure platform to advance Web3 and AI innovations.

Recently, aelf announced collaborations with several key partners to enhance its AI capabilities and deepen the integration of its blockchain with AI technologies. Through these strategic partnerships, aelf aims to expand its ecosystem, deliver more efficient, secure, and cost-effective solutions, and further promote the adoption of Web3 and AI technologies. These developments have contributed to its token growth and market performance[11].

URO — Daily gain of approximately 15.90%, with a circulating market cap of $50.89 million.
Urolithin A (URO) is a MEME coin issued on the Pump Science platform, based on the concept of decentralized science (DeSci).

Recently, several influential figures in the industry, including CZ and Andrew Kang, have expressed optimism about the DeSci sector, generating increased market attention in this field. As an early-issued conceptual MEME coin, $URO initially gained traction in the market. Combined with the recent rotation into the DeSci sector, URO has seen another wave of price increases[12].

Data Highlight

Bitcoin ETF Net Inflow of $490 Million Last Friday
According to SoSoValue data, U.S. Bitcoin spot ETFs recorded a net inflow of $490 million last Friday (November 22), with a total daily trading volume of $5.4 billion. The cumulative net inflow now stands at $30.842 billion, while the total value of BTC managed by these ETFs has reached $107.488 billion, accounting for 5.56% of the total market cap.

Over the past five days, net inflows have consistently trended upward, reflecting growing confidence among institutional investors in Bitcoin spot ETFs. These inflows may further enhance market liquidity, providing support for BTC market prices[13].

Ethereum ETF Net Inflow of $91.21 Million Last Friday
According to SoSoValue data, U.S. Ethereum spot ETFs recorded a single-day net inflow of $91.21 million last Friday (November 22), with a total daily trading volume of $374 million. The cumulative net outflow remains at $107 million, while the total value of ETH managed by ETFs stands at $9.687 billion, accounting for 2.41% of the total market cap.

The Ethereum ETF has reversed a six-day streak of net outflows, likely due to a recovery in market sentiment[14].

Weighted Funding Rates, Contract Long-Short Ratio, and Liquidation Volume
As of 4:00 AM (UTC+0) on November 25, Coinglass data shows the weighted funding rate for Bitcoin positions is 0.0273%[15], while for Ethereum, it is 0.0282%[16]. In terms of contract long-short ratios, Bitcoin and Ethereum contracts are primarily dominated by short positions[17].

In the past 24 hours, the total liquidation amount across all contracts reached approximately $510 million, with over $380 million coming from long liquidations. Other altcoins had the largest liquidation volume at $98.86 million, surpassing Bitcoin’s $80.11 million and Ethereum’s $43.31 million. Liquidations were mainly concentrated in long positions, although some altcoins, such as SAND and BONK, saw primarily short liquidations[18].

Solana’s Average Daily DEX Trading Volume Exceeds $6 Billion, Capturing 45% Market Share
According to DeFiLlama data, Solana’s DEX trading volume has performed impressively over the past week, with an average daily trading volume exceeding $6 billion, accounting for 45% of the market share. In contrast, trading volumes of other competitors have seen varying degrees of decline.

Additionally, Solana’s total value locked (TVL) continues to grow, reaching $9.2 billion, which is 73% higher than BNB Chain. A report from DappRadar highlights that Solana’s ecosystem is attracting a significant number of users. Over the past seven days, 29.3 million unique active addresses have interacted with Solana’s ecosystem, far surpassing other public blockchains[19].

Hot Topics

Hong Kong’s ZA Bank Becomes Asia’s First Bank to Offer Crypto Trading Services to Retail Customers
ZA Bank in Hong Kong recently announced that it has become the first bank in Asia to provide cryptocurrency trading services to retail customers. Through its app, users can trade Bitcoin and Ethereum using Hong Kong dollars (HKD) and US dollars (USD). After completing account registration and a risk assessment, users can trade 24/7 with a low initial threshold (starting at $70 or HKD 600). During the promotional period until the end of June 2024, the bank will waive commission fees and offer a preferential platform rate of 0.8%.

This service integrates the convenience and security of banking accounts, providing retail users with a more compliant and accessible way to trade crypto assets. It also reflects ZA Bank’s strategic goal of expanding blockchain technology services and contributing to the Web3 ecosystem. By launching this innovative offering, the bank aims to enhance its competitiveness with traditional banks, diversify its revenue streams, and attract younger customers.

The rollout highlights Hong Kong’s progressive policy stance and forward-looking approach in the digital asset space, setting a new benchmark for the convergence of traditional finance and crypto assets. As the first bank in Asia to launch such a service, ZA Bank’s initiative not only increases retail users’ trust in entering the crypto market but may also encourage other traditional financial institutions to follow suit, creating broader industry impacts.

Its close cooperation with regulatory authorities enhances market compliance, helping attract more mainstream capital into the digital asset sector and driving further maturation of the crypto market. However, the bank’s ability to maintain user growth and achieve profitability will depend on market demand for crypto assets and changes in the regulatory environment. Despite these uncertainties, this initiative serves as a valuable demonstration of traditional banks integrating with crypto assets, offering a critical reference point for advancing the compliance and adoption of digital assets across the Asia-Pacific region[20].

CBOE to Launch First Spot Bitcoin ETF Index Options on December 2
The Chicago Board Options Exchange (CBOE) has announced that it will launch the first cash-settled index options tied to spot Bitcoin prices on December 2, 2024. These options will be based on the newly created CBOE Bitcoin US ETF Index (CBTX), designed to reflect the performance of spot Bitcoin ETFs listed on U.S. exchanges.

This product will offer investors a new way to gain exposure to Bitcoin price movements through options trading, without directly holding Bitcoin or its ETFs, and without concerns about physical settlement. The options lineup includes standard and mini versions, along with FLEX options that allow for customized contract terms.

The launch of these options could mark a new phase for the Bitcoin derivatives market. On one hand, it is expected to attract more institutional capital, enhance market liquidity, and accelerate the compliance process for Bitcoin financial instruments. On the other hand, its design, tied to spot ETFs, could pave the way for the approval of additional spot ETFs in the future.

However, Bitcoin’s price volatility and uncertainties in the regulatory environment remain key risks. Investors are advised to carefully evaluate potential returns and risks to devise more robust investment strategies[21].

Cantor Acquires Stake in Tether, Raising Regulatory Concerns
Wall Street financial services firm Cantor Fitzgerald has announced its acquisition of approximately 5% equity in stablecoin company Tether, valuing the deal at around $600 million. This move signifies an increased level of traditional financial institutions’ involvement in the cryptocurrency market, particularly their recognition of the world’s largest stablecoin issuer.

As Tether’s primary asset custodian, Cantor’s investment not only strengthens the partnership between the two entities but also boosts Tether’s market compliance and credibility.

The transaction is expected to contribute to the maturation of the stablecoin market and attract more traditional financial institutions to explore the cryptocurrency sector. Additionally, Cantor’s investment underscores the growing importance of stablecoins within the traditional financial ecosystem, bridging the gap between conventional finance and blockchain technology.

However, this deeper integration of traditional financial institutions with crypto assets is likely to draw increased regulatory scrutiny. While it presents opportunities for market development, it also introduces challenges that could influence the sector’s trajectory[22].

Funding news

According to RootData, from November 23 to November 25, 2024, three projects in the blockchain and Web3 sectors announced financing rounds. The highest amount raised by a single project was $4 million, with a total of over $6.1 million raised across all projects. These projects are focused on Lightning Network, DeFi, and prediction market sectors. Below are the top three projects by financing scale: [23]

TrueMarkets — TrueMarkets raised approximately $4 million by selling 15,071 NFTs at a mint price of 0.08 ETH ($250). Ethereum co-founder Vitalik Buterin purchased 400 NFTs for 32 ETH (approximately $107,000). TrueMarkets is a decentralized prediction market that enables users to predict outcomes of real-world events. Its goal is to eliminate information asymmetry related to global news and allow people to express real-time sentiment on the likelihood of potential outcomes.

Exponent Finance — Exponent Finance completed a $2.1 million funding round led by RockawayX, with participation from Solana Ventures, Cherry Ventures, and Mechanism Capital. Exponent Finance is a DeFi fixed-price market on the Solana network. It issues time-locked tokens that can generate fixed yields or be used for yield trading. These tokens have expiration dates, enabling users to convert variable DeFi yields into fixed returns over a set time span or increase exposure to yield fluctuations.

Lnfi Network — Lnfi Network closed a pre-seed funding round, with the amount undisclosed. Investors included HashKey Capital, UTXO Management, and CMS Holdings. Lnfi Network is a Bitcoin Layer 2.5 solution aimed at bringing Web3 and tokenization to the Lightning Network. It introduces a financial layer called LightningFi, supporting the use of Nostr to send, receive, issue, distribute, fundraise, stake, lock, gift, and trade Taproot assets.

Airdrop opportunities

Cysic Network

Cysic Network — Cysic Network is a ZK hardware acceleration project dedicated to designing advanced ASIC chips to reduce ZK proof generation time. It has multiple ecosystem partners, including Scroll, Nil Foundation, and Hyper Oracle, and has raised $18 million in funding from investors such as HashKey Capital and Polychain Capital. On November 19, Cysic launched the second phase of its testnet, allowing users to participate as verifiers or provers, further enhancing decentralization and offering rewards to early supporters. [24]

How to Participate:

1. Access the Testnet Website: Visit the Cysic testnet. [25]
2. Connect Your Wallet: Click the “Connect Wallet” button and confirm the connection.
3. Select a Role: Choose to register as a “Verifier” or “Prover” and refer to the corresponding guides below to understand the step-by-step process for becoming a verifier. [26]
4. Obtain $CYS Tokens: Request $CYS tokens via the Testnet Faucet for use in on-chain activities.
5. Share Your Invite Code: Share your invitation code with friends to earn rewards.

Tips:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow Cysic Network’s official channels for the latest information. Participants should proceed with caution, be aware of risks, and conduct thorough research before engaging. Gate.io does not guarantee the distribution of future airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spo3
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko, https://www.coingecko.com/en/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata/homeindex
9. Gate.io, https://www.gate.io/price
10. Gate.io, https://www.gate.io/trade/SAND_USDT
11. Gate.io, https://www.gate.io/trade/ELF_USDT
12. X, https://x.com/Rewkang/status/1860722553326850398
13. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
14. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
15. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
16. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
17. CoinGlass, https://www.coinglass.com/LongShortRatio
18. CoinGlass, https://www.coinglass.com/LiquidationData
19. DefiLlama, https://defillama.com/dexs/chains/solana
20. Life, https://life.mingpao.com/general/article?issue=20241125&nodeid=1732473625133
21. Prnewswire, https://www.prnewswire.com/news-releases/cboe-to-launch-the-first-cash-settled-options-product-related-to-spot-bitcoin-beginning-monday-december-2-302314301.html
22. Theblock, https://www.theblock.co/post/327961/lutnick-cantor-fitzgerald-negotiated-a-5-ownership-stake-in-tether-wsj
23. Rootdata, https://www.rootdata.com/Fundraising
24. X, https://x.com/cysic_xyz/status/1858879355969302982
25. Cysic, https://testnet.cysic.xyz/m/dashboard
26. Medium, [https://medium.com/)

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