TL;DR

• This week, BTC prices reached new highs multiple times, with a 7-day peak of $94,643.6, as buying power continued to strengthen.
• ETH displayed relative weakness, recording a 4.93% weekly decline and remaining in a weak, fluctuating trend.
• Crypto asset management company Bitwise filed for a Solana ETF in Delaware, USA.
• USDT market capitalization exceeded $130 billion, setting a historic high and indicating increased capital inflow into the crypto market.
• Crypto lending platform Polter Finance fell victim to a hacker attack, suffering a $12 million loss.

Market Analysis

Review and Insights

• BTC Market — Over the past 7 days, BTC prices rose by 2.17%, with the current price at $94,103.7 and a 7-day high of $94,643.6. After surpassing the historical high of $93,000 on Nov 19, BTC broke another record on the 20th. The market’s buying power continues to strengthen, partly due to expectations of future monetary policy and optimism about the crypto market. In the short term, BTC remains volatile, but if it holds above $94,000, it could potentially set new records. [1]

• ETH Market — Over the past 7 days, ETH prices fell by 4.93%, with the current price at $3,066.0 and a 7-day high of $3,149.0. ETH has experienced fluctuations, peaking at $3,149 on November 19 before pulling back and oscillating between $3,160 and $3,040. In the short term, multiple factors influence ETH’s trajectory, including overall market sentiment. If it stabilizes above $3,000, it may recover; a breakthrough above $3,160 could lead to a retest of higher levels. [2]

• Altcoins — Over the past 7 days, the altcoin market has largely followed BTC’s lead, with overall upward trends. Blockchain Capital Portfolio gained 34.6%, Real World Assets (RWA) increased by 30.9%, and Pantera Capital Portfolio rose by 29.0%. [3]
• Futures Market — The current sentiment in the futures market is largely positive, with bulls dominating. The BTC buy-sell ratio is positive, reflecting optimism about its short-term price trajectory. Weighted funding rates remain positive, indicating a favorable outlook for long positions. As of 4:00 (UTC+0) on November 21, 63.40% of open options contracts are call options, while 36.60% are put options. Open interest for call options totals approximately 256,000 BTC, compared to 148,000 BTC for put options. [4]
• Macro Data — This week, news from the U.S. political arena suggests the Trump team is considering Treasury Secretary nominations, with several candidates showing favorable attitudes toward cryptocurrency. This could pave the way for a more relaxed regulatory environment, offering growth opportunities for the crypto industry and possibly heralding a more favorable regulatory era in the coming years. [5]
• Stablecoins — The stablecoin market cap jumped 3.04% to $186.3 billion, signaling a fresh influx of capital from outside the crypto sphere. [6]
• Gas Fees — Recently, Ethereum network activity has slightly decreased compared to last week, with an average daily Gas fee of 10 Gwei. [7]

Trending Concepts

This week, Bitcoin prices reached new highs, while altcoin sectors displayed mixed performance. According to data from CoinGecko and CoinMarketCap, over the past 7 days, the Blockchain Capital Portfolio rose by 34.6%, Real World Assets (RWA) increased by 30.9%, and the Pantera Capital Portfolio gained 29.0%. The FOMO effect was the common driver behind these surges, turning these sectors into focal points of recent market attention.[8]

Blockchain Capital Portfolio — Up 34.6% over the past seven days, with a market capitalization reaching $91.01 billion.
The Blockchain Capital Portfolio includes a range of blockchain projects invested in by Blockchain Capital, spanning DeFi, NFTs, infrastructure, and more. Growth in this sector was fueled by innovation in blockchain technology and applications within its projects, boosting the overall market.

Among them, XRP (XRP) rose by 58.2% over the past seven days, UNI (Uniswap) increased by 1.0%, and ICP (Internet Computer) gained 5.5%.

Real World Assets (RWA) — Up 30.9% over the past seven days, with a market capitalization of $13.29 billion.
The RWA sector includes projects that integrate real-world assets (such as real estate and precious metals) with blockchain technology, aiming to provide decentralized and transparent solutions for traditional assets. Increased investor focus on these innovative applications has driven sustained growth in this sector.

In this sector, several projects are gaining increasing attention, especially innovative applications in real estate and precious metals, further attracting the interest of traditional investors. Notably, OM (MANTRA) surged by 153.2% over the past seven days, ONDO (Ondo) increased by 14.0%, and QNT (Quant) gained 38.5%.

Pantera Capital Portfolio — Up 29.0% over the past seven days, with a market capitalization reaching $113.57 billion.
The Pantera Capital Portfolio encompasses projects across multiple blockchain domains, with significant focus on DeFi and Layer 1 chains. Growing market recognition of these projects has led to substantial appreciation in Pantera Capital’s investments.

Notably, DESO (Decentralized Social) rose by 63.0%, while MIR (Mirror Protocol) increased by 87.0%.

Top Performers

According to Gate.io data, the following were the top-performing coins over the past 7 days: [9]

APEPE —— APEPE (Ape and Pepe) is a new meme coin combining two widely recognized cultural symbols—APE and PEPE. This fusion has quickly garnered attention in the cryptocurrency market. APEPE symbolizes small-scale investors, particularly in the meme coin market, where such symbols often attract broad social media engagement and community support, fueling strong demand and price increases. Recently, significant gains have been driven by positive news of an upcoming listing on a centralized exchange.

TOK —— TOKAI is an AI-driven short video application platform based on the Solana ecosystem. It features an open community where pricing for AI data, technology, and tools is highly market-driven. Participants can leverage tokens to facilitate the efficient adoption of AI technologies. TOKAI integrates Solana’s high performance, the marketization of AI technology, and the substantial demand within the short video industry. Recent favorable market conditions have contributed to its notable price gains.

WNE —— Winee3 is a Web3-based SocialFi super app aimed at transforming professional networking through AI matching, NFT event tickets, and token rewards. It offers an all-in-one platform where users can showcase skills, participate in events, and earn rewards. By combining Web3 technology, AI matching, and NFT event tickets, Winee3 has attracted a significant user base. Its innovative networking features and token reward mechanisms have driven substantial price increases amid the recent market rebound.

Weekly Spotlights

Hot Topic Review

Crypto Asset Management Firm Bitwise Registers Solana ETF in Delaware US
Digital asset management company Bitwise has registered a statutory trust in Delaware for a proposed Solana spot ETF, indicating that the company may soon file an S-1 registration statement with U.S. securities regulators. If approved, the Bitwise Solana ETF would aim to track the price performance of Solana, the world’s fourth-largest cryptocurrency by market capitalization. In October, Bitwise registered a spot XRP ETF in Delaware and submitted an S-1 form to U.S. securities regulators the following day. In January, Bitwise’s BTC spot ETF was among the first 11 BTC spot ETFs approved by the SEC. Through its persistent efforts to apply for various cryptocurrency ETFs, Bitwise has demonstrated its active positioning in the crypto ETF space. From BTC and ETH to XRP and Solana, Bitwise continues to pioneer advancements in the cryptocurrency ETF sector. [10]

SEC to Delay Decision on Franklin Dual-Asset Crypto Index ETF EZPZ
According to The Block, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on Franklin Templeton’s proposed Franklin Crypto Index ETF (ticker: EZPZ). The ETF is designed to hold both Bitcoin and Ethereum assets, with Coinbase Custody Trust Company LLC serving as the digital asset custodian. If approved, the fund will be listed on the Cboe BZX Exchange. The SEC, which received the application in August, announced on Wednesday that it will extend the review period to thoroughly evaluate the proposal’s details. The SEC’s decision has had a noticeable impact on investor sentiment in the crypto asset market, with investors closely monitoring the developments surrounding this matter. [11]

Schindlers Digital Assets Launches Real Estate Purchases with Cryptocurrency in South Africa
According to Bitcoin.com New, Schindlers Digital Assets, in collaboration with Schindlers Attorneys and Broll Auctions and Sales, has developed a compliant process for South African cryptocurrency holders to purchase real estate using Bitcoin or Ethereum. This partnership allows Schindlers to expand its range of cryptocurrency products, enabling buyers to invest in real estate using digital assets. During the process, Schindlers Attorneys will handle the legal property transfer, while Broll Auctions will complete the process through real estate auctions. Schindlers Digital Assets has taken a significant step in exploring Real World Asset (RWA) payment methods for real estate. [12]

Security Incident

Crypto lending platform Polter Finance suffers hacker attack, losing $12 million
On November 17, Polter Finance identified a vulnerability and suspended its platform, notifying investors via its official X account. The protocol has been investigating the stolen funds, tracking wallets on cryptocurrency exchanges. According to Web3 security firm TenArmor, Polter Finance suffered a $12 million loss due to a flash loan attack related to oracle pricing in its newly launched SpookySwap (BOO) market.

Polter Finance has not yet confirmed the nature of this attack. Meanwhile, Polter Finance has established contact with the hacker through on-chain messages, providing room for negotiation. Polter Finance’s losses include $7.87 million worth of FTM, $1.03 million of USDC, $251,000 of MIM, and $2.1 million of Stader sFTMX, among others. In the face of flash loan price attacks, lending platforms still have significant room for improvement in terms of security. Platforms need to continuously enhance the security of smart contracts, strengthen the monitoring and repair of system vulnerabilities, and introduce more advanced security technologies to safeguard user assets.[13]

Project Highlights

EVM-Compatible Layer 1 Somnia Launches Devnet with Notable Performance Advantages
Somnia, a high-performance EVM-compatible Layer 1 blockchain, has been incubated by metaverse technology company Improbable, which has completed $150 million in funding. Improbable revealed that Somnia Layer 1 boasts transaction processing capabilities exceeding 400,000 TPS and transaction latency under 1 second.

The Somnia developer network (Devnet) is now open for whitelist applications, inviting developers to join as the first builders of the Somnia ecosystem. To support innovation, Somnia has launched a $10 million grant program and partnered with leading infrastructure providers such as Ankr, Hamera, and ThirdWeb to offer comprehensive support to developers. Developers accepted into the whitelist will gain access to advanced development tools and receive Somnia test tokens (STT) through a faucet for extensive testing on the Devnet. [14]

Data Highlights

Crypto Market Liquidation Data: Over $390 Million Liquidated in 24 Hours, with Bitcoin Short Liquidations Account for 69%
On November 20, Bitcoin experienced a sharp upward trend, surging past $94,000 before retreating to around $93,400. Over the past 24 hours, Bitcoin liquidations totaled $70.94 million. Long liquidations amounted to $21.47 million, while short liquidations reached $49.47 million—accounting for 69% of the total. Across the cryptocurrency market, total liquidations in the last 24 hours reached $391 million, with $279 million from longs and $111 million from shorts, making short liquidations just 28% of the total—a stark contrast to Bitcoin’s metrics. While some tokens have shown impressive performance, the market remains highly volatile, and future trends are uncertain. Investors are advised to evaluate risks carefully and manage leverage prudently. [15]

USDT Market Cap Surpasses $130 Billion, Setting a New Record
According to CoinGecko, the stablecoin USDT’s market capitalization has surpassed $130 billion, setting a new record. Since Donald Trump’s presidential election victory on November 6, roughly 9 billion new USDT tokens have been minted. Reports indicate that Trump intends to nominate Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce. Notably, Cantor Fitzgerald has been Tether’s custodian bank since 2021 and manages more than half of Tether’s reserves.

Stablecoins collectively now have a market capitalization exceeding $190 billion, reflecting investor optimism about the market’s future and preparation for potential investment opportunities. [16]

Over 1,400 Meme Tokens Issued on emojicoin.fun Within 10 Hours of Launch
The Aptos meme token trading platform emojicoin.fun sparked community enthusiasm within its first 10 hours of operation, issuing more than 1,400 meme tokens. Data shows that DOG FACE leads with a market cap of $13 million and a trading volume of $8.56 million, followed by INFINITY and FROG.

Powered by the Aptos blockchain and Move programming language, the platform is incubated by Econia Labs and operated by infranomicon. Its low barrier to entry and vibrant community environment have attracted significant participation, fostering a dynamic meme token ecosystem. [17]

Market Opportunities

Project Airdrops

This week’s notable airdrop project to watch: SynFutures

SynFutures is a decentralized derivatives exchange pioneering a permissionless contract market model. It allows anyone to list a token in 30 seconds by adding single-asset liquidity and supports both expiry and perpetual contracts. Since its launch in late 2021, SynFutures has undergone two iterations, achieving $2.3 billion in trading volume, 110,000 users, and over 240 trading pairs.

On November 20, SynFutures announced that its Oyster Odyssey Points Campaign will officially end on November 25, 2024 (next Monday), hinting at an imminent TGE (Token Generation Event) and airdrop. Launched alongside SynFutures’ deployment on the Blast mainnet on March 1, 2024, and later expanded to Base in July, the campaign attracted over 6.5 million wallet addresses. This activity has helped SynFutures achieve top rankings in trading volume and TVL on both Blast and Base networks, solidifying its position as the leading decentralized perpetual contract trading platform.

The founding team comprises professionals from top-tier international investment banks, internet companies, and crypto veterans. SynFutures has secured over $38 million in funding from prominent investors, including Pantera, Polychain, Standard Crypto, Dragonfly, Framework, SIG, Hashkey, IOSG, Bybit, Wintermute, CMS, Woo, and more.

How to earn points [18]:

1. Add Liquidity — Earn points by providing liquidity.
2. Trade — Earn points through trading activities.
3. Place Limit Orders — Earn points for using limit orders.
4. Refer Friends — Earn points by inviting friends to participate.

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow SynFutures’ official channel for the latest information. At the same time, users should participate cautiously, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the subsequent distribution of airdrop rewards.

Weekly Fundraising Report

According to RootData, from November 15 to November 21, 14 projects collectively raised over $103 million in funding, spanning sectors such as infrastructure and gaming. Below are the top three funding rounds by size:

Monkey Tilt secured $30 million in funding on November 20, with Pantera Capital leading the round, joined by Polychain, HackVC, and others. Monkey Tilt is an online gambling platform focused on integrating cryptocurrency with online betting. The platform allows players to earn rewards by correctly predicting whether their selected players will perform above or below their statistical forecasts.

Canaan Creative completed a $30 million funding round on November 20, with investors including Fundamental Labs, Tunlan Investment, Jin-Jiang Holdings Co, and Baopu Investment. Headquartered in China, Canaan Creative is a leading computer hardware manufacturer specializing in blockchain servers and ASIC microprocessor solutions for Bitcoin mining. Founded in 2013, the company went public on NASDAQ in 2019 and currently has a market capitalization of $505 million.

Noble raised $15 million in a Series A round on November 19, led by Paradigm. With this round, Noble’s total funding now stands at $18.3 million. The platform has partnered with leading stablecoin issuers, including Circle, Ondo Finance, Hashnote Labs, and Monerium, and currently manages over $458 million in assets.

Noble is an app chain built for native asset issuance within the Cosmos and IBC ecosystems. It provides tools for token issuers to manage their assets, including minting, burning, blacklisting, and other functionalities. Noble acts as an intermediary, efficiently distributing stablecoins and other products across 50 different blockchains. Noble offers a seamless user interface for developers, ensuring compatibility between their application chains and the Noble platform.

What to Watch Next Week

Token Unlocks

According to Token Unlocks data, two major token unlock events are set to occur next week (2024.11.22-11.28), with a combined value exceeding $29 million. [19]

Below are the details of the top three unlocks:

ID token plans to unlock approximately 18.49 million tokens at 8:00 AM UTC on the 22nd, accounting for 4.29% of its circulating supply, worth about $8.3 million. This unlock is likely to influence the ID token’s price trend in the near future.

ADA token plans to unlock approximately 12.53 million tokens at 12:00 PM UTC on the 26th, accounting for 0.05% of its circulating supply, valued at about $14.39 million. This unlock is expected to have a minimal impact on the subsequent price trend of the ADA token.

ENA token plans to unlock approximately 12.86 million tokens at 7:00 AM UTC on the 27th, accounting for 0.45% of its circulating supply, worth about $6.69 million. The unlock’s impact on ENA’s price is expected to be minimal.

Crypto Calendar

In the coming week, the blockchain and cryptocurrency sector will witness several significant events. On November 22, the U.S. will release the final value of the one-year inflation rate expectation for November, which is crucial for Federal Reserve interest rate decisions and will impact global assets, including cryptocurrencies. Ethereum Layer 2 network Starknet plans to launch STRK staking on the mainnet on November 26, allowing participants to become validators or delegators. Additionally, Google Cloud and Cobo will host the “Digital Asset Management Solutions Day” event in Hong Kong on November 27, where industry experts will discuss the future of digital assets.[20]

Reference：

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. Coingecko, https://www.coingecko.com/en/categories
4. Coinglass,https://www.coinglass.com/options
5. Bls, https://www.bls.gov/
6. Defillama, https://defillama.com/stablecoins
7. Etherscan, https://etherscan.io/gastracker#chart_gasprice
8. Coingecko, https://www.coingecko.com/en/categories
9. Gate.io, https://www.gate.io/price
10. Cointelegraph, https://cointelegraph.com/news/bitwise-registers-solana-etf-delaware
11. Theblock, https://www.theblock.co/post/327518/sec-delays-making-a-decision-on-franklin-crypto-index-etf-dubbed-ezpz
12. Bitcoin.comNews, https://news.bitcoin.com/schindlers-digital-assets-launches-real-estate-purchases-with-crypto-in-south-africa/
13. X, https://x.com/whichghost/status/1858134916632080648
14. X, https://x.com/Somnia_Network/status/1857423354707231075
15. Coinglass, https://www.coinglass.com/zh/LiquidationData
16. Coingecko, https://www.coingecko.com/en/categories/stablecoins
17. X, https://x.com/Aptos/status/1859084254338330997
18. Medium， https://medium.com/synfutures/oyster-odyssey-o-o-points-program-ends-on-nov-25-1e7d0c9d9a25
19. tokenomist, https://token.unlocks.app/, https://www.panewslab.com/zh/calendar/index.html
20. Jin10，https://rili.jin10.com/day/2024-11-22

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.