TL;DR

• Affected by hawkish remarks from Jerome Powell, crypto assets have seen a significant pullback, with BTC down by 3.39% and ETH down 4.03%.
• SuiNS surged by approximately 635.58%, highlighting emerging opportunities in the Sui ecosystem.
• Solana’s daily DEX trading volume reached 42%, setting a new historical high.
• The number of Network 3 nodes has surpassed Helium, making it the fifth largest globally in the Decentralized physical infrastructure network (DePIN) sector.
• Tether launched the Hadron platform, simplifying the asset tokenization process and promoting financial inclusion.
• Wyden completed a Series B funding round of over $16 million, with investments from FiveT Fintech, C3 VC Fund, and others.

Market Analysis

• BTC —The BTC price fell by 3.39% in the past 24 hours, with the current price at $87,311. The highest price in the past 24 hours was $91,764, and the lowest was $86,679. After BTC surged, it has recently stabilized around the $88,000 level over the last two days. Although there is short-term downward pressure, Bitcoin’s long-term growth potential is still viewed positively. Market sentiment and policy changes will continue to influence its price movement. [1]

• ETH — The ETH price fell by 4.03% in the past 24 hours, with the current price at $3,058. The highest price in the past 24 hours was $3,240, and the lowest was $3,030. If the ETH price falls below the support level of $3,073, the market may face short-term downward pressure. Currently, ETH has strong support around the $2,900 level, which could attract new buying interest. In this scenario, ETH is expected to maintain a consolidating trend and, after gathering momentum at higher levels, may break through current downward pressure to see new opportunities for upward movement. [2]

• ETF — On November 14, Bitcoin ETFs saw a net outflow of over $400 million, while Ethereum ETFs experienced a net outflow of $3.24 million. Notably, this was the first net outflow for Bitcoin ETFs in seven days. [3]

• Altcoins — Blockchain Capital Portfolio, Pantera Capital Portfolio, and Terminal of Truths sectors rose by 8.17%, 6.85%, and 6.33%, respectively. [4]

• U.S. Stock Indices — The S&P 500 index dropped by 0.60%, the Nasdaq index fell by 0.64%, and the Dow Jones index declined by 0.47%. [5]
• Spot Gold — The price of spot gold reached $2,567 per ounce, up by 0.09% for the day. [6]
• Fear and Greed Index — The Fear and Greed Index dropped from 88 to 80, indicating that the market is still in an “extreme greed” phase, suggesting that market sentiment is very bullish. [7]

Top Performers

Based on Gate.io market data[8], the top-performing altcoins over the past 24 hours, measured by trading volume and price changes, are as follows:

SuiNS — The daily increase of SuiNS was approximately 635.58%, with a circulating market cap of $44.59 million.
SuiNS allows users to easily transfer, update, and protect their digital identities, ensuring privacy and control. The integration of various blockchain ecosystems within SuiNS promotes interoperability and innovation, making SuiNS an indispensable tool for developers, businesses, and individuals to simplify interactions with blockchain technology while maintaining the highest security standards.
On November 14,the Sui ecosystem’s domain service, Sui Name Service (SuiNS), launched an airdrop for NS tokens. Following this, the price of NS tokens surged rapidly. The launch of the NS token aims to strengthen decentralization, giving community members more decision-making power, particularly enabling airdrop NFT holders to directly participate in the development of the protocol. With the arrival of the Token Generation Event (TGE), investors have high expectations for the market performance of NS tokens, which may bring new growth momentum to the Sui ecosystem. [9]

CELA — The daily increase of CELA was approximately 218.10%, with a circulating market of $63.86 million.
Cellula reintroduces the BTC Proof of Work (PoW) mechanism into EVM-compatible networks. The core of the project revolves around Conway’s Game of Life and utilizes virtual Proof of Work (vPoW) to guide asset allocation and liquidity distribution.
On November 14, following the CELA token launch, it quickly garnered market attention. The rapidly growing market demand drove the price of CELA to surge significantly in a single day. The project’s innovative model and the introduction of the new token have raised investor expectations for its potential.
Additionally, to encourage user participation, CELA has partnered with the Gate platform to launch a series of promotional activities, including a $20,000 trading reward and a $10,000 recharge cashback event. Participants must complete trading or recharge tasks to share the rewards based on trading volume and net recharge amounts. The event will run until November 21. [10]

PROS — The daily increase of PROS was approximately 91.17%, with a circulating market cap of $63.86 million.
Prosper is bringing institutional-grade Bitcoin mining capabilities on-chain and is focused on fully unlocking the potential of Bitcoin, the most decentralized cryptocurrency.
Recently, Prosper announced that it had secured investment support from BIT Mining. With the deepening of this collaboration, Prosper expects to further unlock Bitcoin’s potential value, attracting more investor attention and support. This positive news likely contributed to the significant single-day surge in the price of PROS tokens. [11]

Data Highlights

ETF Contract Long/Short Ratio and Liquidation Volume
As of 4:00 AM (UTC+0) on November 5, according to data from Coinglass, the funding rate for Bitcoin’s open positions weighted by open interest was 0.0136%[12]; for Ethereum, the funding rate was 0.0151%[13].

In the past 24 hours, total contract liquidations across the entire network reached approximately $481 million, with over $335 million in long position liquidations. The largest liquidation occurred in BTC, totaling $122 million, followed by $67.35 million in ETH. Liquidations were mainly concentrated in long positions, while some altcoins, such as XRP and MOODENG, saw more liquidations in short positions. [14]

Solana’s Daily DEX Trading Volume Reaches 42%, Setting a New All-Time High
According to data from SolanaFloor, Solana’s daily DEX trading volume reached 42%, setting a new all-time high, significantly surpassing other public blockchains. This data further indicates that Solana’s high throughput and low transaction fees are highly effective in meeting DEX traders’ demands for speed and cost efficiency. [15]

Hamster Kombat’s Daily Trading Volume Reaches $5.3 Billion, Token Holders Reach 11 Million
Recently, the Hamster Kombat team announced that the daily trading volume of the HMSTR token has reached a new high of $5.3 billion, with $1.3 billion in spot trading volume and $4 billion in perpetual contract trading volume. The platform currently has 11 million token holders, providing a solid growth foundation with its large user base. This morning, Elon Musk posted a hamster emoji on the X platform, which may have contributed to the noticeable price increase in hamster-themed tokens, including HMSTR. [16]

Network 3 Surpasses Helium in Node Count, Ranking Fifth Globally in the DePIN Sector
According to DePINscan data, the decentralized edge AI infrastructure project Network 3 has surpassed 439,000 nodes, overtaking the well-known DePIN project Helium and ranking fifth globally. The official announcement revealed that Network 3’s airdrop event will launch by the end of the year, with a Token Generation Event (TGE) planned for the same time. Network 3 has raised $5.5 million in funding from top institutions such as Borderless, EV3, IoTeX, Mask Network, and Bing Venture.
With the ongoing development of decentralized AI applications, Network 3 has the potential to further expand its market share and become a leader in the edge AI infrastructure space. The project is pushing for the democratization of the AI industry by building a decentralized federated learning framework that allows users to collaborate on training without sharing raw data. [17]

Spotlight Analysis

Federal Reserve Chairman Jerome Powell Says U.S. Economy is Recovering Well, Not in a Hurry to Cut Interest Rates
Federal Reserve Chairman Jerome Powell expressed an optimistic outlook on the U.S. economic recovery and the performance of the labor market, noting that inflation is moving toward the 2% target and affirming the effectiveness of monetary policy. He stated that the Federal Reserve is not rushing to cut interest rates and will adjust policies based on data to achieve stable employment and prices. Powell expects inflation to continue to decline, but cautioned that the process may be volatile, reflecting a careful approach to inflation management. His remarks led the market to reduce expectations for a rate cut in December, influencing the stock and interest rate markets. The market remains sensitive to the Fed’s policy direction, and with inflation still above the target, uncertainty increases for the December meeting. Powell also committed to serving out his term as Chairman, ensuring stability in the Fed’s leadership. Market participants will need to monitor economic data and policy developments to assess the impact of policy changes on the market. [18]

18 U.S. States File Lawsuit Against SEC, Accusing It of Overregulating the Crypto Industry
The attorneys general from 18 Republican-led states have jointly filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), accusing the agency, under Chairman Gary Gensler’s leadership, of imposing unconstitutional and excessive regulations on the crypto industry.
The lawsuit documents argue that the SEC, through a series of enforcement actions, has subjected the $3 trillion crypto industry to “severe government overreach,” encroaching on the regulatory authority of individual states. The 18 states have developed their own frameworks for regulating cryptocurrencies, and the SEC’s actions have not only hindered industry growth but also conflicted with state-level regulatory efforts.
The plaintiffs are seeking a court ruling that “digital asset trading does not constitute an investment contract” and are requesting an injunction to prevent the SEC from suing digital asset platforms that are not registered as securities exchanges. They argue that the SEC’s actions exceed the authority granted by Congress.
This lawsuit marks a significant milestone in the development of the crypto industry. Its outcome could have a profound impact on the future trajectory of the crypto market. If the lawsuit is successful, the court’s ruling could provide clear legal guidance for the crypto industry, reducing regulatory uncertainty. This could attract more investment, foster industry innovation, and boost investor confidence, potentially sparking a new wave of investment. States would also gain greater autonomy to develop cryptocurrency regulatory frameworks that suit their local needs. On the other hand, if the lawsuit fails, the SEC may intensify its regulation of the crypto industry, potentially stifling innovation, increasing compliance costs, and exacerbating market volatility. [22]

SEC Chairman Urges Cryptocurrency Compliance, May Step Down After Trump Takes Office
In a recent speech, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler urged cryptocurrency exchanges to register promptly and comply with relevant securities regulations, while also calling for proper disclosure of information by institutions selling securities. He pointed out that there are currently about 10,000 digital assets in the market, many of which are actually securities. He specifically mentioned that, aside from Bitcoin, Ethereum, and stablecoins, the total market capitalization of other cryptocurrencies is approximately $600 billion, which represents less than 0.1% of the global capital markets.
Gensler’s speech was released after Donald Trump won the presidential election, during which Trump had stated that he would remove Gensler from his position as SEC Chairman. Sources indicate that Gensler may step down from the chairman role after Trump takes office, though it is also possible he could remain at the SEC as a commissioner. In his remarks, Gensler expressed pride in his work at the SEC, calling it a great honor to work alongside his colleagues to protect the U.S. investors and ensure fairness in the markets. [19]

Tether Launches Hadron Platform to Simplify Asset Tokenization and Promote Financial Inclusivity
Tether has announced the launch of the Hadron platform, which aims to simplify the tokenization process of assets, enabling a wide range of asset classes—such as stocks, bonds, stablecoins, and loyalty points—to be digitized through blockchain technology. Hadron integrates the technology that Tether has accumulated over the years and is designed to provide institutions, fund managers, governments, and private companies with convenient tools for asset issuance and management, making the entire lifecycle of tokenized assets easier to manage. The platform places a strong emphasis on compliance and security, featuring comprehensive tools for KYC (Know Your Customer), AML (Anti-Money Laundering), and transaction monitoring to ensure the safe circulation of tokens across multi-chain and centralized trading environments. Furthermore, users will have full control over their token holdings. \
Overall, the launch of Hadron showcases Tether’s vision of driving transparency and decentralization in the financial industry. Hadron’s advantages lie in its flexible contract functionalities and multi-chain support, which not only make it suitable for the digitization of traditional assets but also open up new financing channels for countries and businesses. Paolo Ardoino, the platform’s CEO, stated that Hadron’s goal is to provide secure, scalable tokenization solutions for global financial markets, bringing users greater transparency and control. While the traditional financial system tends to be closed and lacks transparency, Tether hopes that through Hadron, it can drive financial democratization, allowing more individuals and institutions to share in the convenience and innovation of digital assets. [20]

Degen Unlocks Infrastructure Migration and Will Launch Omnichain Support and L3 Ecosystem Airdrop
The DEGEN platform recently announced a series of important updates, which will gradually introduce innovative features such as Omnichain support, new developer tools, an upgraded veDEGEN vault, and an on-chain tipping system. First, DEGEN will expand to multiple blockchain networks, providing users with fast and seamless cross-chain bridging services, with the Base network clearly identified as its primary platform. In addition, the DEGEN developer community will benefit from new tools like REST and GraphQL APIs, account abstraction tools, and testnets, further promoting the development of its ecosystem. The official team also plans to launch airdrop activities in the future, offering gas subsidies and milestone bonuses to developers to drive the growth of the DEGEN ecosystem.
This update not only highlights the DEGEN team’s innovation capabilities but also demonstrates their strong focus on user experience. For example, in the new veDEGEN vault, users can customize their staking periods based on their needs and enjoy compatibility with the EIP-4626 yield vaults, offering more flexibility for locked users. Additionally, DEGEN has introduced an on-chain tipping system that allows users to view tip statuses in real-time and supports cross-platform applications, reflecting progress in transparency and decentralization. These initiatives not only bring convenience to DEGEN users but also provide valuable operational tools for other memecoin communities, showcasing DEGEN’s leading position in building an active community. [21]

Funding News

According to RootData, 4 projects announced funding in the past 24 hours, with the largest funding amounting to $16.32 million, involving the DePIN, CeFi, and DeFi sectors. Below are the top three funding amounts:

• Pulse — Pulse completed a $1.8 million Pre-Seed round, with participation from Borderless Capital, Mapleblock, and others. Pulse is building an open health network that allows users to freely use their data and earn rewards in return.
• Wyden — Wyden completed approximately $16.32 million in Series B funding, with investors including FiveT Fintech, C3 VC Fund, and others. Wyden ensures optimal execution through market-wide connectivity and end-to-end digital asset orchestration. Its seamless integration with major custodians, core banking systems, and portfolio management providers has positioned Wyden as a leading institutional trading platform, covering the entire trade lifecycle of cryptocurrencies and digital assets.
• Folks Finance — Folks Finance completed a $3.2 million Series A funding round, with a valuation of $75 million, with investments from Collab+Currency, Lemniscap, and others. Folks Finance is a DeFi platform that provides innovative tools for lending, trading, and managing digital assets. Users can deposit assets to earn yield, obtain loans by providing collateral, swap assets via Folks Router, and participate in Algorand governance through gALGO and xALGO assets.
• Heurist — Heurist completed a $2 million Seed round, with investments from Amber Group, Selini Capital, and other firms. Heurist is a Layer 2 network based on the ZK Stack for hosting and inference of AI models. It integrates global computational resources, allowing anyone to freely access and use open-source AI models.

Airdrop Opportunities

USUAL — A decentralized stablecoin project focuses on issuing the stablecoin $USD0, which is backed by real-world assets (RWA), with the goal of providing security and transparency through a multi-chain infrastructure. USUAL uses the $USUAL token for governance, where token holders are responsible for decision-making regarding risk management, collateral, and liquidity strategies. The vision of USUAL is to create a decentralized version similar to Tether, sharing profits with users while simplifying the integration of DeFi and RWA. USUAL’s mainnet launched in July 2024, and currently offers incentive programs where users can interact to earn eligibility for future airdrops.

Participation Method:

• Visit the USUAL official website: https://app.usual.money/drugstore.
• On the homepage, click on “Mint USD0” to exchange assets for $USD0.
• On the “Drugstore” page, select the asset pair for LP provision (such as USD0/USD0++).
• Confirm the amount of $USD0 you wish to deposit and convert it into LP.
• After depositing, check the earned points within a few minutes.

Project Risks:

• $USD0 may depeg, but it is backed by real-world assets, making the risk relatively lower.
• $USD0++ requires a 4-year lock-up period or can be swapped earlier.

Note:
The airdrop plan and participation details may be updated at any time, so users are advised to stay updated through USUAL’s official channels. Users should proceed with caution, be mindful of risks, and conduct thorough research before participating.
Gate.io does not guarantee the future distribution of airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. Soso Value,
4. CoinGecko, https://www.coingecko.com/en/categories
5. Investing, https://investing.com/indices/usa-indices
6. Investing, https://investing.com/currencies/xau-usd
7. Gate.io, https://www.gate.io/bigdata/homeindex
8. Gate.io, https://www.gate.io/price
9. X, https://x.com/SuiNSdapp/status/1857015148755484958
10. X, https://x.com/gate_io/status/1856992997558157329
11. X, https://x.com/prosperfi_xyz/status/1856985441620431346
12. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
13. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
14. CoinGlass, https://www.coinglass.com/LiquidationData
15. Artemis，https://app.artemisanalytics.com/chains
16. Hamster, https://t.me/hamster_kombat/338
17. Depinscan,https://depinscan.io/
18. CNN, https://edition.cnn.com/2024/11/14/economy/fed-powell-rates-trump/index.html
19. The block, https://www.theblock.co/post/326564/sec-chair-gensler-urges-crypto-to-comply-with-rules-as-time-leading-agency-nears-possible-end
20. Tether, https://tether.io/news/hadron-by-tether-platform-brings-simplified-asset-tokenization-to-the-mass-market/
21. X, https://x.com/degentokenbase/status/1857062214235992101
22. X, https://x.com/EleanorTerrett/status/1857147653592936631
23. Rootdata, https://www.rootdata.com/Fundraising

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