As Bitcoin absorbs most of the funds flowing into crypto assets, altcoins struggle to keep up, and without new catalysts, their prospects for recovery in the short term appear minimal.
Author: Deep Tide TechFlow
Market Dynamics Yesterday
On-chain fund flow yesterday: Polygon net inflow of $6.1 million, Ethereum net outflow of $19.4 million
According to Artemis data, on November 4, Polygon had a net inflow of $6.1 million, Solana a net inflow of $4.9 million, Sui a net inflow of $3.3 million, and Ethereum a net outflow of $19.4 million.
Moonshot to launch Solana-based meme coin President Trump (47)
According to monitoring by Moonshot Listings, Moonshot will launch the Solana-based meme coin President Trump (47).
Grayscale multi-token fund GDLC applies for listing as ETP, potentially becoming the first multi-crypto asset ETP
Asset management company Grayscale Investments announced that NYSE Arca has submitted a 19b-4 form to the SEC to apply for listing the Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded product (ETP). The application has been published in the Federal Register, officially starting a regulatory review process that could last up to 240 days.
This proposal aims to revise the exchange's definition of ETPs holding commodities and digital assets, going beyond just Bitcoin and Ethereum. If approved, this would become the first set of rules allowing multi-crypto asset ETPs to be listed on U.S. national securities exchanges.
As of November 1, 2024, GDLC manages over $530 million in assets, with a portfolio including Bitcoin (76.53%), Ethereum (16.92%), Solana (4.36%), XRP (1.63%), and Avalanche (0.56%). The fund is currently traded over-the-counter under the code GDLC.
Solana re-staking protocol Fragmetric completes first round of financing
According to official news, the Solana re-staking protocol Fragmetric has completed its Builder round of financing, with investors including Solana founder Anatoly Yakovenko, Solana Foundation chair Lily Liu, Jito Labs founder Lucas Bruder, Backpack founder Tristan, and Wintermute co-founder Yoann Turpin.
Fragmetric launched the SANG system: SolanA Network Guard, providing users with a convenient and fair path to participate in re-staking, ensuring the security and stability of the Solana network by integrating SOL and LST.
Bitfinex report: Without new catalysts, altcoins have minimal prospects for short-term recovery
Bitfinex released its latest report titled "Calm Before the Storm," noting that the cryptocurrency market is showing a complex and volatile situation ahead of the U.S. presidential election. After experiencing eight months of range-bound fluctuations, Bitcoin recently nearly broke its historical high, followed by a significant pullback. Analysts believe this surge initially stemmed from the "Trump trade" narrative but was later affected by the uncertainty surrounding the U.S. election results.
With Bitcoin's dominance exceeding 60%, reaching a new cycle high, the altcoin market appears relatively subdued, with both Ethereum and Solana down about 12% from recent highs, and Ethereum has dropped 40% since the initial rise of its ETF. The speculative interest that once supported altcoins seems to have faded, reflected in stable funding rates and overall market sentiment being low. As Bitcoin absorbs most of the funds flowing into crypto assets, altcoins struggle to keep up, and without new catalysts, their prospects for recovery in the short term appear minimal.
Options market data shows that investors generally hold a wait-and-see attitude. As of election day (November 5), the short-term implied volatility of the earliest expiring contracts is unusually calm, indicating that investors are waiting for clarity. However, the market expects volatility to potentially surge between November 5 and 8, which could trigger significant price fluctuations, or if not realized, may indicate deeper caution in the market.
Ripple quarterly report: All U.S. exchanges that previously delisted XRP have relisted it
According to CrowdFund Insider, Ripple released its Q3 2024 XRP market report, emphasizing that XRP's "non-security" status remains valid, and the SEC's appeal against Ripple does not involve whether XRP is a security. In the third quarter, several institutions showed strong interest in XRP investment products, with Bitwise, Canary, and 21Shares all submitting S-1 application documents for XRP ETFs.
Notably, since the court ruled that XRP itself does not constitute a security, all U.S. exchanges that previously delisted XRP have relisted it. The Chicago Mercantile Exchange (CME) launched an XRP reference price, and Bitnomial announced plans to launch XRP futures products. Grayscale also launched an XRP trust fund and applied to convert its digital large-cap fund, which includes XRP, into an ETF.
Swell Network: SWELL airdrop claim page now live, claims open on November 7
The re-staking protocol Swell Network officially announced that its SWELL token airdrop claim page is now live, with claims opening on November 7.
The official reminder urges users to be vigilant against scams during this period, verifying that all links are genuine and valid, and users do not need to perform any signature operations to view their token allocation.
OSL Group acquires Japanese compliant cryptocurrency exchange CoinBest
Hong Kong-listed company OSL Group (863.HK) today announced that its wholly-owned subsidiary has signed a share purchase agreement to acquire 81.38% of CoinBest K.K., a licensed cryptocurrency asset trading service provider by the Japanese Financial Services Agency (FSA). This move is a significant strategy for OSL Group's entry into the Japanese market.
Binance launches PONKEUSDT perpetual contract with up to 75x leverage
Binance's contract platform will launch the PONKEUSDT perpetual contract on November 4, 2024, at 20:30 (UTC+8), with leverage up to 75x.
Alliance report summary: U.S. DeFi developer share shrinking, Base L2 becoming the developer's choice
On November 4, Nik, a partner at The Fintech Fund, posted on X platform:
"The Alliance team consistently has excellent DeFi surveys and data, and I want to highlight their latest trend report. I found the following three insights most interesting:
The share of U.S. DeFi developers continues to shrink compared to Asia and Africa. I believe this trend will persist as opportunities to improve the lack of or non-existent financial tracks become more apparent.
Infrastructure, DeFi, payments, and AI x Crypto are becoming increasingly popular. DAOs and NFTs are shrinking.
Base's L2 is rapidly becoming the developer's choice."
Naval: Most crypto projects will fail because founding teams become wealthy too early
Notable investor Naval posted on X: Most crypto projects will fail because founding teams become wealthy too early, and this issue cannot be solved by hiring new talent. In response, Multicoin founder Kyle commented that the best founders are not entirely financially driven.
It is reported that Naval is a well-known angel investor in Silicon Valley, having invested in notable tech companies like Twitter and Uber, and he is also a successful entrepreneur who founded the equity crowdfunding platform AngelList.
Market Dynamics
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